
BANKRUPTCY
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What is Bankruptcy?
- Bankruptcy is a legal proceeding where people or entities that cannot repay their debts seek relief from payment of those debts.
- The source of bankruptcy law is primarily federal law, found in 11 USC 101, et seq.
- State laws also play a part in bankruptcy cases.
- In New York, some of the state laws that play a large role in many bankruptcy cases include the Debtor-Creditor Laws, the Civil Practice Laws and Rules, and the General Obligations Law, just to name a few.
- For many people, the goal of filing a bankruptcy case is to obtain the relief provided by the AUTOMATIC STAY, as well as the power of the DISCHARGE INJUNCTION.
The Power of Bankruptcy Lies In The . . .
DISCHARGE INJUNCTION
- The DISCHARGE INJUNCTION is the order entered at the end of the bankruptcy case which permanently enjoins a creditor from attempting to enforce a debt.
- The Discharge Injunction is created by law, and is found in the specific chapter of bankruptcy filed (for chapter 7, 11 USC Section 727; for chapter 13, 11 USC Section 1328)
- The Discharge Injunction applies to ALL CREDITORS, unless the debt is one specifically excluded from discharge by law, or some court order excluding the debt from discharge.
Claim Your Spot to the Intro to Bankruptcy MasterClass now!
On this value-packed web presentation, you’re going to discover the following:
- What is bankruptcy and how it can help you
- Get an overview of the bankruptcy case process
- What debts can bankruptcy eliminate? Debts not eliminated?
- Whether you can keep property if you file for bankruptcy
- Documents you need to put together to file for bankruptcy
Frequently Asked Questions
Can you keep your car in bankruptcy?
Can I keep a tax return I'm expecting if I file for bankruptcy?
Can filing for bankruptcy stop a foreclosure or garnishment of my wages?
Can you keep a house in bankruptcy?
Can you keep your social security income and other benefits?
How does filing for bankruptcy affect my credit?
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