These assessment tools will test your knowledge of some basic aspects of the U.S. Bankruptcy Code. The quiz will assess your knowledge of the two types of personal bankruptcy and the rights and responsibilities of the debtor in the bankruptcy process. ...
The United States Bankruptcy Code contains 6 types of bankruptcy. Discover which are the most common and more.
Pros and cons of bankruptcy Filing for bankruptcy is a significant financial decision with benefits and drawbacks. While it can provide immediate relief from debt and a chance for a fresh start, it also carries long-term consequences that affect your credit, access to loans and personal finances...
This is the most common type of bankruptcy, filed by either individuals aka personal bankruptcy (called consumer) or businesses. It is essentially property liquidation that takes only a few months. All unsecured debts credit card, medical, or other are erased inChapter 7 personal bankruptcy. There...
Chapter 7 bankruptcy is often called "liquidation" bankruptcy as it discharges most unsecured debt including personal loans and credit cards. When filing Chapter 7 bankruptcy, you can keep most of your assets and the process takes about 3-4 months....
Bankruptcy is a state wherein an entity is no longer capable of paying for the debts and loans accumulated. In certain territories, bankruptcies are required by the local court and initiated by the borrower. That said, bankruptcy is a legal proceeding rather than a total state of financial dep...
against collection agencies and their unsavory tactics, repossession of your property and the process will even stall the foreclosure of your home. This process is referred to as an automatic stay and it begins the moment you file for bankruptcy. There are two types of personal bankruptcy, ...
7 bankruptcy, you essentially sell off your assets to clear debt. People who have no valuable assets and only exempt property—such as household goods, clothing, tools for their trades, and a personal vehicle worth up to a certain value—may end up repaying no part of their unsecured debt...
The strategic timing and adverse events hypotheses of personal bankruptcyhave received particular attention. Existing research focuses on proving ordisproving either hypothesis, using a strict interpretation of the role offinancial benefit in the filing decision. Using a more realistic framework inwhich ...
The Internal Revenue Service (IRS) does not consider a personal loan aspart of the borrower's income. The money received on the loan is not taxed. However, if the lender forgives the loan, it is considered a canceled debt, and that amount can be taxed. ...