| How Credit is Affected by Bankruptcy |
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| Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate their debts or repay their debts. Generally, the fact that a debtor filed for bankruptcy remains on the debtor's credit history for 10 years.More... |
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| Effect of Chapter 11 Confirmation |
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| The provisions of a confirmed plan bind the debtor; any entity issuing securities or acquiring property under the plan; and any creditor of, equity security holder of, or general partner in, the debtor. Except as may be otherwise provided in the plan or in the order approving the plan, confirmation of the plan vests all of the property of the estate in the debtor. Except as otherwise provided in the plan or in the order confirming the plan, property dealt with by the plan is free and clear of all claims and interests of creditors, equity security holders, and general partners.More... |
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| Chapter 12 Eligibility Requirements |
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| Chapter 12 of the Bankruptcy Code was enacted to meet the needs of financially distressed family farmers. The primary purpose was to give family farmers facing bankruptcy a chance to reorganize their debts and keep their farms. Chapter 12 is designed to permit family farmers to repay their debts over a period of time from future earnings. The eligibility requirements are restrictive, limiting its use to those whose income arises primarily from a family-owned farm.More... |
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| Introduction to Chapter 9 "Municipality" Bankruptcy |
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| Some individuals, companies, or businesses consider filing for bankruptcy, usually as a last resort, when they are unable to pay their debts. About 1.5 million Americans filed for bankruptcy in 2002. That same year, nearly 40,000 businesses in the United States sought the protection of the bankruptcy laws in 2002. More... |
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| Joint and Consolidated Cases |
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| A husband and wife can file a joint case under Chapter 7, 11, 12 or 13. Both names are on the same petition and schedules, and only one filing fee is due. Only spouses are allowed to file a joint petition. Former spouses, partners or other relatives do not qualify for a joint petition. Whether a husband and a wife should file a bankruptcy together depends on whether both are liable on the debts involved. Filing bankruptcy generally only protects the person who filed the bankruptcy. Married couples who are jointly liable on most debts should file a joint bankruptcy. More... |
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