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Bankruptcy Law Helpful Information The Young Law Group Pllc

Bankruptcy Law Helpful Information The Young Law Group Pllc

Bankruptcy Law Helpful Information The Young Law Group Pllc

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Home Page > Law > Bankruptcy > Bankruptcy Law Helpful Information The Young Law Group Pllc

Bankruptcy Law Helpful Information The Young Law Group Pllc

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Posted: Mar 04, 2010 |

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What Is Bankruptcy?

Federal bankruptcy law (Title 11 of the United States Code, otherwise called the “Bankruptcy Code”) was enacted to allow the honest debtor, who is unable to meet his/her financial obligations, to obtain a fresh financial start or to reorganize his/her financial affairs. Bankruptcy law accomplishes this goal by providing debtors with a legally enforceable mechanism through which they may: (1) eliminate, reduce and/or extend most debt, and (2) protect themselves, subject to certain qualifications, during the bankruptcy case, from pursuit and harassment by their creditors. At the same time that bankruptcy law seeks to give relief to the debtor, it is also the goal of bankruptcy law to deal equitably with a debtor’s creditors by: (1) protecting the creditors against fraud, (2) treating similarly situated creditors in an equal manner, and (3) providing the creditors with constant notice and an opportunity to be heard during the bankruptcy case.

Who Can File for Bankruptcy Protection?

With only certain limited exceptions, an individual (alone or together as a married couple) or a business (a sole proprietorship, partnership, or corporation) may file for bankruptcy protection. While debtors filing for bankruptcy protection are usually “insolvent” (meaning that they are either unable to pay their debts as they become due, or that their liabilities are greater than their assets), insolvency is not a requirement for a voluntary bankruptcy filing.

What Are the Potential Benefits of a Bankruptcy Case?

A bankruptcy filing is often used as follows:

• By individuals to eliminate overwhelming credit card debt, medical bills, and other types of debt;
• By individuals or businesses to save their house or other real property from foreclosure or to save their car or other assets from repossession;
• By businesses, under a cash flow squeeze to obtain a “breathing spell” from their creditors in order to reorganize their financial affairs or to sell off assets;
• By individuals or businesses to extend or resolve burdensome tax liability; and
• By businesses to stop eviction from leased real property or repossession of leased equipment. The above uses of bankruptcy are not exclusive and a bankruptcy case can be used for other purposes. However, an individual or business contemplating filing a bankruptcy case should carefully review their goals with a bankruptcy attorney since bankruptcy law can be complex. A bankruptcy attorney will be able to determine whether the above goals can be achieved depending upon the particular circumstances of a situation.

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Platinum Law Group: General Information on Bankruptcy Featuring Platinum Law Group

Platinum Law Group: General Information on Bankruptcy Featuring Platinum Law Group

Platinum Law Group: General Information on Bankruptcy Featuring Platinum Law Group

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Home Page > Law > Platinum Law Group: General Information on Bankruptcy Featuring Platinum Law Group

Platinum Law Group: General Information on Bankruptcy Featuring Platinum Law Group

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Posted: Aug 27, 2010 |Comments: 0
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Platinum Law Group: General Information on Bankruptcy Featuring Platinum Law Group

As described by Platinum Law Group, bankruptcy is a legally declared inability or impairment of ability of anual or organ individization to pay its creditors. Creditors may file a bankruptcy petition against a business or corporate debtor (“involuntary bankruptcy”) in an effort to recoup a portion of what they are owed or initiate a restructuring. However, in the majority of cases, bankruptcy is initiated by the debtor (a “voluntary bankruptcy” that is filed by the insolvent individual or organization). Platinum Law Group points out that an involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business.

Bankruptcy in the United States

Bankruptcy in the United States is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which generally allows Congress to enact “uniform laws on the subject of bankruptcies throughout the United States.” The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Platinum Law Group notes that federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.

While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often dependent upon State law. Platinum Law Group finds that state law therefore plays a major role in many bankruptcy cases, and it is often not possible to generalize bankruptcy law across state lines.

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Platinum Law Group- We are a consumer rights law firm that specializes in violations of the Rosenthal Fair Debt Collection Practices Act.We also perform tax resolution, and bankruptcy. For more information please contact us at 877-734-3033.

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