Bankruptcy Rules
Author: Peter Gitundu
Bankruptcy is guided by a number of rules and regulations that you should adhere to as you seek to go through the legal procedures as required by law. I know this may sound a bit absurd considering that your situation is already bad enough now that you are already in debts. Just before you come to the conclusion that life can’t be more unfair, just take time to read this as it may actually be the guide that will save you a lot of hassle.
Bankruptcy rules apply from the time when one is declared insolvent right through to the time the creditors have been repaid, either fully or as the court of insolvency rules out. Declaration of insolvency is either voluntary or involuntary, meaning that a debtor can choose to file a case and report that he is no longer in a position to repay his creditors, or the creditors can sue him.
Insolvency cases are filed under some given chapters of the law. They are 7, 9, 11, 12 and 13. It is best that you understand what is required of you under each chapter so that you know which rule best suits your situation. Chapter 7 and 13 are more commonly preferred because they seem to fit into many debtors’ preferred arrangement for payment.
Another bankruptcy rule that you will learn sooner than later is that it is always best to first consider all the available options and alternatives before filing for insolvency. Always go for insolvency as the last option. As a rule of thumb, never go through the process alone. Hire the services of an experienced attorney or lawyer who will correctly represent you in court and will handle any correspondence with your creditors henceforth.
Article Source: http://www.articlesbase.com/personal-finance-articles/bankruptcy-rules-891411.html
About the Author
Peter Gitundu Researches and Reports on Bankruptcy. For More Information On Bankruptcy Rules, Read More Of His Articles Here BANKRUPTCY RULES
Bankruptcy in Australia?
Anyone had experience with bankruptcy. Not so much the rules or the how to but more the long term effects on your life.
What is God’s sanction & punishment in Daniel’s Vision?
Sequel 6. Yesterday, the author Winston Kayanan has briefly proven that the world is misled into believing that reduction on GHG could eradicate global warming since the goal did not conform with basic sciences (biology, chemistry & physics) on nature. Just for a thought, one scientific fact is, at extreme hot conditions, the stomata of plants’ leaves stop taking CO2 & stop producing O2 (possible failure of plant forest scheme). Corollary to this, algae from dried wetlands similarly stop taking CO2 & stop producing O2. And in contrast, decay microbes from wastes contribute quadrillions of CO2 per hectare a day worldwide. Unknowingly, this is the primary & ultimate CO2 emitter in defense of billions of CO2 emissions from transportation & industries. As such, earth has a huge imbalance level of O2 for which we will surely experience “temporary loss or shortage of O2″.
Instead of O2 replenishment as the principal objective of UNEP, GHG reduction could not stop the occurrences of natural disasters. Thoroughly evaluating these phenomena, the common denominator is the lack or absence of O2 to mitigate their violent & deadly behavior. Thus, earth will un-endingly be pounded & trampled by the faults of UNEP in the environment.
The consequence of faults (causing destruction & deaths) is naturally punishment and therefore, this will be the FALL OF UN. If only UN opened the door to the author in taking a look at the Philippine technology on 12-02-02, 11-03-03, 01-05-04 and 04-26-04, the overall scenario of history will be different. There won’t be new ozone holes, lost of ice shelf, burnt forest, sudden death, deadly tsunami, mounting epidemic, etc. But the treaty was so strong, UN did not bother to restudy its sciences in order to rectify its position and amend the protocol.
Instead, UNEP peddled & brokered hardware of emission monitoring gadgets, tsunami warning devices, etc., making earth a frankenstein against forces of nature and maybe, blaming God for such acts. People on the other hand are too naive, having no insight of what is going on. They are so dependent on their leaders and UN for they do not know that they were exploited and had become as guinea pigs.
Once people have learned the truth, UN will reach its final limitations. People will begin to account for errors & faults. Tensions and social unrest will follow, expressing intense hate, resentment & bitterness. Persecuted victims (the sick, disabled, dead, displaced & homeless, loss of business & employment leading to bankruptcy & insolvency, etc.) from New Orleans (hurricane), Australia & California (fires), Myanmar (typhoon), Iran (quake), France (sudden death), Indonesia (tsunami), etc., will clamor for justice.
In this vein, the 4th beast (ECOSOC) & the small horn (UNEP) will soon receive its fiery shame & humiliation for abuse of confidence, their fate of downfall duly ordained by God while the 3 beasts (International Court, Trusteeship & Security Council) will try to keep standing but will likewise end its existence for a determinate period. The author could have sued UNEP for negligence & dereliction of duty or prejudice & discrimination from 2002 to 2004 but now people can sue UNEP for murder & massacre thru reckless imprudence.
