Category Archives: Bankruptcy Law

Common Bankruptcy Schedules Used in Filing Bankruptcy

 

In the Federal Bankruptcy System, there are approximately 120 official and formal forms a bankruptcy filer or the court might be called on to fill out for a any particular reason. Filling these forms out can not only be time consuming, but one must understand the overall terms and concepts of bankruptcy in order to complete them properly. Here are some more common bankruptcy schedules with a short explanation for each that you will most likely have to use in filing most any type of bankruptcy: Continue reading

Understanding the Use of the Term Exemption in Bankruptcy

 

Understanding bankruptcy law is all about communicating in legal terms so every party to the issue can fully comprehend. A problem in understanding bankruptcy law often can arise for the average layman not familiar with bankruptcy terms, both used legally and colloquially. Understanding the use of the term “exemption” in bankruptcy is a good example. Continue reading

What are Preferential Payments in the Bankruptcy Process?

 

The idea behind the federal bankruptcy system is to provide debtors and creditors with a fair way of dealing with and ending bad financial relationships. To make the system fair for all creditors, the bankruptcy court trustee may look back over time to see if there were any preferential payments made by a debtor to his creditors that might make it unfair for all of a filing debtor’s creditors. So, what are preferential payments in the bankruptcy process? Continue reading

Dealing With a Few Peculiarities in Bankruptcy Law

 

For the most part, bankruptcy law is precise and straightforward, but under certain circumstances, bankruptcy law can be burdensome and complex. If you have to file for bankruptcy protection, you might often find yourself dealing with a few peculiarities in bankruptcy law. Continue reading