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.
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.
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.
Rhode Island Bankruptcy Laws
June 28, 2010 By
Rhode Island 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. Rhode Island bankruptcy district court is located in Providence. The counties of jurisdiction include all the places of the state.
Personal Bankruptcy Attorney : Freedom From Debt
June 28, 2010 By
A personal bankruptcy attorney, as the term suggests, is a legal professional who can help individuals with their specific bankruptcy cases. There are two main chapters in the bankruptcy code that deal with this sort of bankruptcy. These chapters are chapter 7 and chapter 13. The chapter 7 describes the laws pertaining to total elimination of all sorts of debts, excluding a few exceptions, such as students loan.
Personal Bankruptcy
June 28, 2010 By
Personal bankruptcy is the most common form of bankruptcy. The bankruptcy laws in the bankruptcy code have provided various provisions for personal bankruptcy. In this competitive world, things move very fast, therefore, in an attempt to meet the standard of living set by the society, many people fall in the cruel trap of various kinds of debts. If you are not very careful in handling your financial matters, these debts may put you in a deep financial trouble and sometimes, things may just go out of your control. There might be a situation when the debts you owe to the various creditors are much higher than the assets you own and the means of income you have. This is the time when you would probably like to give your financial life a fresh start by closing the old chapters. Here, you will have to take the help of various chapters as described in the bankruptcy code. Let’s go exploring the various options that the bankruptcy code provides you.