Bankruptcy
Bankruptcy is the legal method for a debtor to discharge or relieve himself of the debts that he owes. While no debtor is guaranteed a total discharge of his debt, most debtors who file for bankruptcy are given such relief. One of the primary purposes of the Bankruptcy Act is to relieve the honest debtor from the weight of oppressive indebtedness and to provide the debtor with a fresh start.
Chapter 7 bankruptcy is also known as liquidation. In the typical Chapter 7 bankruptcy, a trustee collects the non-exempt property of the debtor, converts the property to cash, and distributes the cash to the creditors. In contrast, Chapters 11, 12 and 13 of the Bankruptcy Code allow for debtor rehabilitation. In those cases, the creditors look to the future earnings of the debtor, not the current property of the debtor. Under rehabilitation, the debtor will generally retain his assets and property and make payments to creditors pursuant to a court-approved plan.
If you or a loved one has suffered an injury that is related to bankruptcy, call VanDerGinst Law at 1-866-843-7367 or click here for a FREE online case evaluation. Your initial consultation is guaranteed free of charge. During that visit, we will be able to tell you up front what we may be able to do for you, as well as what the attorney fees would be for your case. Our fees are always competitive, so don't hesitate to contact us and learn how we can help.
More Information
Links on the Web
 NYT > Bankruptcies - Search for 'National Law'News about bankruptcies, including commentary and archival articles published in The New York Times. |
| Tue, 29 Jun 2010 00:00:00 -0400 Court Backs Accounting Regulator Supreme Court unanimously rejects challenge to 2002 Sarbanes-Oxley Act, which established Public Company Accounting Oversight Board in wake of Enron accounting scandal; Free Enterprise Fund had argued that board was illegal because it was appointed by Securities and Exchange Commission rather than president, but justices find that there has been no violation of separation-of-powers principle in this case and entity is legal; prior to Sarbanes-Oxley there was very little regulation of accounting... Click here to read this Bankruptcy news article. |
| Sat, 19 Jun 2010 00:00:00 -0400 Peddling Relief, Firms Put Debtors in Deeper Hole Bankruptcy news and personal injury law information. Click here to read this Bankruptcy news article. |
| Sun, 18 Apr 2010 00:00:00 -0400 Keep the Fed on Main Street Proposed financial reform does not eliminate the concept of too-big-to-fail, which shortchanges local banks and burdens taxpayers. Click here to read this Bankruptcy news article. |
| Wed, 14 Apr 2010 00:00:00 -0400 G.O.P. TAKES AIM AT PLANS TO CURB FINANCE INDUSTRY Senate Republicans insist financial regulatory reform legislation proposed by Democrats and White House would encourage future taxpayer bailouts of big banks; Senate Republican leader Mitch McConnell criticizes Senate bill as arrogant and partisan; White House and Congressional Democrats accuse Republicans of trying to prevent tougher policing of Wall Street; maintain bill explicitly mandates that any large financial firm facing failure be allowed to fail; Democrats' bill, sponsored by Sen Chri... Click here to read this Bankruptcy news article. |
| Thu, 25 Mar 2010 00:00:00 -0400 Social Security to See Payout Exceed Pay-In This Year The system is projected to pay out more in benefits this year than it receives in taxes, a tipping point toward insolvency that was not expected before 2016. Click here to read this Bankruptcy news article. |
| Tue, 09 Mar 2010 00:00:00 -0500 Justices to Hear Case of Protest at Marine Funeral The Supreme Court on Monday agreed to decide whether the father of a fallen Marine may sue protesters from the Westboro Baptist Church who picketed the funeral. Click here to read this Bankruptcy news article. |
