BANKRUPTCY QUESTIONS

WHAT TO KNOW ABOUT BANKRUPTCY LAWS

Bankruptcy laws are often intimidating because you come in contact with them just when you have very little in the way of resources on your own behalf and when it is very likely that you've already faced a good deal of stressful confrontation with your creditors. You should keep in mind, though, that bankruptcy laws exist not only to account for your personal responsibility, but also to ensure protection of your personal rights and security.

There are certain regional differences that determine the particulars in how your bankruptcy case will be handled. There are 94 federal judicial districts throughout the country that handle bankruptcy cases. It's very important to remember that even while you are working with local legal authorities that manage your case according to state or district regulations, bankruptcy is a federal case. Federal United States bankruptcy courts have exclusive jurisdiction in all bankruptcy cases. This means a few key things, most notably that bankruptcy cases cannot be filed in state courts, and also that any crime associated with a bankruptcy filing is therefore considered a federal crime and punishable by extremely serious measures.

Bankruptcy laws are founded on two principles. In the event of the financial impossibility of meeting existing debts, bankruptcy provides a way to:

Grant a debtor with non-criminal debts the chance to establish a "new start" through total or partial relief of debts



Provide creditors with repayment per property value that is available through the debtor

Bankrupcy laws can be complicated and loaded with difficult "legalese" terminology, so remember that when you are filing bankruptcy, you are acknowledging your own responsibility and therefore have the right to receive a sensible explanation of exactly what bankruptcy laws will come into effect in your case and what they will mean for you. There are several informative sources that offer in-depth presentations and down-to-earth explanations of these laws, so after you have been given official notification of what bankruptcy laws will apply in your case, you will probably benefit enormously from consulting one of these guides.

 

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