This chapter provides a general overview of bankruptcy law in the us. It talks about the purpose and process of submitting for individual bankruptcy, as well as the different types of debts and the assets that could be protected in a chapter. In addition, it discusses the various parties interested in a case, including the debtor, credit card companies, and trustees. This part also is exploring the legal rights of the borrower while owning his house, and his capacity to renegotiate contracts.
The word “bankruptcy” has a history far older than our country. It is about from the Latin word bankratio, which means “broken bench, ” or “broken along with. ” This kind of term is related to the idea of organization bankruptcy. If a businessman ceases trading, he could be no longer able to ply his trade right from his workbench. Thus, the concept of bankruptcy was born. In the US, the word was created from the concept of business bankruptcy.
Individual bankruptcy is a legal process that allows debtors to keep certain premises that is safe from unprotected creditors. In certain states, such as New York, the Bankruptcy Code permits a debtor to exempt equity in his principal residence, along with tools of www.brittandcatrett.com/solutions/ craft. It all depend upon which laws within the state where you reside. A general overview of individual bankruptcy is available in the Legal Assistance of American New York website.