bankruptcy: an overview

[alence]

Bankruptcy law allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Further more, certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full.

[mayersohnlaw]

Bankruptcy is a process by which a debtor can obtain relief from his debts, through the courts. This relief may come in a variety of forms, including full or partial discharge of the debt, or the imposition of a payment program consistent with the debtor's financial means.

[esterlydsl]

Hi Alence. what is the difference between a personal and a business bankruptcy? Is chapter 13 suitable for personal bankruptcy?

[martin001]

Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a business or corporate debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the insolvent individual or organization). An involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business.

[frenk]

Bankruptcy can be scary oulook though it provide relie from debt but the process is very painful and stressful. you may get relirf in variety of forms but get complete information before filling for bankruptcy from Bankruptcy Lawyers.

[lawoffices]

Hey..


Thanks for the discussion about the bankruptcy...

California bankruptcy lawyers