The United States bankruptcy court is the federal court that handles only bankruptcy cases. It is important for you to understand that you can file court petition for bankruptcy in a state court. There are ninety-four federal judicial districts and each of them handles all types of bankruptcy cases.
Types of Bankruptcy
June 29, 2010 By
Bankruptcy can be categorized into various types keeping in view several factors in mind. For example, on the basis of the parties filing for bankruptcypetition, there are basically two types of bankruptcy – voluntary and involuntary. On the other hand, based on the nature of judgment by the court, the bankruptcy can be categorized in two forms – a reorganization bankruptcy and a liquidation bankruptcy. Let’s go exploring them.
Texas Bankruptcy Laws
June 28, 2010 By
Texas bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. In addition, you also have the option to substitute the state specific exemptions completely with the federal exemptions set. Texas bankruptcy district courts are located in twenty places under four group regions – Texas Eastern District Court, Texas Northern District Court, Texas Southern District Court, and Texas Western District Court.
Tax Bankruptcy
June 28, 2010 By
The various bankruptcy laws have provided two options for tax bankruptcy. The first option is to file bankruptcy under chapter 7 where all the assets of the taxpayer will be liquidated or sold off. The second option is to file bankruptcy under chapter 13 allowing the taxpayers to continue with their business activities while paying off their debts on a specific repayment plan as suggested by the bankruptcy court. Following are some of the important things that you must be aware of regarding the tax bankruptcy before you file for bankruptcy.
Student Loans In Bankruptcy
June 28, 2010 By
When bankruptcy is granted to a debtor, certain debts are dischargeable while certain other types of debts are non-dischargeable. The non-dischargeable debts are the debts are not completely eliminated even after granting bankruptcy to a debtor. They are supposed to pay off the same. Student loans in bankruptcy are the non-dischargeable debts.
Steps In filing Bankruptcy
June 28, 2010 By
If you are planning to file court petition for bankruptcy, there are certain steps in filing bankruptcy that you must be thoroughly aware of.