Debtor

conscience. He then muses over the idea of guilt, mentioning how the word guilt and debt are very similar in the German language. (II:8) This leads to the idea that guilt was originally separate from accountability. He furthers this point with the idea of punishment in older societies. He states that punishment was originally not in the form of guilt, but instead in a physical retribution. He admires this method as it eliminates the mental turmoil of modern day guilt. If a promise couldn’t be fulfilled, the creditor, or one owed the promise, would still be able to get retribution in the form of seeing his debtor in pain. (II:10) This lead to a greater satisfaction to society when a debt couldn’t be paid. Also, this ensures the unfaithful debtor will have this transgression burned into their mind making them more accountable in the future. Furthermore, this brings up the notion of debtor and creditor. Where in the past, after punishment, there was no guilt and no feeling…

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 under the protection and supervision of the bankruptcy court. When filing, you will submit a repayment plan to the court for approval. The plan will…

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…

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…

individuals, including those who are self-employed, are eligible to file for Chapter 13 bankruptcy. Along with a petition for bankruptcy, a $235 case filing fee, and a $75 administrative fee, a debtor must submit: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a schedule of executory contracts and unexpired leases; and (4) a statement of financial affairs. Fed. R. Bankr. P. 1007(b). The debtor must also…

individual is able to keep up to $100,000 worth of their home. After determining the exempt property, individuals need to determine what to do with their secured debt such as homes and vehicles. Individuals are able to redeem, reaffirm, or surrender the collateral that they put up for the secured debt. If one chooses to redeem they pay the creditor the current value of the property. If they choose to reaffirm the debt, they “agree on new contract terms with the creditor” (Renauer). The last…

creditors, but depending upon case to case, it is also their duty to keep a watch on the debtor's action. For example, if it is a chapter-7 case, their duty is to make sure that all the assets and properties of the debaters have been liquidated as per the laws. At the same time, they also work in favor of the debtors, by making sure that they get the properties exceptions as per the specific laws of that particular state regarding the same say Ogden Bankruptcy Attorney. On the other hand, if…

being presented in this case is exceptions to dischargeable debts in bankruptcy. This case raises the question of the whether the obligation under the guaranty would have been discharged in Harman’s bankruptcy. According to our textbook, Business Law Text and Cases, a guarantor can be required to pay the obligation only after the principal debtor defaults, and usually, only after the creditor has made an attempt to collect from the debtor. The Supreme Court had laid down a near per se rule…

Debtor Beware: Debt Collectors Find Their Silver Bullet Clifford Cain Jr. discovered that a debt collection company had garnished his bank account and taken around $4500 to cover an old debt they said he owed. Cain said that he did not even know that he had been sued until he found out that the money was gone from his account. Midland Funding is part of Encore Capital Group, a gigantic debt collection agency. They did not just go after Cain, but many other residents of Baltimore with the…

Opening a new business is one of the most exciting times of anyone’s life. The initial stages are full of questions you’re excited to answer and decisions you can’t wait to make. For some, this excitement continues as the business grows and the opportunity to succeed becomes more solid with every new day. For others, the questions get more difficult and those decisions they used to wake up in the morning so excited to make start to get postponed and pushed off because the choices all seem…