A bankruptcy lawsuit is either of two types of proceedings in a bankruptcy court. The first type of proceeding that this term refers to is one in which a debtor files for personal or corporate bankruptcy in order to seek relief from judgments or other debt. Within this type of proceeding, ...
One option is to change the bankruptcy laws. In America, Britain andelsewhere, these treat student debt as a special case: unlike other forms ofdebt, it cannot be wiped out. If student debt is not to restrict existinggraduates and put off future ones, ...
With a Chapter 7 bankruptcy, you may be able to close on it relatively quickly. Because it is a liquidation approach, you may have to sell some of your assets and pay off debt with the amount you make. Whatever debt is leftover is forgiven, unless there is a lawsuit or fraud claim. ...
bankruptcy, but if you happen to be in the midst of a cold winter and are about to lose your heat, or in the middle of the hottest summer on record and you are in danger of having your electricity turned off, the automatic stay can give you a little breathing room on your utility ...
Partly as a result of that concern, Falcone will try to maintain control of the bankruptcy restructuring process for as long as possible, he said. After a defined period, he would have to cede some control of that process to creditors. “His focus would be on preserving control though to ...
Consumer Proposals (“proposal”) are the main alternative to filing an assignment in bankruptcy. It is an arrangement between you and your creditors which enables you to pay a portion of your debts over an extended period of time. The amount that you pay and the length of time you pay th...
Definition and Example of a Bankruptcy Discharge A discharged debt literally goes away. It's no longer collectible. The creditor must write it off. Debts that are likely to be discharged in a bankruptcy proceeding include credit card debts, medical bills, some lawsuit judgments, personal loans, ...
The filing of legal documents might be subject to strict deadlines or statutes of limitation. Court procedures, statutes and rules all vary by court and area of law. These rules and requirements will need to be met in order to get a document filed by the court. Anyone interested in filing...
The process of incorporation gives the business entity a distinct feature that protects its owners from being personally liable in the event of a lawsuit or legal claim. What are the Common Types of Corporations? A corporation can be created by a single shareholder or by multiple shareholders who...
Hire a lawyer to settle a disputed lien. File forbankruptcy, which automatically erases some liens, such as second mortgages (this should be an absolute last resort, however). Those last two remedies can be costly, both financially and with respect to your credit. If you can’t afford to ...