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a federal law whereby a person's assets are turned over to a trustee and used to pay outstanding debts

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15y ago

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Related Questions

Does bankruptcy apply to a person and liquidation to a company?

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.


Where can one go to learn more information about how to file for 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.


Can a husband file for personal bankruptcy and not his spouse?

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)


You owe your sister money can you file bankruptcy on that loan?

If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.


How long bankruptcy after discharged records stays?

1st bankruptcy = 7 years 2nd bankruptcy = 20 years 3rd bankruptcy = life


Which companies offer information on bankruptcy?

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.


Is 7-eleven in bankruptcy?

no , ther not in bankruptcy


What is the plural of bankruptcy?

The plural of bankruptcy is bankruptcies.


If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?

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.


How do you check your bankruptcy date?

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.


In order to file bankruptcy must you have a bankruptcy attorney?

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.


How many year after you file bankruptcy can you file bankruptcy aging?

If you are talking about a Chapter 7 bankruptcy, It takes 7 to 9 years after you can file bankruptcy again.