0
Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. There are two categories of bankruptcy, "liquidation" or "reorganization":
- Liquidation bankruptcy (or Chapter 7) - a consumer or business asks the court to discharge the debts owed (some debts cannot be discharged). In exchange, the business's assets or the consumer's property is sold (liquidated) and the proceeds are used to pay off the creditors.
- Reorganization bankruptcy (chapter 13) - involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
Add your answer:
Earn +20 pts
What is the bankruptcy differences?
The difference between the types of bankruptcies have mainly to do with whether the filing is for an individual or a business. There are two types of bankruptcy for individuals. Those are Chapter 7-by far the most commonly filed form of bankruptcy and Chapter 13-which is more of a debt consolidation type of bankruptcy. Both have various positives and negatives. The article below goes into the specifics of Chapter 7 vs Chapter 13.
What worse bankruptcy or debt relief?
If you have a pile of unpaid credit card bills and simply can't pay the total amount due. Then you have two options for dealing with the debt you've accumulated: liquidation or bankruptcy. When you declare bankruptcy, you're asking court to wipe your financial slate clean.
The differences between impatient and patient capital?
what the differences between impatient and patient people. and how can we compare their personal?
Where can one find out about bankruptcy mortgage loans?
One can learn about their options for getting a mortgage loan after declaring bankruptcy by visiting the websites of businesses that offer mortgages. Generally, one cannot obtain any kind of mortgage for at least two years after declaring bankruptcy, but some companies may make an exception.
What is the difference between debt settlement vs bankruptcy?
There is a subtle difference between debt settlement and bankruptcy. Debt settlement allows a person to pay off some of their debt with their creditors. Bankruptcy claims do not result in payment of the debt. Either practice creates bad credit scores for the consumer.
What differences are there between a van and a handicap van?
The differences between a van and a handicap van are what options are included in them. For instance, a handicap van might have a motorized ramp or lift.
Should a Christian file bankruptcy?
Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.
Cultural differences between US and Germany?
There are several cultural differences that can be seen between the United States and Germany. Some of these differences include dining etiquette, driving age, payment options in shopping centers, alcohol laws, as well as the differences in religion and mortality.
What is some of the best bankruptcy advice?
"The best bankruptcy advice would be to consult with a bankruptcy lawyer, who can advise you of all your options. Talking with a debt consolidation company can also be very helpful."
What are the key differences in bankruptcy laws between Florida and California?
One key difference is the homestead exemption amount, which is unlimited in Florida but capped in California. Another difference is the types of property that can be exempt from creditors, with Florida offering more protection for assets like life insurance policies and annuities. Additionally, the income thresholds for qualifying for Chapter 7 bankruptcy may vary between the two states.
What are my options for debt relief besides filing bankruptcy?
Instead of filing bankruptcy, you can contact your lenders and negotiate settlements with them. If they are aware that you are facing bankruptcy, they often will settle for amounts less than what you owe them.
What is the bankruptcy differences?
The difference between the types of bankruptcies have mainly to do with whether the filing is for an individual or a business. There are two types of bankruptcy for individuals. Those are Chapter 7-by far the most commonly filed form of bankruptcy and Chapter 13-which is more of a debt consolidation type of bankruptcy. Both have various positives and negatives. The article below goes into the specifics of Chapter 7 vs Chapter 13.
Do you have to file bankruptcy if your home goes into foreclosure?
No. You virtually never "have to" file bankruptcy.Doing so will involve all of your other assets, including those ht aren't secured by property...and the secured property is still reserved to benefit those who have it is security in bankruptcy.
Can you file for bankruptcy if you have a second mortgage?
Bankruptcy is of an individual or a corporation can not distinguish between creditors.
What are the main differences between an inexpensive range and the top of the line?
Options and quality mainly. If you like lots of extras than go with a top of the line.
How much income is too much for chapter 7?
Income has little to no determination on one's ability to file for bankruptcy. It's the debt to income ratio that most bankruptcy courts look for. Consult a bankruptcy attorney; there may be other options that will not impact your credit as harshly as bankruptcy.
In bankruptcy what is the difference between release forms and discharge forms?
what is the difference between release forms and discharge forms in bankruptcy law..
