Bankruptcy

Bankruptcy allows individuals, couples, and businesses that cannot meet their financial obligations to be excused from repaying some or all of their debt. Bankruptcy has been in existence since ancient times. In the United States, the rules and procedures for filing bankruptcy are governed by federal law. States are prohibited from legislating in this area of the law.

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All Articles »Bankruptcy - Recent Legal Articles

  • What Are Homestead Protections?
      by HG.org

    In order to protect homeowners from losing their primary residence, most states have homestead protection laws in place for economic hardship. It is through understanding these laws that a homeowner may find his or her circumstances less difficult when he or she loses a job or is unable to make mortgage payments.

  • Buying Oil or Gas Wells in a Bankruptcy Auction
      by HG.org

    For auctions from a bankruptcy lot, it is important to consider all factors involved in the sale that may also include taxes for any oil or gas wells, property rights and unclaimed rights of another that owns a portion of the land or well. Before finalizing the deal, it is crucial to consult with a real estate or bankruptcy lawyer about these circumstances.

  • Lack of Home Ownership Among Millennials

    A 2013 article written by Joel Stein in Time Magazine examines Millennials and the stereotypes surrounding them. Stein begins with the usual criticisms: the generation born between 1980 and 2000 are selfish, think of themselves first, arenít motivated and are gradually ruining the culture their parents and grandparents worked so hard for.

  • Benefits of Filing for Chapter 13 Bankruptcy
      by HG.org

    The life situations that lead to the necessity of filing Chapter 13 bankruptcy are dire and filled with monetary problems where the borrower is unable to pay back his or her debts. However, even in the event where a Chapter 13 is the only possible conclusion, there are benefits that may protect and help the applicant.

  • Responding to a Creditor Lawsuit if Filing for Bankruptcy
      by HG.org

    When filing for bankruptcy, it is important to receive letters and information from current creditors while refraining from an immediate response. During these processes, it is essential to have a professional such as a lawyer to assist with the matter and ensure that all creditors acquire the necessary response per the legal representative.

  • Can Bankruptcy Solve Home Mortgage Problems?
      by HG.org

    Home mortgage problems often lead to default and foreclosure of the property the individual is attempting to purchase. While bankruptcy may be the last resort to solve any financial difficulty, some homeowners seek this process to try to stop a foreclosure from taking the home away.

  • Effects on Credit after Bankruptcy
      by HG.org

    Bankruptcy is a serious process, and only those that are fully aware of what this entails should proceed with all appropriate files, records and information supplied to the officials. The effects this method of debt erasure cause are often negative and detrimental to the credit of applicants seeking to remove arrears.

  • Filing for Divorce When also Filing for Bankruptcy
      by HG.org

    Going through a divorce is often difficult and may become a tricky and emotional affair, but doing so while also filing for bankruptcy is enough to break a person. It is recommended to have a lawyer for divorce proceedings, and this could affect how the bankruptcy procedure works and what is affected by either spouse.

  • Planning for Reorganization in a Chapter 11 Bankruptcy
      by HG.org

    When a company is unable to remain open for business under the current capacity, bankruptcy is often the option chosen through Chapter 11 to remain functional and keep revenue incoming. While this type of bankruptcy is a reorganization that permits the owner to plan and restructure the company to stay open, most of the assets and other items are sold off when a Chapter 11 is initiated.

  • Consequences of Hiding Assets in Bankruptcy
      by HG.org

    When going through bankruptcy, it is important to ensure all assets are considered so that the right process is utilized for the applicant such as Chapter 7 for individuals with an excess of debts and low disposable income. If the person seeking to complete bankruptcy hides any of his or her assets, he or she may face serious consequences to include penalties and contempt of court.


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