Bankruptcy Law
Bankruptcy Law Overview
Bankruptcy law is when you hire bankruptcy attorney in order to help you liquidate your outstanding debts you may have, this way you can have a new and refreshing start.
Chapter 7
Chapter 7 is a proceeding for bankruptcy liquidation. The one filing for Chapter 7 turns all assets to their trustee lawyer who then converts it to money this way the trustee can go ahead and pay the creditors. This way the debtor gets all their debts taken care of, and released from any personal liability to who he or she owes, and that is why Chapter 7 is also known as “straight bankruptcy”.
Chapter 9
Chapter 9 is a resolution of municipal debts passed by congress for federal mechanism. Chapter 9 is very similar to chapter 11 but it’s available to counties, cities, villages, towns, schools.
Chapter 11
Chapter 11 is basically what businesses, enterprises file for this way, and they can continue to run their business and repaying creditors through a reorganization of court-approval.
Chapter 12
Chapter 12 is a debt relief given to family farmers with regular Annual Income to pay the creditors within a period of the time allowed by the courts. Usually, the courts give 2 – 5 years.
Chapter 13
Chapter 13 is a bankruptcy law that provides debt relief for individuals. Chapter 13 is very similar to chapter 7 except Chapter 13 gives assets to your trustee but you can keep property such as house. While making payment through a 3 – 5 year term. At a confirmation hearing the court basically approves or disapproves the confirmation requirements given by the Bankruptcy Trustee.
Creditor Harassment
Creditor Harassment is when the debt collector is aggressively and is pressuring you to pay a debt. It involves when the creditors give you wrong information, excessive number of telephone calls or even home visits, threats you in a violence ways.
Refinancing
Refinancing is renegotiating the terms of an existing loan.
If you need a Bankruptcy Lawyer, fill out a FREE CASE EVALUATION FORM so you can have a Lawyer contact you right away.
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