Noun
bankruptcy- A legally declared inability of an individual or organisation to pay their creditors. (Read more at Wikipedia)
Read full definition at wiktionary.org
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History and Development of Bankruptcy
The concept and origin of bankruptcy law as it is now known in the United States originated in England. The first English bankruptcy law is generally agreed to have been enacted in 1542. (34 and 35, Henry VIII, c.4 (1542) England.) Read full entryThis entry is from Wikipedia,the leading user-contributed encyclopedia.It may not have been reviewed by professional editors(See full disclaimer)
- 1.Bankruptcy - Wikipedia, the free encyclopedia
- 4.8.2 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) 4.9 Europe in general ... Bankruptcy is also documented in East Asia. ...
- http://en.wikipedia.org/wiki/B
ankruptcy
- 2.Bankruptcy
- Find information on the bankruptcy laws in your state here. ... How Do You Know If It's Time To Consider Bankruptcy Or An Alternative? ...
- http://www.bankruptcy.vc/
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Bankruptcy?
I was just wondering what is
the difference between Chapter
7, 10 & 13 bankruptcies. How
did the new law that Bush
passed now affect bankruptcies
(or does it at all)? I've
heard everything that you
can't file for Chapter 13
bankruptcy anymore to you have
to take financial planning
classes thereafter. Also, is
it advisable at all? I know
normally people say make it
your last resort, but I am
beyond in debt and do not have
any other resolutions. Any
horror stories after filing?
Any positive stories? Please
enlighten me.
thanks!
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The new law is much more complicated than before. It was designed to deter people from walking away from their debts. If you are facing personal bankruptcy then there are two chapters which might apply: chapter 7 and chapter 13. Which one would be best depends on your cirumstances - your income, your debts, etc. etc. Do yourself a favor and research the subject before you make a move. It really is a last resort and there could be alternatives. This website has a lot of information, useful links etc. Good luck! |
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What effects does bankruptcy Someone I know is filing for
bankruptcy. I was wondering if
there were any effects that
bankruptcy would have on her
as far as credit. Does
bankruptcy go on any kind of
personal record? I'm just
wondering if she'll always
have to worry that filing
bankruptcy will effect her
credit permanently or any
other issues throughout her
life?
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Well, the first thing to be concerned with is whether any of your property is going to be seized for sale at auction during the liquidation process, but seeing as how most people filing for BK these days own basically nothing, that shouldn't be an issue. And there are the effect to their credit report, but again here, most people filing are in genuine financial distress, and aren't particularly keen on taking on debt ever again, so the actual credit implications shouldn't be much of a concern. However, many employers and landlords check credit reports, so it can be an impediment when finding a job or place to rent. But on the other side of that, there have been a huge surge in bankruptcy filings, and we're only at the tip of the iceberg; chapter 7 and 13 filings have risen to nearly 1 million this year. That's a 28% rise over 2007 and the year ain't even over. Over 5 million families could file next year, and that's a very conservative estimate. It would terrify you to know how many of the households in the USA are insolvent. While that doesn't bode well for the US economy, it does make people who have filed more attractive employees/lessees in relative terms - what, are companies just going to refuse to hire what could be up to 30% of the workforce once the depression is over? I don't think so. |
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How does Bankruptcy work if Wondering how bankruptcy works
if you are married. Say if one
has awful credit, and the
other has really good credit.
The one needs to file for
bankruptcy. Will the
bankruptcy affect the other
spouse? Or can the one do it
alone without affecting the
spouse at all? Any info or
sites to look at would be
appreciated. THANKS!
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It will because they look at BOTH incomes and now that the bankruptcy laws have become more strict, it is even harder to file for bankruptcy. you can try these sites: www.bankruptcyaction.com www.law.cornell.edu/topics/ban kruptcy.html www.lectlaw.com/files/bnk06.ht m Hope this helps |
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