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Ben Werner,
Student Newspaper Editor
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Most notably, bankruptcy laws require that creditors stop all collection efforts against the debtor while the debtor is working out a plan and awaiting a discharge of debts.
Bankruptcy - A proceeding in federal bankruptcy laws wherein assets of an insolvent debtor are protected and distributed in an equitable manner.
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John Fielding,
CEO
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Bankruptcy bankruptcy: an overview Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors.
The Trusteeship provides financial and asset management to those in Chapter 13 bankruptcy and maintains cash flow to creditors who are owed payments under Bankruptcy Law.
Legal Information Institute - Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors.
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Brian Mengel,
Civil Servant
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The Bankruptcy Laws have traditionally allowed filers to exempt out their pensions only if they were the type of pensions which qualified under the IRS 401 rules and thus contained the restrictions which are imposed by the IRS code.
The bankruptcy law regarding the scope of a Chapter 7 discharge is complex, and debtors should consult competent legal counsel in this regard prior to filing.
Federal bankruptcy law allows you to protect some property from the claims of creditors either because it is exempt under federal bankruptcy law or because it is exempt under the laws of your home state.
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Mike Enlow,
Internet Marketer
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Bankruptcy is not to be used to cheat creditors; rather the purpose of Bankruptcy law is to allow honest people a chance to make a new start by getting out from under debt that they cannot repay.
There is no law which prevents anyone from extending credit to you immediately after the filing of a bankruptcy; nor is there any law that requires a creditor or potential lender to extend credit to you.
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Bob Greenberg,
Congressional Candidate
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Bankruptcy law provides courts with the power to suspend a creditor's right to seize, maintain the debtor in possession of the assets, and require that creditors accept a reorganization that they would reject in the absence of bankruptcy law.
Therefore, it is always the best policy to list all creditors and if an omission has occurred and your bankruptcy case closed, seek the advise of a local experienced bankruptcy lawyer who can best advise you on the local case law ruling as applied to your particular situation.
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