A General Overview of Individual bankruptcy

This chapter provides a general overview of personal bankruptcy law in the usa. It clarifies the purpose and process of filing for bankruptcy, as well as the different types of debts as well as the assets that can be protected within a chapter. It also discusses the different parties involved in a case, like the debtor, creditors, and trustees. This phase also is exploring the privileges of the debtor while owning his residence, two shareholder attorneys and his capability to renegotiate plans.

The word “bankruptcy” has a history far over the age of our country. It is about from the Latin word bankratio, which means “broken bench, ” or “broken table. ” This kind of 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 out of his work-bench. Thus, the idea of bankruptcy was created. In the US, the definition of was produced from the concept of business bankruptcy.

Individual bankruptcy is a legal process that permits debtors to hold certain building that is protected from unguaranteed creditors. In certain states, such as New York, the Bankruptcy Code permits a debtor to exempt value in his major residence, along with tools of control. It all depends upon what laws of your state where you reside. A general overview of individual bankruptcy is available at the Legal Assistance of European New York web-site.