Bankruptcy is a legal process that allows an individual or business that is unable to repay their debts to seek relief that allows for the elimination of a portion or perhaps even all of their debt obligations. Bankruptcy law has been in existence since ancient Biblical times in the book of ...
debt, they will need to give up their property. The creditor has the right to keep a lien on a piece of property until the debt is paid. For example, if an individual can’t afford their car payment, they can give the vehicle up in the bankruptcy and no longer be liable for the ...
The 2024 Report details measures for the uniform application of legal standards, including 15 judicial interpretations, 13 guiding cases, and 610 typical cases. As discussed here, the “People’s Court Case Database” contains SPC-approved cases, and judges must search this database. “Legal ...
has engaged legal counsel to advise on the possibility of filing for bankruptcy. A company spokesman said no filing was imminent, though, and insisted Nortel would continue with an ongoing restructuring. Nortel has been hurt by falling sales of wireless equipment, as well as by an inability to...
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Chapter 13 bankruptcy is designed for an individual debtor who has a regular source of income, whether it be from a job or social security benefits. Chapter 13 is often preferable to Chapter 7 for people with valuable assets, because it enables the debtor to keep the asset. A common example...
has engaged legal counsel to advise on the possibility of filing for bankruptcy. A company spokesman said no filing was imminent, though, and insisted Nortel would continue with an ongoing restructuring. Nortel has been hurt by falling sales of wireless equipment, as well as by an inability to...
It’s also only an option for individuals, married couples, or sole proprietors. That means someone who ‘s a self-employed photographer could file Chapter 13 bankruptcy, but someone who ran a photography studio that employed other people could not. ...
The new bankruptcy legislation is made up of four parts which aim for the prevention of bankruptcy rather than covering the actual process. These parts are: –the preventive part which allows companies to address their problems in their early stages; –the restorative parts which will enable a ...
When to File for Bankruptcy Bankruptcy law exists to help people who have taken on an unmanageable amount of debt—often as a result of large medical bills or other unexpected expenses. But it isn’t a simple process and it hasnegative consequences for your long-term finances. ...