Personal bankruptcy basics creditors

personal bankruptcy basics creditors

Bankruptcy Forms; Bankruptcy Basics is a publication of the Administrative Office of the U.S. Courts. It provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy laws. General unsecured creditors are very easily dealt with in bankruptcy because the Bankruptcy Code — whether chapter 7 or chapter 13 — discharges your personal liability on the debts you owe to these creditors. In other words, your bankruptcy discharge destroys your legal obligation to pay the debts you owe to general unsecured creditors. The entire bankruptcy process is administered by a bankruptcy court judge, with the input and oversight of the Office of the U.S. Trustee, which is a branch of the U.S. Department of Justice. The two main types of corporate bankruptcy, as opposed to personal or individual bankruptcy, are Chapter 11 (reorganization) and Chapter 7 (liquidation).

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