Bankruptcy is not a great idea that you may like to think about. But, sometimes this can become the reality of life. So, if you think its the only choice left? Read further.
Bankruptcy- What it actually is?
Bankruptcy is a federal court process that can help you in getting freedom from your debts only when you fall in that particular category. This can stop your creditors from taking any action without taking permission from the court. Get LA Bankruptcy help.
Liquidating or Reorganization, are the two types of bankruptcy you can choose. While, Liquidation known as Chapter 7 Bankruptcy, leads to selling of assets to pay off debts, the other Reorganization is referred as Chapter 13 Bankruptcy.
Falling under Chapter 11/12/13, Chapter 13 applies to maximum people.
Here you file a proposal for repayment in the court. Under this, some debts are repaid completely, some partially and still others remain unpaid. Payment plans usually range from 3 to 5 years and a Los Angeles Bankruptcy Lawyer can help with all the details.
Some debts that cannot be categorized as forgiven are:
Debts that you have not listed on debt papers
Alimonies and child support plans
Debts for death or injuries due to DUI/ Drinking Under Intoxication
Student loans
Fines that have been imposed on you due to breaking the law
Most tax debts
During the tenure of repayment, the court keeps a check on how you can spend money. In most cases an amount is garnished from your expenses and a trustee from court pays this amount to creditors.
Theres admittedly a bad stigma around bankruptcy. However, with regards to dealing with individual insolvency cases, it should always be considered. Note that bankruptcy is not permanent. It is a temporary case, thus, enabling you, the debtor, to achieve a fresh start.
Who should seek bankruptcy relief?
As a general rule, anyone can go under. Even individual people in a partnership may become insolvent. However, the guidelines governing company or partnership bankruptcy and also the procedures to follow may be different from that filed by a person.
There are three ways through which one becomes bankrupt:
Voluntary: The insolvent debtor files for bankruptcy inside a voluntary capacity.
Involuntary: The creditor takes the initiative to request that debtor should seek bankruptcy relief for the purpose of collection.
Generally, bankruptcy is legally declared through the debtor himself. However, there are cases wherein an instance of bankruptcy may be requested by the creditors in order to get reimbursement from the debtor for the part of the total amount owed for them. This is what is meant by involuntary bankruptcy. I personally was able to contact Bankruptcy Attorney Woodland Hills for help.
In an involuntary bankruptcy case, a order from the court is usually issued towards the debtor who is obliged to acknowledge the proceedings or accept them.
If you are the debtor, it is advised that you fully cooperate using the bankruptcy proceedings, even if you are disputing the creditors claim. Any attempts at settlement ought to be addressed before the bankruptcy papers are due to be heard. To do so otherwise would be both expensive and difficult.
Bankruptcy is seen as a graceful way to avoid it of a debt. Its primary purpose is to give an honest debtor a fresh start in life. Hence, bankruptcy is essentially for the benefit of the debtor who are able to no longer pay for the bank notes that he owed.
Most of the time, individuals or organizations owe money to not only one people so when the assets arent enough to pay for all the debts owed to every creditor, it is but fair to take the sum total of the assets and divide it up equally among the creditors in proportion to the debt owed.
The legal principle behind bankruptcy is that one may not unjustly enrich himself in the expense of others. When the bankrupt person were simply to pay one creditor, what happens to the other creditors?
Hence, the other purpose of bankruptcy law would be to repay creditors in an orderly manner towards the extent of the total amount of properties and other assets the debtor has available for payment.
The resolution of the debtors debts is accomplished through bankruptcy by dividing all his assets one of the creditors. The assets might not be enough to pay all, however the declaration does allow the debtor to partially pay off his debts and other financial obligations.
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