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US-Bankruptcy-Code-Is-Very-Specific-Regarding-How-112 US-Bankruptcy-Code-Is-Very-Specific-Regarding-How-112 Document Transcript

  • US bankruptcy code is very specific regarding how to file bankruptcy.Bankruptcy Information
  • Bankruptcy code is very confusing and deals with all of the many differenttypes of bankruptcy that a business or person can file Its important tonote that even though people can file different bankruptcy forms, there isstill only one main bankruptcy code which deals with all of the differenttypes of bankruptcy in the United States
  • By "filing chapter 11", or "filing chapter 7", the company is just filingunder which chapter of the code best fits its situation There are severalmajor differences between the chapters that are in bankruptcy code
  • For instance, there is a difference between the two most commonchapters for bankruptcy filings Chapter 7 is also called "liquidation" andwhat happens in this chapter is that all of the extra assets of thatcompany or person are sold off in order to pay most of the outstandingdebts
  • Everything that can be sold for this purpose will be sold, and the debtorwill only be left with the few items that can be held back due toexemptions Something important to consider about chapter 7 bankruptcyis that the person will still have enough exempted items to hopefully puthis or her life back together
  • This type of bankruptcy is most common when the person in questiondoes not have the resources necessary to pay off his or her debtsBankruptcy code both explains exactly how to legally go about puttingthis type of bankruptcy into effect as well as mentioning any special taxBankruptcy Information provisions that might apply in this case
  • The other chapters that are commonly filed under in US bankruptcy codeinclude chapter 11, which is reorganization - basically reorganizing thebusiness or financial situation so that it is possible to pay off all debts inthe future The other two types of bankruptcy are not filed by businesses -chapter 12 is specific to farmers who have personal debts, and chapter13 is specific to other people with personal debts
  • In order to file under any of these three chapters, you or your companymust have a steady income, and be able to prove this
  • Once it is proven, your finances will be reorganized so that you can payoff your debts and eventually improve your credit rating
  • Bankruptcy Information