What Does Filing For Bankruptcy Do
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Know some benefits of bankruptcy
By Jakob Jelling

Bankruptcy is a state of a person or a firm unable to pay off the debts. In legal terms, bankruptcy refers to the settlement of liabilities of a person/organization, fully or in parts, who are in a state of not able to meet the incurred financial obligations. The purpose of such a settlement is to uniformly distribute the bankrupt's assets equitably among the creditors, and, to relieve the debtor from further liability (in most cases). In the US, bankruptcy is governed by a federal law adopted in 1898 and amended many times, as by the Bankruptcy Reform Act of 1978 and recently in the spring of 2005.

The two purposes of bankruptcy are

- To give creditors a fair share of the money that on...
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More Bankruptcy Resources
 
 
In the News
    Bankruptcy filings up 16 percent
    MILWAUKEE Bankruptcy filings are up 16 percent in Wisconsin during the first half of the year. U.S. Bankruptcy Court records show more than 16,000 petitions were filed through June. Eighty-two percent of the petitions are for Chapter 7 bankruptcy. Thats the type that lets consumers wipe out debt such as credit card balances and medical and utility bills. Bankruptcy attorneys tell the Journal ... Read More ...

    Bankruptcy filings in state up 16% at midyear
    Bankruptcy filings in Wisconsin rose 16% during the first half of this year, an increase lawyers say was driven largely by consumers and small-business operators who couldn't find enough work in the slow economy to keep up with their debts. Read More ...

    Bankruptcy in Connecticut Increases By 24%
    During the first half of 2010, bankruptcy filings for individuals in Connecticut jumped by 24 percent compared to a year ago. In fact, personal bankruptcies accounted for 89 percent of all bankruptcies tracked by the Warren Group, a real estate data firm in Boston, from January to June. Read More ...

 
 
 
 
 

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