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  • Chapter 7 Bankruptcy
    1,807 words
    Over the years, the process of declaring bankruptcy has become incredibly simple. Because of this change, the number of people declaring bankruptcy is at an all time high. Today, bankruptcy is a common thing among companies and individuals alike. The American bankruptcy law allows people to avoid paying their debts by offering the debtors a discharge without a harsh consequence. By not having repercussions for their actions, bankruptcy filers often plan future bankruptcies, allowing them to stea...
  • File For Chapter 13 Bankruptcy
    673 words
    Holly SeaholmConsumer's Ed. 2-26-02 Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy Chapter 7 and Chapter 13 bankruptcies are full of advantages and disadvantages. But at the same time they are very different. Without knowing these differences a person could lose many things from money to possessions. Chapter 7 bankruptcy can wipe out most of ones debts but certainly not all of them. Certain kinds of debt are not covered by the terms of Chapter 7. Some examples of debts that must be paid after fi...
  • Chapter 13 Bankruptcy
    1,565 words
    Bankruptcy has been the answer to extremely troubling and difficult financial times for many people in America. Many individuals, for one reason or another, have found it to be the new start in life that they desperately needed. Unfortunately, bankruptcy has also served as a crutch to many as well, allowing them to relinquish debt that they were completely capable, however selfishly unwilling, to pay. As with any law, or policy, Americans are forced to accept the good with the bad, choosing whic...
  • Chapter 13 Of The Bankruptcy Code
    1,947 words
    Bankruptcy Law: Chapter 13, Reorganization of Debt The federal statute for the form of bankruptcy commonly known as Chapter 13 is cited in legal briefs as 11 USC CHAPTER 13 - ADJUSTMENT OF DEBTS OF AN INDIVIDUAL WITH REGULAR INCOME. Section 1301 this code not only relieves the bankrupt debtor, but it also relieves the codebtor. US Code as of: 01/23/00 Sec. 1301. Stay of action against codebtor (a) Except as provided in subsections (b) and (c) of this section, after the order for relief under thi...
  • Secured Creditor
    574 words
    The original Bankruptcy Act was enacted in 1878. Unlike European countries, American debtors were not punished in any way. Our founders viewed bankruptcy from a different perspective; therefore, they included a provision in the U.S. Constitution, which gives Congress the authority to establish uniform bankruptcy laws. The primary purpose of the Bankruptcy Code is to provide debtors an opportunity for a 'fresh start'. In order to have a fresh start the debtor is relieved from legal responsibility...
  • Increase In Bankruptcy Filings
    510 words
    Since the 1960's, personal bankruptcy has often served as a refuge for the young and struggling. Bankruptcy lawyers say younger and less-educated people tended to rack up too much debt while starting families and jobs, without a savings cushion to carry them through lean times. That's changing, as personal bankruptcy filings hit all-time highs. Last year, there were more than 1.6 million such filings, nearly twice as many as a decade earlier. Some experts say much of the increase is being driven...

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