Every year, thousands of Americans file for bankruptcy protection under the federal bankruptcy law and its variants. The United States Congress has enacted statutes that provide alternatives to the liquidation of assets and reduction of debts through bankruptcy. These statutes permit individuals and businesses to obtain relief from creditors other than through bankruptcy court.
The Bankruptcy Code and related laws, together with the Federal Rules of Bankruptcy Procedure and the local rules of each bankruptcy court, set out procedures that govern all proceedings in bankruptcy cases. The Bankruptcy Code is divided into chapters representing different areas of law.
Bankruptcy laws vary from state to state and country to country. As an example, in the United States, there are 11 chapters of bankruptcy under which an individual can file for bankruptcy relief: Chapter 7, Chapter 12, and Chapter 13.
The Bankruptcy Code defines the terms used in describing debt and the rights of creditors to collect.
The new bankruptcy laws (BAPCPA) that came into effect in 2005 made it easier for debtors to file for bankruptcy, but also made it more difficult for them to discharge their debts over time. The old laws were put in place to protect debtors from filing false claims, but the new laws have caused creditors to be reluctant to provide credit. This has slowed the economy down and left small businesses unable to access much-needed loans.
Bankruptcy is a term that causes more than just a little hesitation in those who hear it. Those with unsecured debt, especially, might be frightened by the idea of filing for bankruptcy under any circumstances. The truth is that bankruptcy can be a good thing and you do not have to live in fear of this option.
When you need to file for bankruptcy, you must know your rights and the laws in your state. The following information can help you understand what kind of bankruptcy may be best for you, as well as how to prepare for the filing process.
Personal bankruptcy is a complicated legal process. It is one of the most important decisions that an individual can make in their life. There are a lot of myths about bankruptcy and many people think it is as easy as filing paperwork.
If you are considering filing for bankruptcy, it is important to understand what will happen if you file. You want to make sure that you choose a lawyer who will be able to offer assistance from start to finish. An experienced lawyer can help you understand how the process works and ensure that everything goes smoothly.
Today more than ever it is important to find a great bankruptcy attorney near me that can help you through this difficult time. Bankruptcy attorneys are professionals who know how to deal with creditors and lawsuits so that you can start over fresh. Bankruptcy lawyers are a crucial part of the judicial system to help people get their finances back on track.