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. |
| Tuesday 06th of January 2009 02:42:22 PM Treasury Denounced Over Bailout Democratic lawmakers denounce Treasury Sec Henry M Paulson Jr, who wants to use $700 billion bailout program to put only into financial institutions and not to help homeowners avoid foreclosure or to stave off bankruptcy of Detroit's Three automakers, House Financial Services Committee hearing; Democrats pummel Paulson, with some accusing him of carrying out 'bait and switch' by discarding his original plan and others expressing fury that Treasury allocated $290 billion for banks and insurance ... Click here to read this Bankruptcy news article. |
| Tuesday 06th of January 2009 02:42:22 PM Chances Dwindle on Bailout Plan for Automakers Bankruptcy news and personal injury law information. Click here to read this Bankruptcy news article. |
| Tuesday 06th of January 2009 02:42:22 PM Reckless? You?re in Luck If you get your company into enough trouble to threaten the financial system, Ben Bernanke, the Federal Reserve chairman, and Henry Paulson, the Treasury secretary, won?t let you collapse. Click here to read this Bankruptcy news article. |
| Tuesday 06th of January 2009 02:42:22 PM Need a Job? $17,000 an Hour. No Success Required. I?m delighted to announce that Richard Fuld, the longtime chief of Lehman Brothers, is winner of my annual award for corporate rapacity and poor corporate governance. Click here to read this Bankruptcy news article. |
| Tuesday 06th of January 2009 02:42:22 PM Bankruptcy Filing Nudges Alitalia Toward a Rescue The struggling state-owned Italian airline Alitalia, which is trying to clear the way for a sale to private investors, said Friday that it had filed for bankruptcy protection. Click here to read this Bankruptcy news article. |
| Tuesday 06th of January 2009 02:42:22 PM Obama Aides Defend Bank?s Pay to Biden Son Bankruptcy news and personal injury law information. Click here to read this Bankruptcy news article. |
