Find Legal Information

Top 10 Things You Should Know About Bankruptcy Court 1. Deadlines are critical in bankruptcy court. The regulations for this process are very complex, can be technical, and all case deadlines must be met. Failing to file the appropriate forms or documentation on time could result in your case being dismissed or delayed. If your case is dismissed you could lose your filing fees ..

What is Business Bankruptcy?Business bankruptcy is a financial maneuver undertaken by businesses (corporations, companies, small business, and public/private organizations) to relieve them of financial struggles. When a business’ debt to equity ratio is skewed, meaning the corporation’s debts greatly exceed their profit, the company will evaluate the benefits of filing for ..

What is Chapter 11 Bankruptcy?1. Chapter 11 Bankruptcy is a specific chapter in the United States Bankruptcy Code. An entity who files for a Chapter 11 Bankruptcy plan typically does so because its debt (finances they owe to creditors) has severely hampered its business model. 2. When a business (any form of business model) can no longer pay its creditors—due to a failin..

1. Chapter 13 Bankruptcy is a specific chapter of the United States Bankruptcy Code, which is the formal set of rules regulating bankruptcy filings in the United States.2. A Chapter 13 filing enables an individual to partake in a financial reorganization or repayment plan. Similar to the other forms of Bankruptcy filings, a Chapter 13 filing is initiated when an individual or b..

As the name implies, an entity must be a municipality for it to qualify for Chapter 9 bankruptcy. What exactly constitutes a "municipality," though? A "municipality" as defined by the U.S. Code is a "political subdivision or public agency or instrumentality of a State."   Common types of municipalities include cities, towns and villages. Aside from thi..

Unfortunately, not all debtor-creditor relationships run smoothly. Instead of payments being met on time and debtors' expectations being met, creditors may find they were not compensated according to the terms of the contract and clients may find that they were treated unfairly. Consequently, this drama may play itself out in court, usually at the behest of the lender. It ..

An Introduction to Alaska State Bankruptcy LawBefore FilingSince 2005, all persons filing for bankruptcy in the United States are required to get credit counseling within the 180 day period before bankruptcy is reported. The councilor will take a look at your finances and make sure that Alaska state bankruptcy is in your best interest. After counseling, a certificate will be pr..

When a country needs to obtain financial resources in order to fund important projects, it may issue government bonds. Government bonds are purchased from a government by an individual. The funds that a government receives from the purchase can be utilized as needed or desired. However, like a loan between a bank and a consumer, the government will be required to repay the lend..

What is Bankruptcy?1. Bankruptcy is a Federal program that enables an individual (or business entity) to alleviate them from massive debts incurred. A bankruptcy filing enables various entities to restructure their debt obligations through liquidation or restructuring.2. As a result of these characteristics, bankruptcy claims offers those in debt to seek relief through an alter..

Perhaps the most famous change made to the bankruptcy declaration process by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005(BAPCPA) is the means test by which personal bankruptcy filings are currently judged. Depending on one's view of things, another stipulation of the BAPCPA may be seen as this supposed element of "consumer protection", or simply another ..

To think there is one cause that neatly fits each bankruptcy case would be a fallacy. With so many sources of credit and loans in the adult world, there are that many potential sources of debt. For people with patterns of bad behavior when it comes to paying off their debts each month, they are likely to run up debts in a number of areas.Still, it is not unreasonable to think t..

There are an untold number of credit counseling agencies around the United States today, and a significant number more were founded after passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. In its advertisements, an agency may profess to offer credit counseling services to a prospective filer, but that individual should counter by askin..

Bankruptcy is a financial condition in which the outstanding debt belonging to an individual or a business exceeds the total value of the assets and funds in their respective possession. The stage prior to the filing of bankruptcy is also called financial insolvency. In the event of financial insolvency, an individual or a business can apply for the filing of bankruptcy, which ..

Bankruptcy Rules:Bankruptcy rules are the mandatory requirements that surround the bankruptcy process. Bankruptcy rules are codified in the United States’ bankruptcy laws and subsequently upheld by the bankruptcy court system. Bankruptcy rules are administered to affirm a debtor’s eligibility and to ensure that a prospective filing abides by the nation’s bankruptcy laws. ..

Building up business credit is very similar to obtaining consumer credit In most cases, a business owner will not have to make any personal guarantee or provide personal property as collateral when attempting to secure a loan. Instead, business credit permits a company to borrow resources by utilizing the company's assets as a guarantee. In order for a busin..