We are providing a great deal of bankruptcy information for those considering, or just researching, bankruptcy. This growing collection of information includes the complete bankruptcy code, and future sections will cover debt and all consumer options surrounding bankruptcy.
Federal Bankruptcy law benefits both debtors and creditors by seeing that debtors get debt relief and creditors collect some of the debts owed. The types of bankruptcy filings are referred to ...
Continue → ShareChanges to the bankruptcy law in 2005 added a “means test.” The means test keeps filers with higher incomes from filing for Chapter 7 bankruptcy. Some people believe you must be completely broke to file chapter 7, but that is not the case. Actually, most people who would have qualified before the changes, will still qualify under the new law.
The means test deducts specific monthly expenses from the debtor’s income to find the debtor’s “disposable income.” ...
Continue → Share“At the end of every seven years you shall grant a remission of debts. This is the manner of remission: every creditor shall release what he has loaned to his neighbor; he shall not exact it of his neighbor and his brother, because the LORD’S remission has been proclaimed.” – Deuteronomy 15:1,2
The origin of the word “bankruptcy” are the Latin words bancus (bench) and ruptus (broken). When a banker could no longer continue lending money, his bench was broken as ...
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