Bankruptcy

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    The Stigma Of Bankruptcy

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    Everyone knows what bankruptcy is but most try to avoid bringing it up or even thinking about it. Just the thought of bankruptcy sends shivers down the spine and puts us in fear of the possible outcome. Bankruptcy has a stigma of being the ultimate destroyer of a person’s finances. According to Dave Ramsey, bankruptcy is one of the top life negative life changing events a person can ever go through with some of the others being death in the family, divorce, and severe illnesses. Bankruptcies in the U. S are on the rise with over 1.4 million filing either Chapter 7, 11, 12 or 13 last year. Even though the reasons for this high number varies due to every situation being different filing for bankruptcy should be your last option after all else…

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    Bankruptcy Trustee

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    Who is the Bankruptcy Trustee? When you file for bankruptcy, your case and your debts can come under the control of the court in the person of the bankruptcy trustee, whose job it is to ensure that bankruptcy laws are obeyed and that your unsecured debts are paid off as much as possible. However, the trustee's legal powers go beyond these simple administrative duties, as this person assumes legal control of your property and your debts as of the date you file for bankruptcy states Ogden…

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    Chapter 13 Bankruptcy

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    Filing for Chapter 13 bankruptcy is a major decision – one that will impact your future for years to come. Though bankruptcy certainly has its share of benefits, it’s essential you obtain a basic understanding of the process prior to filing. In the following entry, a bankruptcy attorney from Sam Turco Law Offices outlines a few common Chapter 13 bankruptcy FAQs. Chapter 13 Bankruptcy FAQs What Is Chapter 13 Bankruptcy? Chapter 13 bankruptcy allows you to repay a portion or all of your debts…

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    Bankruptcy In 1800s

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    Bankruptcy assists consumers who can no longer pay their outstanding amounts on debts so that the consumer can get a renewed start by eliminating assets to compensate their debts or by constructing a repayment plan. Bankruptcy regulations also safeguard financially distressed businesses. Bankruptcy in the United States has had an extensive and wide-ranging antiquity since the outlining of the U.S. Constitution. Primarily, the framers of the Constitution pursued to demonstrate bankruptcy laws as…

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    Bankruptcy is defined as “a legal proceeding initiated by an individual or company that is unable to pay its debt” (Bankruptcy, 2003). Bankruptcy law is strictly federal law and the first federal Bankruptcy Act was enacted in 1878 (Textbook). Although bankruptcy was once considered shameful in the United States, it is now considered an acceptable way to resolve financial problems but it is typically a debtor’s last resort. Each year, approximately 1.5 million debtors file for personal…

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    Attending court, for many individuals, is a highly stressful event. The main reason for the anxiety associated with going to bankruptcy court, or any other court hearing, derives from the uncertainty of the outcome. Hopefully, with additional information about what usually happens in bankruptcy court can curb some of the angst associated with using the US Bankruptcy Code to obtain relief from extreme debt. How Bankruptcy Court is Different In criminal court, there's a prosecutor and a…

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    Filing bankruptcy is one of the most significant financial decision you can make, so you should not do it without having a thorough understanding of how federal bankruptcy laws will apply to your unique situation. Before you file, you should take into the benefits and drawbacks. Below are the pros and cons of filing a bankruptcy petition: The Pros and Cons of Filing Bankruptcy Benefits Filing bankruptcy will provide you with some financial relief and will help you get back on your feet. A…

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    Bankruptcies laws date all the way back 1789 when the Constitution of the United States was signed. The Constitution has a Clause in Article I, Section 8 which states “the Congress shall have the power to…establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States” (“US Constitution Article I.”). Each state can create and enact laws that govern the contracts that are created by consumers and sellers. States are able to control the…

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    Case Activities 3 Discharge in Bankruptcy In this case, Joseph Harman, the president of Carter Oaks Crossing was loaned $400,000 by Caroline McAfee. Harman signed a promissory note that specified the company would repay the amount of the loan with interest in installments in which the installments would begin in 1999 and end in 2006. Harman signed a personal guaranty with the promissory note. Carter Oaks Crossing eventually defaulted on the note causing McAfee to sue Harman for payment under…

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    Bankruptcy has become more and more prevalent in the past twenty years. With the high rise of bankruptcy, comes crime, bankruptcy fraud. Bankruptcy fraud can be done by either a business or an individual, this paper will only be about business bankruptcy fraud. What is bankruptcy? What chapters can a business file? What are the ways or types a business can commit bankruptcy fraud? What are the penalties for committing bankruptcy fraud? And what are some examples and cases of bankruptcy fraud.…

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