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Spotlight on Bankruptcy
Filing for Chapter 7 Bankruptcy
Filing for Chapter 7 Bankruptcy is a way for Debtors to get a "Fresh Start" and have debts eliminated. This type of Bankruptcy is also called a "Straight Bankruptcy" or "Liquidation Bankruptcy" because assets will be liquidated in order to pay off as much debt as possible.
For debtors who are incapable of repaying debts, and eligible for chapter 7, this is the most common option. Chapter 7 allows the debtor to relieve themselves of the burden associated with having a large amount of debt. It stops harassing phone calls from creditors, eliminates most debt, and eases...
Learn More About: Chapter 7
Featured Bankruptcy Lawyer Article
A wide variety of circumstances can place virtually anyone in a precarious enough financial situation that may merit filing bankruptcy. Understandably, this can be a very scary thought for most individuals; however, there are a number of resources available to help you. Read more about basics of bankruptcy to learn about different types of bankruptcy and recent changes to bankruptcy laws.
New Bankruptcy Laws
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 S. 256
- Under the new Bankruptcy Act of 2005, credit counseling may be required or other options may be required Contact a local Bankruptcy Lawyer to find out all your legal options and rights.
It is more important than ever to consult and speak with a Bankruptcy Lawyer, for the new law changes will be explained better to you from bankruptcy lawyers. Your rights and options are too important, more than ever. If you want all your new legal rights and options explained then, you must speak with a bankruptcy lawyer. They will inform you of the new 2005 law changes and your rights.
A recent 2005/2006 study shows that 80% +- of past filers will still qualify today under the new law.
S. 256 penalizes creditors who unreasonably refuse to negotiate a pre-bankruptcy debt repayment plan with a debtor. The bill strengthens the disclosure requirements for reaffirmation agreements so that debtors will be better informed about their rights and responsibilities.
Some other reforms of S. 256 include the following:
- Protection for small business owners
- Family farmers
- Small business debtors
- Transnational insolvencies
- Protections for employees
Why Do I need A Bankruptcy Lawyer?
Bankruptcy can be a devastating blow to an individual, a small business, or a multi-million dollar corporation. Have a Bankruptcy Lawyer help you to get control over the finances possibly recover from insolvency.
- If you need help with a bankruptcy filing, get a Free Consultation with a Local Bankruptcy Lawyer to find out all your legal options and rights.
Bankruptcy Law Is A Federal Law. This sheet gives you some general information about what happens in a bankruptcy case.
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