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Written by jessica Alba
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Bankruptcy Law ExplainedBankruptcy law provides the groundwork for any business or any person who may find themselves in a position where they can no longer make payments on the debts they owe. There are several types of bankruptcy available, many of which provide relief from paying heavy debts in a short amount of time. Bankruptcy is the last resort for many people. There are definite negative aspects to filing bankruptcy including the simple fact that bankruptcy will destroy the credit of that individual or may even close the business down.
In the United States , there are several types of bankruptcy that can be filed. |
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Written by Jessica Alba
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In Chapter 7 BankruptcyThe debtor is required to surrender assets to pay debts. Any remaining debt after this process is completed will result in the discharge of that debt. If and when a bankruptcy is discharged, the debts owed to creditors which had debt included in the bankruptcy is discharged. This type of debt is no longer to be paid by the debtor to the company. Generally, some items do not fit into chapter 7 bankruptcy or may be exempt from the process.
- In some states, individuals are able to keep one vehicle.
- In many states, a debt that is current and being paid on time can be exempt from the discharge of the debt. For example, if a home mortgage loan is being paid on time and is not late, it does not have to be included in the bankruptcy. The lender of this loan must agree to this process, but generally do so since it keeps the loan being paid. Vehicles that have loans on them may also go through this process.
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