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Bankruptcy Law – What You Should Know
Bankruptcy Law

Bankruptcy Law – What You Should Know

Bankruptcy law describes the process by which individuals and entities who cannot pay their debts can receive relief from these obligations. In most cases, bankruptcy is imposed on people or entities by a court order, but in some cases, it may be initiated by the debtor. Here are the facts about bankruptcy law and what you should know about filing for this type of relief. Listed below are some examples of situations in which bankruptcy may apply. If you are unsure of whether you can file for bankruptcy, consult a professional attorney for more information. Chapter 13 bankruptcy Under Chapter 13, you can discharge both secured and unsecured debts. Secured debt is debt that uses collateral to ensure repayment. Unsecured debt, on the other hand, is debt that you do not own or have secu...
Bankruptcy Law – The Basic Principles of Bankruptcy
Bankruptcy Law

Bankruptcy Law – The Basic Principles of Bankruptcy

Bankruptcy is a legal process that provides debt relief for individuals and entities that are unable to pay their debts. This procedure is often imposed by a court order, but the debtor may initiate it as well. Listed below are the most common types of bankruptcy and how they are handled. The bankruptcy process can be difficult, but following some basic guidelines can help you navigate it successfully. This article outlines the basic principles of bankruptcy law and provides information on how to file for Chapters 7 and 13. Chapter 7 A typical Chapter 7 bankruptcy filer has a significant amount of debt, usually credit card or unsecured bills, and a few assets. This type of bankruptcy liquidates nonexempt assets to eliminate most of the debt. There are certain types of debt that are ...