a federal law whereby a person's assets are turned over to a trustee and used to pay outstanding debts
That may be true in the UK (though companies are more likely to go into "administration" there) and in some other countries. However, in the U.S. virtually all types of insolvency are now called "bankruptcy", whether for a person or a company; "liquidation" is just the traditional description of Chapter 7 bankruptcy.
Many how-to websites provide one or more articles describing how to file for chapter seven bankruptcy, such as Wikihow and eHow. Alternatively, the US Courts website provides a more formal description of the process.
YES, but joint assets will be included in the filer's bankruptcy, and other assets and payments to other debt might be included depending on actions involving them in the previous 2 years. An excellent book for a perspective on filing chapter 7 or chapter 13 bankruptcy, with description of key criteria: "The New Bankruptcy, will it work for You?", 3rd edition, by Stephen Elias, published in 2009 by Nolo; found in the Colorado Springs public library at 346.078 E42N (Dewey decimal system)
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
1st bankruptcy = 7 years 2nd bankruptcy = 20 years 3rd bankruptcy = life
Some companies that offer information on bankruptcy include Dow Jones and Jacob Meyers Bankruptcy. You can also find information on bankruptcy on the bankruptcy Wikipedia page.
no , ther not in bankruptcy
The plural of bankruptcy is bankruptcies.
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
The first two digits of the docket number, before the hyphen, tells you the year. If you don't have the docket number, you can go to a bankruptcy court or bankruptcy lawyer's office and look it up on the computer.
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
If you are talking about a Chapter 7 bankruptcy, It takes 7 to 9 years after you can file bankruptcy again.