Bankruptcy can best be described as an inability to pay
ones debts. In the ancient Greek culture many years ago, if a citizen
could not pay off its debt, the citizen and his family were sold off
to slavery for life. Even more severe, were the Mongolians under Genghis
Khan, if anyone became bankrupt three times they would be put to death.
Bankruptcy
Today
In the United States, millions of business and consumer
bankruptcy cases are being filed every year.Even though a filing may
not be a goal in one's life, sometimes this process can be helpful
in eliminating bad debts and starting a new financial life free of
the burden of unpayable debt. A competent attorney who specializes
in bankruptcy in your area or state is an asset in this situation.
The
Law and the Court
In the United States, a common theme of equitable
division and rehabilitation has been integrated into our federal bankruptcy
laws and the courts. Ensuring the fair division of a debtor's nonexempt
assets is
assigned to a court-appointed
trustee; a debtor's fresh start is accomplished via a court-ordered
"discharge". The discharge releases individual debtors from
personal liability for specific debts and bars creditors from ever
attempting to collect those debts.
List
of Categories for Discussion
Bankruptcy-Attorney.com has listed, a number of
categories that are relevant for discussion in the filing of, and
in the understanding of United States bankruptcy law. The categories
include the following:
- Selecting
an Attorney - Finding a competent and knowledgeable
attorney is an important aspect in filing for bankruptcy.
Attorneys who practice bankruptcy law are listed by state.
- Bankruptcy
Law - Understanding Federal bankruptcy law and the
law pertaining to the state that you reside is imperative.
The law can be at best, a challenge to you as an individual
as well as to your attorney. Our goal is to make this content
easy to read for the reader as well as for the attorney.
- Filing
Bankruptcy - Whether you are a business or a consumer,
listing your assets and debts can be one of the first steps
in preparing for bankruptcy. Knowing these two particulars
including the cost and the strategies involved can be a determining
factor on whether to file under the law.
- Business
- Are you a small or large business, what chapter should you
file, are you a sole proprietor; a partnership; or a corporation,
all these questions are imperative for your case.
- Consumer
- In filing for consumer bankruptcy, sometimes called personal
bankruptcy, an initial consultation by an attorney would be
helpful in determining your assets and debts, or if it is
even necessary to file.
- Types
of Bankruptcy - The federal law separates the different
types of bankruptcy into Chapters. They include Chapter 7,
Chapter 9, Chapter 11, Chapter 12, Chapter 13 and Chapter
15. Find out which Chapter is right for you and your financial
situation.
-
The
Courts - All filings are handled in federal courts
and not state courts. Understand the different roles within
the bankruptcy court including the Trustee.
- Debt
Advice - Credit card problems, home foreclosure, owe
back taxes, being sued, are issues that can be a problem for
your life. Finding solutions and good advice can be a challenge.
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In conclusion, there are other important areas of discussion.
They include the cost, fraud,
alternatives, life after bankruptcy and more. A wise man once said
that good decisions are made fromcorrect information. It is a good
idea to keep informed and understand the different alternatives and
strategies involved before filing.
Website
content written by Henry
Rendler and Jack
Garchar
Please
note.
The written contents of this Website are offered as general reference
only and are not to be relied upon as specific legal advice. For legal
advice on a particular matter, please consult a licensed attorney
who is knowledgeable and experienced in that area of the law. The
act of viewing this Website or communicating with Bankruptcy-Attorney.Com
via email or otherwise does not constitute an attorney-client relationship.
Any communications via this Website are not subject to attorney-client
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