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What is a debtors petition?
The one declaring bankruptcy, or in debt, is the debtor. Any thing they file or claim in the proceeding can be called a petition. Normally it is used to mean something they are asking the court to do. "The debtors petitions the court to discharge their obligation to pay the debts listed...."
Can an individual still get debts discharged under the new bankruptcy laws?
The act also continues to permit debtors to have their debts discharged, after compliance with the statute, and to possess a not-insignificant amount of assets upon termination of the proceeding.
Is there a sample letter to notify debtors of bankruptcy?
There are letters that attorneys use to notify creditors of a debtors bankruptcy. This letter states that the individuals have filed bankruptcy and the creditors are to cease all contact and attempts to collect their debt.
What are the types of bankruptcy?
Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code. Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code.
Benefits of bankruptcy?
Filing for bankruptcy will trigger the automatic stay, preventing creditors from taking action to collect their debts, including calling you, suing you, or sending you letters.You may be able to discharge your obligation to repay any of your dischargeable debts.By using the bankruptcy exemptions, many debtors can go through the bankruptcy process without losing any of their property.While a bankruptcy filing will remain on your record for 7-10 years, because many debts can be discharged in bankruptcy, many debtors begin improving their credit rating after filing for bankruptcy. Visit : my profile and click my site for more information about bankruptcy.
What are reasons that one would need to visit a bankruptcy law office?
One reason that one would need to visit a bankruptcy law office is in order to file for bankruptcy. Bankruptcy law helps by giving a "fresh start" for the honest, unfortunate debtors out there.
Attorney as debtor in Chapter 7?
Attorneys are treated no different than other debtors in bankruptcy. I know an experienced bankruptcy attorney who estimates that he's filed about 20 such cases.
Can second mortgage lien holder foreclose on your home after bankruptcy is closed?
The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.
If you have a promissory note from a person who filed for bankruptcy in Texas can you still recover the money you were owed?
No. In fact, if the debt is paid after a bankruptcy has been filed the entire bankruptcy can be considered invalid and all other debtors will be able to demand payment.
A Glossary of Legal Terms Associated With Consumer Bankruptcy & Debt?
Here is a brief glossary of legal terms associated with bankruptcy and debts which can help readers understand some of the common legal terms associated with the bankruptcy process. A: Automatic Stay: An automatic stay is the court order issued by a bankruptcy court that stops debt collection attempts which are made against someone who files for bankruptcy protection. Avoidance: Avoidance is a legal term that describes the ability of debtors to avoid certain types of liens that make it difficult for the debtor to claim an exemption used in the bankruptcy process. B: Bankruptcy Code: The Bankruptcy Code is the set of state and federal laws which govern the bankruptcy process. Debtors use certain chapters, or sections, of the Bankruptcy Code to petition for bankruptcy relief. C: Chapter 7: Chapter 7 is the section of the Bankruptcy Code which allows consumers to sell everything that is legally allowed to be sold to satisfy creditors’ claims. Chapter 13: Chapter 13 is the section of the Bankruptcy Code which allows individuals to set up payment plans to pay back at least a part of their debts back to their creditors over a 3 to 5 year period. Collateral: The property that is used to satisfy a lien is called collateral. Confirmation: The legal process by which debtors agree to repay a debt that is dischargeable in a bankruptcy is called confirmation. D: (To) Discharge: The discharge process is the legal process that is used to eliminate a debt during the bankruptcy process. E: Exemptions: Exemptions are special concessions that debtors can use to protect various personal items from their creditors. L: Lien: A lien is a legal interest in a piece of real estate or personal property that is used to secure a debt. M: Means Test: The means test is an initial process used to determine if a consumer qualifies for bankruptcy relief. Some debtors may be excused from taking the means test if they meet certain requirements. Meeting of Creditors: A meeting of creditors is a formal legal proceeding that is used to review the debtor’s petition for bankruptcy relief. P: Petition: A petition is the formal legal process by which debtors ask for bankruptcy relief. A petition is also the set of formal documents used to process a bankruptcy case. S: Schedules: Schedules are the formal documents that list all of the debtor’s assets and liabilities.
A Guide to Online Legal Resources for Debtors Contemplating Bankruptcy ?
There are many online resources for debtors who have legal questions about the bankruptcy process.Debtors who are thinking about filing for bankruptcy protection have many online resources which can help them understand the legal ramifications of filing for bankruptcy. These resources include websites, online databases and links to significant bankruptcy court decisions.For example, debtors who need help finding the correct documents to file for bankruptcy can find out about the correct documents to use at the Oregon State Bar's website.The Oregon State Bar's website has several resources which can help debtors understand which documents are needed to file for bankruptcy. There is a page on the website that explains where people can obtain the forms needed to file for bankruptcy. In addition, the website talks about the personal documents which are needed to file for bankruptcy in most states in this country.The University of Chicago's online law database features several online resources which can help debtors learn how to use state bankruptcy exemption laws.The University of Chicago's online law database features articles that talk about each state's exemption laws. It also includes links to various decisions handed down by state bankruptcy courts which can help debtors learn how to use their state's bankruptcy exemptions. The database is available to users online using the LENS link on the page.In addition, consumers looking for unbiased information about the Chapter 7 bankruptcy process can use NoLo's free website to learn about the Chapter 7 bankruptcy process.NoLo's website devoted to the Chapter 7 bankruptcy process explains to readers how to file for Chapter 7 bankruptcy protection. The website includes information about the means test that is used to determine eligibility for bankruptcy protection. It also explains which debts are dischargeable in a Chapter 7 bankruptcy. This website is useful because it uses simple language to explain the Chapter 7 bankruptcy process to readers who have no knowledge of the US legal system.Finally, consumers who need help using the Chapter 13 bankruptcy process can use the Cornell University Law School's website.The Cornell University Law School's website includes general information about how the Chapter 13 bankruptcy process works. It also includes information on how to file a Chapter 13 repayment plan which can help debtors construct a reasonable repayment plan. In addition, there are also links to downloadable Chapter 13 bankruptcy forms and links to national bankruptcy attorney directories.
Can a creditor apply bankruptcy for a 7500 amount?
Creditor don't apply for bankruptcy...debtors do. Bankruptcy is not for any particular item...it must be for everything you owe and everything you owe. All of the last is used to pay all of the first, and then any excess MAY be reduced or dissmissed.
