Under the grant of authority given by Article I, Section 8, of the United States Constitution, Congress enacted the “Bankruptcy Code” in 1978, which is codified as title 11 of the United States Code. From October 17, 2005, the courts must charge a $220 case filing fee, a $39 miscellaneous administrative fee, and a $15 […]
Federal bankruptcy laws are only for companies and firms that wish to file for bankruptcy, individuals cannot go for these options. Chapter 11 and Chapter 7 are the two main categories of federal bankruptcy laws that businesses can choose from.
Chapter 11 provides the company or firm with an opportunity to rebuild the business in […]
Victims of both Hurricane Katrina and Hurricane Rita may now file for bankruptcy without many of the filing requirements facing most debtors today.
The United States Department of Justice recently waived these new requirements for all residents of communities devastated by these hurricanes. The recently enacted Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 would […]
Depending on your situation, that may make a bank loan more appealing than a mortgage processed by a broker. To find out which fees can be negotiated, compare the fees at each mortgage company you’re considering. Settlement costs can include everything from broker commissions and loan-origination fees, which cover the lender’s costs in processing […]
As mentioned earlier, personal bankruptcy can be filed for under Chapter 7(for almost complete elimination of debts) and the more conditional and restrictive Chapter 13 of the federal bankruptcy code. Basically, the provisions under personal bankruptcy allow a genuinely insolvent individual to wipe the slate clean and make a fresh beginning. If the case is […]
The new bankruptcy law, officially known as The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, is aimed at making it more difficult for debtors to file for bankruptcy under chapter 7.
Prior to the new law, which took effect on October 17, 2005, potential filers could walk away from their debts after giving up […]
It is no secret that more and more consumers are finding themselves having trouble with debt, and that many of them will end up being unable to pay their bills. Rates of debt have been rising for a number of years now, and with wages not keeping pace with expenses in many places around […]
As applying for loans, credit cards and other forms of credit are easier to come by, so are the bankruptcy rates in the United States. In a ten year period, between 1994 and 2004, bankruptcy rates in the United States nearly doubled. The government’s reaction was to take a closer look at reasons parties were […]
Bankruptcy attorneys all over the country are reporting that their business is up 25-50% over last year. The reason? New bankruptcy legislation is set to take effect later this month, and the laws are much stricter than in the past. That may be the case, but the fact that tougher laws are […]
Bankruptcy has long been a big question mark in the eyes of the consumer. After all they don’t teach us about bankruptcy in school. More often than not, a person’s view of bankruptcy is largely developed by either their parents or close relatives personal views or dealings with bankruptcy, or a persons view is based […]