Four chapters of bankruptcy
Author: JD Kamat
Bankruptcy is meant to give you some relief from your debts and pave a way towards a better life. When a person declares bankruptcy he gets rid of all his debts. There have been many cases of bankruptcy that relate to different people and different circumstances. There are a number of chapters under which bankruptcy can be filed. Amongst all these chapters, there are four chapters that are very common. There are two that apply to majority of the people but all these four listed chapters see many cases. Here are those four chapters.
Chapter 7 remains to be the most taken of all the chapters. It relates to liquidation. In this process, when the person declares bankruptcy, his assets are sold and the amount is distributed between the lenders. This chapter does not protect the person who is involved in a fraudulent loan or credit.
Second in row is the chapter 13. The best part about this is that the debtor gets to pay back his amount of loan in a reorganized way. You can get a repayment plan for yourself and get rid of the debt easily. This chapter is for people who have a regular income. This way you can prevent foreclosures as well.
Chapter 12 too has a number of takers. This applies to family farmers. Under this chapter the farmers can pay back the lenders in the future by taking up an organized plan. After these three chapters comes chapter 11. This applies to business organizations. Although it may apply to every business but there are certain pre-requisites for filing bankruptcy under this chapter. The debtor presents the lenders with a repayment plan and all the lenders give their vote for it. If the lenders accept it the plan is started.
It may be difficult for you to know which of the chapters is the most suitable for your case. Come to bankruptcy intro and fill up our free evaluation form. After evaluating the situation, we would refer your case to an expert lawyer. He would then help you further and advice you on filing bankruptcy. We have a wide network of lawyers that are dedicated to serve you. If you need any assistance, come to us and let our lawyers guide you through this process of bankruptcy.
Article Source: http://www.articlesbase.com/bankruptcy-articles/four-chapters-of-bankruptcy-1179148.html
About the Author
JD Kamat is a owner of BankruptcyIntro.com. We’ve all heard of large companies filing for bankruptcy or “going bankrupt” and most of us would think that particular company must be in trouble.
Need to find on line public records for Northwest Florida bankruptcy court. Can anyone give me a web address?
Can anyone tell me what the standards are for a means test for the state of Florida bankruptcy court./?
I have been unemoloyed for five months now, with no savings, property, or assets of any kind. I am currently living through the kindness of friends and family. Can the judge legally force me to get a job and pay my debts, or does he have the power to grant a continuance until I am more finantially sound?
What is the citation and paper format for a brief in the US Bankruptcy Court for the Southern D. of Florida?
United States Bankruptcy Court Southern District of Florida. The rules on their website do not suggest citation format or formatting except for forms. This is for a supplemental brief.
What is the address of the Florida Middle Bankruptcy Court here in Orlando?
What is the address of the Florida Middle Bankruptcy Court here in Orlando?
Which President originally appointed U.S. Tax Court Judge Mary Ann Cohen?
http://www.uscourts.gov
Can I stay in my apartment after bankruptcy?
Under the automatic stay rule in bankruptcy, can I stay in my apartment without paying? How long can I do this?
(florida bankruptcy court)
That’s a very good question. The Bankruptcy Code, as amended, certainly raises constitutional questions about “involuntary servitude”. Howver, in Florida or anywhere else, a person in your position is likely eligible for chapter 7 since you have no “current disposable income” for purposes of the means test. And under these circumstances, you can’t be forced to work, nor need you wait until you are more financially sound to file your case.
The above will give you the rough format for documents, however, for citation format you need to refer to the Bluebook. The federal courts use classic bluebook style for citations.
There is not one court for NW florida. If that is the name of the bankruptcy firm, there were no hits on the web that i found. There just isn’t enough info to really look for what you need.
Hi,
If you are renting – no, you can be evicted for not paying rent. If you own it, then yes, until the assets for the bankruptcy are distributed or otherwise notified by the court.