The United States Bankruptcy Court - How it Works



The United States bankruptcy courts as establishes with an aim to help
people who are unable to repay their creditors and give them a chance
to make a new beginning.

The U.S Bankruptcy Courts formulates ways and strives hard towards
giving honest debtors a chance to begin afresh by cancelling their
prior loan amounts or by reducing them. Bankruptcy Courts also work in
the direction of protecting the troubled businesses by means of
liquidation or reorganization. Most bankruptcy cases are to be filed
under three important chapters under the Bankruptcy Code. There
chapters are: Chapter 7, Chapter 11, and Chapter 13. However, Federal
courts have an absolute jurisdiction over bankruptcy courts. This also
means that a bankruptcy occurrence does not have to be filed in a
state court.

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Apr 11, 2011
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Please any one guide me, Is their any person who tell me, I have borrowed Rs. 200.000 from my partner, At the start of my business, What can I do now.. I can't repay him. So can he claim me as a Bankruptcy case...!

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