Bankruptcy is defined as the legal procedure for dealing with debt problems of businesses or individuals. Just like corporations and partnerships which have their rules governing this state of financial affairs, the municipal too has its code in the law governing insolvency. The municipal must file a petition before a case can be heard in court.
Posts Tagged ‘Bankruptcy Discharge’
The Chapter 12 Bankruptcy Discharge
Thursday, July 2nd, 2009Chapter 12, or the family farmers or family fishermen, is a repayment plan for farmers and fishermen with regular incomes. It may not be restricted to farmers and fishermen only since it may also cut across partnerships and corporations. For this last category, one of the partners should be a farmer or fisherman or should have relatives in the field.
The Chapter 7 Bankruptcy Discharge
Wednesday, June 3rd, 2009The chapter 7 bankruptcy discharge is a special order that a court issues to both the debtor and the creditor to indicate that the property in question belongs to either of them. In this way, the debtor has no personal responsibility towards the debt and at the same time the creditor has no responsibility in the collection of the debt.
Chapter 13 Bankruptcy Discharge
Saturday, May 2nd, 2009Bankruptcy chapter 13 is also referred to as the wage earner plan, because it gives debtors with a sustainable income a chance to pay their debts without having to sell off their property. This provision is normally over a period of three to five years. It is an advantage to them since they are able to save their hard earned property. People in businesses such as partnerships and corporations are in a position to save their businesses.
