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Bankruptcy Information
Welcome to the one-stop bankruptcy information site. This site provides information on bankruptcy, like filing bankruptcy,
bankruptcy laws, whether you should file bankruptcy or not, bankruptcy alternatives, types of bankruptcy, life after
bankruptcy, bankruptcy loans, bankruptcy report and much more. So read on.
What is bankruptcy?
Bankruptcy is a legal declaration of the inability of an individual or organization to pay
their creditors. In USA, bankruptcy is federal statutory law based upon the Constitutional provision allowing "uniform laws
on the subject of Bankruptcy throughout the United States." Bankruptcy proceedings are undertaken in the United States
Bankruptcy Courts, part of the District Court system.
Purpose of Filing Bankruptcy
Filing of bankruptcy serves two purposes:
- To give the debtor a fresh start in life by relieving the debtor of most debts.
- To re-pay the creditors in to the extent that the debtor has property available for payment.
Types Of Bankruptcy
There are two types of bankruptcy to provide for payments to creditors and a discharge for debtors
- Chapter 7 Bankruptcy - Chapter 7 is known as "straight bankruptcy." This proceeding is designed to liquidate an individual's property, pay off his creditors and discharge him from any other debts. This personal bankruptcy filing can be voluntary, started by the debtor or involuntary, started by the debtor's creditors.
- Chapter 13 Bankruptcy - Chapter 13 is known as "the wage earner's plan." Under Chapter 13, any insolvent debtor who is a wage earner (that is, one who earns wages, salaries or commissions) can file a plan with the court that provides the debtor with additional time to pay off unsecured creditors.
Filing Bankruptcy
This section provides bankruptcy information on filing bankruptcy for chapter 7 and chapter 13 bankruptcy.
Bankruptcy Laws
Information on bankruptcy laws and other bankruptcy related legal stuff.
Bankruptcy Attorneys
List of bankruptcy attorneys and lawyers in every state of America.
Bankruptcy Fraud
Information on bankruptcy frauds like, what debts are not discharged by bankruptcy?, what debts are not washed out?,
and are statutory penalties or punitive damages for fraud discharged in bankruptcy?
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