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Facts about Bankruptcy

Bankruptcy

The office of the Superintendent of Bankruptcy, a federal agency, is responsible for ensuring that bankruptcies are administered in a fair and orderly manner.

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The current Bankruptcy Code, which replaced the Chandler Act, was enacted in 1978 by ยง 101 of the Bankruptcy Reform Act of 1978.

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Despite the legal benefits of bankruptcy, there exist a number of drawbacks.

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Bankruptcy prevents a person's creditors from obtaining a judgment against them.

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The "Chandler Act" of 1938 gave unprecedented authority to the Securities and Exchange Commission in the administration of bankruptcy filings.

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Bankruptcy is the legally declared inability, or impairment of ability, of an individual or organization to pay their creditors.

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The plans available under bankruptcy laws in most nations offer a fair way of organizing debt and planning for the future.

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Nevertheless, the declaration of bankruptcy enables people to resume control of their lives.

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Bankruptcy allows debtors to be discharged from the legal obligation to pay most debts by submitting their non-exempt assets to the jurisdiction of the bankruptcy court for eventual distribution among their creditors.

Bankruptcy

Bankruptcy is a legal process that discharges most debts, but has the disadvantage of making it more difficult for an individual to borrow in the future.

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Bankruptcy is also a useful option for some failing businesses.

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Historically, some cultures had no provision for bankruptcy, using other methods to deal with the issue of unpaid debts.

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The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency.

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State law, therefore, plays a major role in many bankruptcy cases, and it is often quite unwise to generalize bankruptcy issues across state lines.

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Bankruptcy

Bankruptcy in Canada is set out by law in the Bankruptcy and Insolvency Act and is applicable to both businesses and individuals.

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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) (Pub.L.

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In Austria, more than half of all bankruptcy proceedings in 2004, were not even opened due to insufficient funding to settle some outstanding amounts.

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In Canada, a person can file a consumer proposal as an alternative to bankruptcy.

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Bankruptcy provides a legal, structured method for eliminating debt without the crushing fear of debilitating repossession.

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Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law.

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The word bankruptcy is formed from the ancient Latin bancus (a bench or table), and ruptus (broken).

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Creditors may file a bankruptcy petition against a debtor in an effort to recoup a portion of what they are owed.

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The first modern Bankruptcy Act in America, sometimes called the "Nelson Act," was initially entered into force in 1898.

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Bankruptcy fraud should be distinguished from strategic bankruptcy, which is not a criminal act, but may work against the filer.

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During 2004, new all-time high rates of bankruptcy were reached in many European countries.

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The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13.

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Bankruptcy in Scotland is referred to as Sequestration.

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The declaration of bankruptcy can provide debtors, both individual and companies, necessary financial stability to move forward.

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To avoid the negative impacts of personal bankruptcy, individuals in debt have a number of bankruptcy alternatives.

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Bankruptcy is also documented in the Far East.

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During the bankruptcy proceeding, the debtor is protected from most non-bankruptcy legal action by creditors through a legally imposed "stay."