Bankruptcy Law Overview - BBB Member
Call debt settlement and bankruptcy attorneys of OVLG

Money-back
OVLG registered with State Bar of California
(800) 530-OVLG
( Call 7 days Till 9 )
Home » Client Education » Bankruptcy Law Overview

Bankruptcy Law Overview

The principal goal of bankruptcy is to give debtors a financial “fresh start” from their debt burdens. Bankruptcy procedure is governed by Title 11 of the Federal Code.

Article I, Section 8 of the United States Constitution allows the government “to establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States”. In with this amendment, Congress has enacted several laws governing bankruptcy including the Bankruptcy Reform Act Of 1978 and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Bankruptcy is a hybrid system of laws, its procedure controlled by Federal law and heard in Federal District court, but the exemptions allowed to the debtor are controlled by state law Federal Rules of Bankruptcy Procedure (Usually known as “Bankruptcy Rules”) and local rules of each bankruptcy court set the rules for the procedural parts of the system for the bankruptcy filings. The Bankruptcy Rules gives the formats of the legal forms required to be used in the bankruptcy cases. The Bankruptcy Code and Bankruptcy Rules and the Set of Local Rules are all harmoniously synchronized to assemble Official Legal Procedures for handling the personal as well as the commercial bankruptcy filings. There are 90 Federal bankruptcy districts across the country.

We will help you choose the right debt relief option using unique waterfall approach.

  • Stop harassing collection calls
  • Lower your monthly payments
  • Reduce interest rates
  • Waive off late fees
  • Make only one monthly payment
  • Get debt free and regain financial freedom
  • Stop harassing collection calls.
  • 100% money back guarantee.
  • Unique waterfall approach to be debt free.
  • Provide secured client service area.
  • Full transparencies to the work being done.
  • One support associate for one client.
  • 44% of average settlement rate.
  • About 500 settlement offers made till date.
  • Thousands of satisfied clients.
  • Though bankruptcy is a court-based process, much of the procedure is administrative and carried out by an appointed trustee. The debtor’s appearance is only required during a meeting unofficially known as "creditor's meeting" or “341 Meeting” where the creditors make inquiries into the debtor’s debts and assets.

    There are six types of Bankruptcies in Title 11, commonly called by the chapters that describe them:

    CHAPTER 7 BANKRUPTCY: - Straight Bankruptcy/Liquidation

    Chapter 7 Bankruptcy or “liquidation bankruptcy” is where debtors (individuals, married couples, corporations, or partnerships) eradicate most of their unsecured debts & legal bills etc to get a fresh startby selling their nonexempt property and distributing the money among their creditors.

    CHAPTER 9 BANKRUPTCY: - Reorganization of Municipalities.

    Chapter 9 is designed to allow municipalities to restructure their financial matters.

    CHAPTER 11 BANKRUPTCY: - Business Reorganization

    Chapter 11 reorganizes the fiscal affairs of businesses and helps them to plan effective repayment plans.

    CHAPTER 12 BANKRUPTCY: - Farming & Fishing Business Reorganization

    Chapter 12 is the adjustments of debts for farmers and fishermen.

    CHAPTER 13 BANKRUPTCY: - Adjustment of an Individual's Debts

    Chapter 13 Bankruptcy or “wage earners bankruptcy” is where a debtor repays their outstanding debts through a structured repayment schedule in 3/5 years.

    CHAPTER 15 BANKRUPTCY: - Insolvency Cases Involving other Countries

    Chapter 15 Bankruptcy deals with international insolvency cases involving businesses.

    Additional Resources

    Bankruptcy Laws overview | Faqs on Bankruptcy | Bankruptcy Terms

    US State Bankruptcy Laws



    Post a Comment

     
    Latest success stories
    Signup for attorney approval
    * Full Name:
    * Email:
    * Best Phone:
    Debt Amount:

    Call me now

    Need quick help? We can call you now for free.

    Ext.
    Testimonials

    More ..
    Feedback

    Survey

    Latest Articles
  • Sample debt settlement, validation lette..
    Sample debt settlement and debt validati..
  • Letter to Request an Alternative Payment..
    Letter to Request an Alternative Payment..
  • Debt Validation Letter
    Debt validation letter to validate the d..
  • Cease and Desist Letter
    Cease and desist letter..
  • Letter confirming Acceptance of Verbal O..
    Letter of acceptance of verbal debt sett..
  • Sample Letter for an Unsolicited Debt Se..
    Sample letter for an unsolicited debt se..
  • Letter for Debt Settlement Agreement
    Debt settlement agreement latter..
  • Pay for Delete Agreement
    Pay for delete agreement with your credi..
  • Popular Articles
  • Compare debt settlement companies with O..
    Compare other debt settlement companies ..
  • Oak View Law Group Help Desk
    ..
  • Low fees of debt settlement, debt repaym..
    Low fees of interest based negotiations,..
  • Creditor Harassment FDCPA Laws, Stop cre..
    Creditor harassment attorneys will help ..
  • Payday loan debt settlement: smart way t..
    How to get out of payday loan debt throu..
  • Get rid of your Storefront Payday Loans ..
    Learn the basic of storefront payday loa..
  • Chapter 7 Bankruptcy Overview
    Filing chapter 7 bankruptcy to help you ..
  • Chapter 13 Bankruptcy Overview
    Chapter 13 bankruptcy has quite a lot of..
  • Latest from OVLG Blog
  • How to recover from Bankruptcy quickly?
    In the recent years the number of people...
  • FTC prohibits advance fees for debt reli...
    The new Telemarketing Sales Rule of the ...
  • Consider bankruptcy if you have lost a l...
    You have lost a lawsuit and you are feel...
  • Importance of Credit Cards after Bankrup...
    It is often seen that after bankruptcy f...
  • Wild Card Exemption
    The federal law offers a wide range of e...
  • Common Myths about Bankruptcy
    The process of Bankruptcy is often tagge...
  • Is it difficult to get a job if you file...
    It is a standard notion for the employer...
  • Chapter 13 payment plan and confirmation...
    When you file for Chapter 13 bankruptcy,...

  • ^Go back to top
    Hacker safe OVLG privacy policy D&B listed
    GoDaddy