Creditors and Bankruptcy Bankruptcyis a legal process through which individuals who cannot repay debts to creditors may seek relief from some or all of their debts. Bankruptcy is initiated by the debtor and is imposed by a court order. When a debtor declares bankruptcy, the court notifies the c...
When you file for bankruptcy, you are seeking to eliminate or reduce the debts you owe to your creditors. Depending on whether you file for Chapter 7 or Chapter 13 bankruptcy, you may come out of the process with no debt or significantly reduced debt. Bankruptcy does not come without cost,...
Don't head for your state court to explore bankruptcy options; bankruptcy is handled exclusively in federal bankruptcy courts. The rules that are followed in these proceedings are set out in the United States Bankruptcy Code. They can be quite complicated, so in most bankruptcy cases, it pays ...
What Happens to GM Liability Claims in Bankruptcy?
While United isn’t spending any money it does not have to at this point, they do value their Avianca partnership long term. It seems likely that some airline will emerge from Avianca’s bankruptcy, and that airline is far more valuable as a part of Star Alliance than outside of it. So...
What happens to my credit if I file? Credit is essentially an agreement between a lender and a borrower that the borrower will pay back the money lent. When you file for bankruptcy, you're stating that you can't fulfill your promise to pay back the loans you borrowed. For that reason,...
When a limited company is referred to as being ‘bankrupt’, it means it can’t pay its debts on time, or its liabilities exceed its assets. However, the accurate term is company insolvency. As it is a commonly used term, we will use ‘company bankruptcy’ in parts throughout this arti...
Discovering what debts the court can and cannot wipe out when you file for bankruptcy may surprise you. Read on to find out how this would affect you.
Life after bankruptcy - what now? If you have had your bankruptcy officially decreed, then you will normally be "discharged" from your court order exactly one year after your bankruptcy was formally declared. It will only be longer than this if you have failed to cooperate with your court ...
OSI's Bankruptcy: What Happens Now?: Company leaders believe OSI will emerge from bankruptcy as a stronger player, but some industry insiders have doubts. What does OSI's voluntary Chapter 11 filing mean for the company and the collections industry as a whole?(Outsourcing Solutions Inc.)...