Bankruptcy
In its simplest terms, bankruptcy is an opportunity to adjust the relationship between you, and your creditors. The law offices of Black & LoBello are committed to providing excellent bankruptcy representation for our clients during their times of financial difficulty.
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For more information please visit Black & LoBello’s Bankruptcy website. In its simplest terms, bankruptcy is an opportunity to adjust the relationship between you, and your creditors. The reasons people declare bankruptcy are varied. They may have acquired large medical bills, have large credit card debt, divorce debt, or housing problems. Bankruptcy can be a way to buy time if one is having their home foreclosed upon or car repossessed. While in bankruptcy, many of the outstanding debts will be forgiven and certain property is exempted from the bankruptcy process.Bankruptcy is defined by the United States Constitution in Article 1, Section 8, Clause 4, which allows Congress to enact “uniform laws on the subject of bankruptcies throughout the United States”. Congress has enacted the Bankruptcy Code, located at Title 11 of the United States Code. While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often dependent upon State law.
BANKRUPTCY CHAPTERS
There are six types of bankruptcy under the Bankruptcy Code:
- Chapter 7: Basic liquidation for individuals and businesses;
- Chapter 9: Municipal bankruptcy;
- Chapter 11: Rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets;
- Chapter 12: Rehabilitation for family farmers and fishermen;
- Chapter 13: Rehabilitation with a payment plan for individuals with a regular source of income;
- Chapter 15: Ancillary and other international cases.
The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. Corporations and other business entities file under Chapters 7 or 11.
