The Basics of Bankruptcy

Discussion in 'Bankruptcy' started by Bankruptcy, Nov 23, 2010.

  1. Bankruptcy

    Bankruptcy Guest

    The method in which consumers and businesses can terminate or repay a
    certain portion or all of their debts is known as bankruptcy. This can
    be done under the shelter of the federal bankruptcy court. Bankruptcy
    is categorized into two types - liquidation and reorganization.

    Chapter 7 bankruptcy stands for liquidation. It is so called because
    here, the bankruptcy trustee takes possession and sells off some of
    the debtor's holding in order to pay back some of the debt. However,
    the debtor has the complete right to keep the property protected as
    per state law.

    Chapter 13 bankruptcy deals with reorganization. It is more common
    than Chapter 7 proceedings. In this bankruptcy code, the debtor is
    allowed to keep all of his or her property. Although, here the debtor
    has to create monthly payments over a tenure of 3-5 years. Until a
    several part of the entire amount of debt is repaid, the process
    continues.

    For more information, please visit: http://www.markrubinlawyer.com
     
    Bankruptcy, Nov 23, 2010
    #1
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