Welcome to Bankruptcy Guide
Filing Personal Bankruptcy Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Looking at the Forms Bankruptcy Can Take
from: Deb St. George - HomelessInKingCounty.comThere are many types or forms bankruptcy can take. The US bankruptcy laws are designed to help individuals, businesses and even municipalities that are having severe debt problems that appear to be unsolvable within the current income or revenue levels. There are many reasons why this happens, but the reasons seem unimportant when buried under a mountain of debt. As many people discover when bills become backlogged, debt collection practices are harsh. The phone rings off the hook with collectors, and the late notices and penalty charges only seem to make the situation worse by the day. When you owe back taxes, the IRS is relentless when it comes to collecting the money.
The forms of bankruptcy are defined as chapters. The chapters were written to provide a specific form for filing when you are an individual, farmer, business, or municipality. Most people are aware of the availability of bankruptcy laws applicable to people and businesses, but even counties and cities can find themselves unable to pay their debt. Right now there is a current case in Alabama in which a county cannot pay its sewer bonds and is considering filing bankruptcy.
The first form bankruptcy takes for individuals is chapter 7. A chapter 7 is a liquidation bankruptcy in which your non-exempted assets are used to pay off as much debt as possible and the remaining balances are eliminated. A chapter 13 is called an individual debt adjustment form. In this case, an individual agrees to a court defined debt repayment plan.
Another form bankruptcy can take is chapter 11 which is a business reorganization plan. Under this chapter, the business asks for the debt to be adjusted in a way that makes it workable. The business can also ask for a total reorganization which is often what you read about large corporations doing in order to stay in business. Farm businesses, on the other hand, will file a chapter 12 when needing debt relief.
The other types of bankruptcies are chapter 9 for municipalities and chapter 15 for ancillary cases or cases which don't fit the other defined chapters. There are even bankruptcy laws that address service people who are unable to pay their debts because they are overseas serving their country.
It is easy to see how complex the bankruptcy codes really is and it is a work in progress too. Every day new court cases refine the code based on actual experiences. A good bankruptcy attorney will always stay current on the laws so that you are able to get the best advice possible. The goal is to help you or your business start over again financially, but in a way that is the best fit for your situation.
Filing Personal Bankruptcy News
Can Bankruptcy Prevent a Foreclosure? - RealtyBizNews
 RealtyBizNews | Can Bankruptcy Prevent a Foreclosure? RealtyBizNews In order to explain this further we need to talk about the different types of personal bankruptcy a homeowner can file, how they work and how it could affect your position as an investor. The most common form of personal bankruptcy is known as Chapter ... |
Fewer people filing for bankruptcy in Orlando raises hope of improving economy - Orlando Sentinel
Fewer people filing for bankruptcy in Orlando raises hope of improving economy Orlando Sentinel Although personal insolvency is still much worse now than before the 2007-09 recession, the retreat in bankruptcy filings and other measures such as the unemployment rate are an indication the downward trend may have traction, experts say. |
5 Bankruptcy Myths Debunked - U.S. News & World Report
 ABC News | 5 Bankruptcy Myths Debunked U.S. News & World Report Here's a look at some of the myths surrounding consumer bankruptcy. 1. People who file for bankruptcy are financially irresponsible. "There's always going to be some kind of abuse, but it's far more likely that people run into very serious personal ... 'Octomom' bankruptcy case thrown out of court |
Bankruptcy filings down in region - Washington Post
Bankruptcy filings down in region Washington Post Nationwide, the total number of bankruptcy filings in April fell 16 percent compared with the previous year, to 108865. Commercial filings fell 25 percent to 5132 for the month, while personal filings dropped 16 percent to 103733. |
Personal Bankruptcy Canada Premieres New Educational Video on Debt Relief ... - Seattle Post Intelligencer
Personal Bankruptcy Canada Premieres New Educational Video on Debt Relief ... Seattle Post Intelligencer Personal Bankruptcy Canada, a leading resource for Canadian debt and bankruptcy information, today premiered a new video, entitled "Is Personal Bankruptcy My Only Option?", aimed at informing women of their options when it comes to debt and bankruptcy. |
Obama's Southern Discomfort (The Note) - ABC News (blog)
 AFP | Obama's Southern Discomfort (The Note) ABC News (blog) Another man chimes in, “I had to file my own personal bankruptcy and had to close my business.” Romney spokeswoman Amanda Henneberg said in a statement accompanying the new spot: “Despite President Obama's attempts to distract from his failed record, ... Romney Faxed a Personal Apology Letter to Laid-Off Worker in 1995, Said There ... Romney Campaign Presents: 'Stories From The Obama Economy' [Video] Obama Video Hits Romney Role in Ampad Bankruptcy |
'Octomom' Nadya Suleman says debts approach $1 million - Los Angeles Times
 Daily Mail | 'Octomom' Nadya Suleman says debts approach $1 million Los Angeles Times In filing for bankruptcy protection, "Octomom" Nadya Suleman said in court papers that her debts could approach $1 million. Suleman filed for personal bankruptcy protection in Orange County Superior Court on Monday. In court documents reviewed by the ... Hicks: Octomom hints she might do porn to pay off debts Octomom Nadya Suleman files for bankruptcy Octomom files for bankruptcy... just one month after going on welfare |