God has already completed the list of those who will be saved and Jesus Christ (whom was unfortunately described by the Catholic Church as unknown & mysterious person, making its interpretation in the Bible false) is given the kingship to rule earth.
Tomorrow, what will Jesus Christ do at the start of his reign. This was separated by God from Daniel’s vision so that no one can decipher the meaning of the prophecy completely.
Considering Bankruptcy in Australia?
Im considering bankruptcy as i currently have about $35,000 in debts and i simply can not afford to pay them all and im just falling further behind.
Basically im wanting to know some of the rules in regards to bankruptcy in Australia.
Am i still able to travel interstate if im bankrupt?
Am i allowed to save up money if im bankrupt, or does anything i save during my bankruptcy get taken away?
What happens to possessions of mine that are not really worth anymore that $10 and are not even in my name so could quite easily be seen to be owned by someone else i live with?
What happens to cars registered in my name if they are under finance in someone else’s name?
Do i have to make regular repayments during my bankruptcy?
Am i eventually expected to pay all my debts of if declared bankrupt, or do all debts just disappear?
Will all possessions of mine under finance be confiscated, or am i able to keep certain things i can still afford?
As im living with my parents, what happens to things in my room that they paid for?
Is being declared bankrupt likely to affect my ability to rent a property, assuming i am able to pay the expected bond and show proof of earnings at that time?
If im earning say $50,000 a year during my bankruptcy, do i get to keep that all, or am i only allowed to keep the bare minimum to get by on?
Is it possible to wipe the bankruptcy out during the bankruptcy if i was to come into some money? and would this involve paying the entire remaining debt?
Am i able to have the occasional $5-$10 gamble during bankruptcy considering none of my debt was gambling related?
As i have debt in different area’s, and some is a secured loan, is there anyway to consolidate my debt to be able to afford it, or am i really stuck with bankruptcy as the only option assuming i am not able to afford things under the current arrangement?
If you file for personal bankruptcy, does it follow you if you move out of the country?
If I file for bankruptcy, and decide to move to another country, Australia or England, will that follow me if I were to apply for credit in the new country? Is there a international network for major credit cards, like VISA, Amex, MasterCard, or Discover? Can I start over again in another country? Is it worth it to file for personal bankruptcy for credit card debts under the new rules that went in effect five years ago.
Is the SS# only for US residents? How can they trace it down to another country if you are a resident of a different country? Makes me think about those who have felonies in another countries and then move here, I’m sure there is no way to know about that.
What happens when you declare bankruptcy….?
….after you get sued for building a faulty house for someone. The judge is in favour of the plaintiff, whose house you built. He rules that you must pay them $70,000 to compensate for the cracks in the ceilings & walls and various other mishaps. You then, like a b*tch, file for bankruptcy. Don’t know how to phrase this, but: your claim for bankruptcy is accepted.
Replace the you with defendant. What prompts me to ask this is that the defendant walked out of court saying “You’re not getting one cent” to the plaintiff. Which, for comedic effect, i will add that he got punched in the face :L
Questions:
1) How does the plaintiff get his compensation, in civil law or whatever area of law? Are there alternative ways to gain compensation for this issue other than suing? Obviously the suing did not work out? Like for e.g. in criminal cases you can go to the Victims Compensation Tribunal if suing civilly does not work in your interests.
2) Does the defendant (in bankruptcy) have to sell all his assets and every cent of his future income goes to paying the defendant the compensation? Its only fair..
3) Does he get off scott free?
Thanks in advance
Would appreciate it if any lawyers on yahoo could lend a hand in releasing me from confusion and unknowledgability.
Ps. The jurisdicton is NSW, Australia.
I am discharged now so am waiting for it to drop of my credit record before I start trying for credit again but I know a lady who 10 years down the track still cant get credit…. so no home loan or even a small credit card…. I am wishing I went to one of those bankruptcy avoidance places. it really does effect the rest of your life and even the jobs you can get.
In America, you place liens on their assets and properties. Winning the case gives you that ability.
However, placing liens means almost nothing. Because you only get paid if the assets get sold and since those assets are in bankruptcy court, a judge decides who gets what, who is in line first, etc.
Generally speaking banks are at the head of the line, people like you are at the back of the line. You might get a few pennies from the process.
And no, you can’t garnish future wages. It doesn’t work that way in America. That’s why bankruptcy is a classic tactic to avoid debts in America.
The most important part of hermeneutics is to realize the scripture cannot mean today what it never meant in the past. Consider the audience that Daniel was writing to, would this really make sense? Keep the context of the message in mind, keep the author’s audience in mind, and reference other literature of similar genre and time.
That said, this really isn’t a question at all, is it.