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. |
| Tue, 09 Mar 2010 00:00:00 -0500 Justices to Hear Case of Protest at Marine Funeral The Supreme Court on Monday agreed to decide whether the father of a fallen Marine may sue protesters from the Westboro Baptist Church who picketed the funeral. Click here to read this Bankruptcy news article. |
| Thu, 12 Nov 2009 00:00:00 -0500 Charity Bankruptcy Leaves Many Donors in Distress Bankruptcy news and personal injury law information. Click here to read this Bankruptcy news article. |
| Fri, 11 Sep 2009 00:00:00 -0400 Theft Charges for Ex-Owner of Factory The former owner of a window factory where workers staged a sit-in last year was charged with plotting to steal money from the workers and the company?s creditors. Click here to read this Bankruptcy news article. |
| Sun, 26 Jul 2009 00:00:00 -0400 A Cliffhanger to See if a G.M. Turnaround Succeeds Bankruptcy news and personal injury law information. Click here to read this Bankruptcy news article. |
| Wed, 10 Jun 2009 00:00:00 -0400 German Retail Group Arcandor Files for Bankruptcy Arcandor made the bankruptcy filing after the government rejected its request for emergency state aid. Click here to read this Bankruptcy news article. |
| Mon, 01 Jun 2009 00:00:00 -0400 The 31-Year-Old in Charge of Dismantling G.M. Brian Deese, who had never even set foot inside an auto assembly plant, is the little-known hand behind the restructuring of the American automobile industry. Click here to read this Bankruptcy news article. |
