This chapter provides a basic overview of individual bankruptcy law in america. It clarifies the purpose and process of submitting for individual bankruptcy, as well as the several types of debts plus the assets that can be protected in a chapter. In addition, it discusses the many parties interested in a case, like the debtor, creditors, and trustees. This phase also explores the rights of the borrower while owning his residence, as well as his capacity to renegotiate long term contracts.
The word “bankruptcy” has a history far more aged than our www.brittandcatrett.com/the-firm/ country. It is about from the Latina word bankratio, which means “broken bench, ” or “broken counter. ” This term is related to the idea of business bankruptcy. Any time a businessman ceases trading, he could be no longer able to ply his trade coming from his work-bench. Thus, the concept of bankruptcy came into this world. In the US, the term was resulting from the concept of organization bankruptcy.
Personal bankruptcy is a legal process which allows debtors to keep certain residence that is guarded from unguaranteed creditors. In certain states, such as New York, the Bankruptcy Code permits a debtor to exempt value in his principal residence, and tools of control. It all depends upon what laws for the state your city. A general overview of individual bankruptcy is available in the Legal Assistance of Traditional western New York web page.