A General Overview of Bankruptcy

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This section provides a basic overview of individual bankruptcy law in the us. It points out the purpose and process of submitting for bankruptcy, as well as the different types of debts plus the assets that could be protected in a chapter. In addition, it discusses the various parties interested in a case, including the debtor, credit card companies, and trustees. This part also explores the rights of the debtor while in possession of his property or home, along with his capability to renegotiate agreements.

The word “bankruptcy” has a background far over the age of our www.brittandcatrett.com/solutions/ country. It comes from the Latina word bankratio, which means “broken bench, inch or perhaps “broken counter. ” This kind of term is related to the idea of business bankruptcy. If your businessman ceases trading, he can no longer able to ply his trade coming from his work-bench. Thus, the idea of bankruptcy came into this world. In the US, the term was based on the concept of organization bankruptcy.

Bankruptcy is a legal process which allows debtors to hold certain residence that is protected from unprotected creditors. In certain states, just like New York, the Bankruptcy Code permits a debtor to exempt value in his most important residence, along with tools of trade. It all depends upon what laws within the state where you reside. A general overview of individual bankruptcy is available at the Legal Assistance of Western New York site.