Videos About Filing Bankruptcy
8 Step By Step Videos About Filing Bankruptcy
What is bankruptcy? What happens in a bankruptcy case? Bankruptcy is a legal process that provides relief for individuals who can no longer pay all of their debts. If you are considering bankruptcy, this video will give you basic information about the process, the relief it offers, and how to find the legal help you may need.
Bankruptcy Basics – Part 1: Introduction
Article I, Section 8, of the United States Constitution authorizes Congress to enact “uniform Laws on the subject of Bankruptcies.” Under this grant of authority, Congress enacted the “Bankruptcy Code” in 1978. The Bankruptcy Code, which is codified as title 11 of the United States Code, has been amended several times since its enactment. It is the uniform federal law that governs all bankruptcy cases.
Bankruptcy Basics Part 2: Types of Bankruptcy
Chapter 7 – is one type of bankruptcy that is available for individuals. It is also referred to as straight bankruptcy or liquidation. The bankruptcy court appoints a trustee who administers the bankruptcy. The individual filing for bankruptcy usually retains all the typical types of clothing and household goods. The individual may also retain their home and vehicles as long as they does not have more equity in those items than they can exempt. If the bankruptcy trustee allows an individual in bankruptcy to keep a car secured by a car lien or a house encumbered by a mortgage, the individual filing for bankruptcy must pay all car and mortgage payments as they fall due and pay the insurance on those items. A chapter 7 bankruptcy usually lasts about 4 to 6 months. At the end of the bankruptcy, most debts are extinguished through a discharge of debts.
Chapter 13 – is another type of bankruptcy available for individuals. This bankruptcy lasts for the duration of a debt repayment plan, from 3 to 5 years. General, unsecured creditors are usually only repaid a small percentage of what is owed. That said, past due taxes must be paid in full, as well as any arrearages on secured debt, such as an auto loan or mortgage. A Chapter 13 bankruptcy will often allow individuals to keep a home or car even if they have become seriously delinquent on the loans. At the end of a successful bankruptcy, most debts are extinguished through a discharge of debts.
Chapter 12 – is a type of bankruptcy available for family farmers but we need to mention it as here in California, we are the “bread Basket” of America and we have our share of farmer clients. It functions much like chapter 13.
Chapter 9 – is a type of bankruptcy for municipalities.
Chapter 11 – is occasionally used by individuals but is primarily used by large corporations, which are insolvent, that wish to pay off their debts through a restructuring or “repayment plan.”
Bankruptcy Part 3: Limits of Bankruptcy
Bankruptcy Part 4: Filing for Bankruptcy
Bankruptcy Part 5: Creditors’ Meeting
Bankruptcy Part 6: Bankruptcy Crime
Bankruptcy Part 7: Court Hearings
Bankruptcy Part 8: The Discharge
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