This section provides a standard overview of personal bankruptcy law in the United States. It clarifies the http://brittandcatrett.com purpose and process of processing for personal bankruptcy, as well as the different types of debts and the assets that can be protected within a chapter. In addition, it discusses the many parties included in a case, such as debtor, collectors, and trustees. This phase also is exploring the rights of the borrower while owning his building, and his capacity to renegotiate contracts.
The word “bankruptcy” has a history far more aged than our country. It comes from the Latina word bankratio, which means “broken bench, inch or “broken seat. ” This term relates to the idea of business bankruptcy. Because a businessman ceases trading, he is no longer able to ply his trade via his work-bench. Thus, the concept of bankruptcy was created. In the US, the definition of was resulting from the concept of organization bankruptcy.
Personal bankruptcy is a legal process which allows debtors to keep certain asset that is safe from unguaranteed creditors. In a few states, including New York, the Bankruptcy Code permits a debtor to exempt fairness in his most important residence, and tools of company. It all depends on the laws of your state in your geographical area. A general overview of individual bankruptcy is available in the Legal Assistance of Traditional western New York website.