Bankruptcy
Published on Nov 19, 2015
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Nate,Zeek per.3 11/3/14 Bankruptcy is when you are in debt and your out of money.There many different kinds of bankruptcy.There are chapter's and plans.Which actually are the same thing.
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In 1978 congress enacted "Bankruptcy Code".It's the uniform federal law that governs all bankruptcies.The Bankruptcy Rules set out the legal ways of bankrupt business' and people.There 90 bankruptcy districts across the country.There are six chapters 7,9,11,12,13,15.It's supposed to be " fresh Start".By the way in 2009 300 million United States citizens filed bankruptcy.
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The "current monthly income" received by the debtor is a defined word in bankruptcy code and means.Average monthly income received over six months before going into the case. Includes regular contributions to household expenses from non debtors and income from the debtors spouse,if the petition is a joint petition.Not including income from social security or particular payments because the debtor is victim to certain crimes.The main purpose is to give honest people a fresh start,but not a whole corporation.
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Chapter.9 Bankruptcy codeprovides reorganization for.Cities,towns,villages,counties,taxing districts,municipal utilities ,and school districts.Through out the 1930's Bankruptcy legislation happened and politicians.Argued Left and Right over wether the government was getting to much power or not.The law has been amended several times since then, chapter 9 cases are pretty rare.
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Chapter.11 Starts with the filing of a petition with a bankruptcy court serving where the debtors residence is.The petition must be signed by the debtor Which may be an involuntary petition.Which the creditors file to meet certain requirements.The petition must include a list of.Schedules of assets and liabilities,schedule of current income and expenditures,schedule of executory contracts and unexpired leases,and a statement of financial affairs.If your hitched(married) there additional documents to file.Debtors must file:a certificate of credit counseling and a copy of any debt repayment plan made through credit counseling.
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Gives individuals the opportunity to save their places from foreclosure. By filing under this chapter ,individuals can stop foreclosure proceedings and may cure delinquent mortgages over time. Either way,they need to still make all mortgage payments that are due during chapter 13 plan on time.This chapter also let's you reschedule secured debts(other than the mortgage payments)and extend them over the life of chapter 13 plans. In a nutshell it acts like a consolidation loan where the individual makes the payment plans to chapter 13 trustee who gives the payments to creditors.Individuals will have no direct contact with creditors under 13s protection.
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Chapter 15 is relatively new added by the bankruptcy code by the bankruptcy abuse prevention and consumer protection act in 2005. It works like this,it provides effective mechanisms for dealing with insolvency cases involving debtors,assets,claimants, and other parties of interest involving more than one country. The main purpose is realized through 5 objectives specified.1 Promotes cooperation between the United States courts and parties of interest the courts,other competent authorities of foreign countries involved in cross border. 2 establish greater legal certainty for bness 3 to protect debtors of foreign countries and peeps involved.4 to protect the debtors assets. 5 Save the butts of foreign business's and domestic.Because Murica is the nation that saves all,and acts as the international police of the universe.
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