What are the different kinds of bankruptcy?

There are four types of bankruptcy available to individuals:

What are the main purposes of bankruptcy?

Bankruptcy laws serve two main purposes. The two main policies of bankruptcy are the fresh start for the honest but unfortunate Debtor (you) and equal treatment of Creditors (the people you owe). If you file for bankruptcy and follow the Bankruptcy Code rules, bankruptcy law gives you a fresh start by canceling many of your debts through a court order known as the Discharge. Bankruptcy will allow you to pay your Creditors a portion of what they are owed depending on what you can pay.

Considering Bankruptcy Checklist

If several of the following apply in your situation, you might consider bankruptcy:

Fixing Businesses Through Chapter 11 Bankruptcy Boosts the Economy, Says New Study

Despite the image and stigma associated with bankruptcy, financial reorganization of failing businesses (and nonprofit organizations) through Chapter 11 bankruptcy is actually helping the economy by giving companies a chance to find new financing, reject onerous contracts, renegotiate leases, and expedite the sale of assets.

Fixing Businesses Through Chapter 11 Bankruptcy Boosts the Economy, Says New Study

Despite the image and stigma associated with bankruptcy, financial reorganization of failing businesses (and nonprofit organizations) through Chapter 11 bankruptcy is actually helping the economy by giving companies a chance to find new financing, reject onerous contracts, renegotiate leases, and expedite the sale of assets.

Home Foreclosed? Here’s What Happens Next

official notice of mortgage foreclosureGeorgia foreclosure law allows lenders to start and complete the mortgage foreclosure process in as little as 37 days.  This means that just over a

California Woman Convicted of Mortgage and Bankruptcy Fraud

Bankruptcy fraudMyra Holmes, 55, was recently convicted by a federal jury of one count of bankruptcy fraud, one count of bank fraud and three counts of making a false statement to a bank.  There were two other false statement accounts Holmes was acquitted on after a recent 3-week court trial.  Her conviction includes taking more than [...]

Why Should I Check My Credit Report?

The worst thing you can do for your credit is to allow inaccurate or out of date information to remain on your credit report. By simply checking your credit report, you can stay apprised of all suspicious action.

Joint Debtor or Co-Debtor?

Joint Debtor and Co-Debtor sounds like the same thing or same debtor, but they have distinct meanings in bankruptcy. A person who owes money along with you on a given obligation is your  joint debtor; whereas, a person who files bankruptcy with you is your co-debtor. For example, a parent who co-signs a student loan for you is your joint debtor. Your wife who files bankruptcy with you is your co-debtor.
You can be a co-debtor without being a joint debtor on anything.
 
 

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