Bankruptcy 101

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Bankruptcy 101
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Many people feel that they have hit their debt
limit and are out of options. Bankruptcy is a
process through the federal court system that
allows a debtor to either discharge, reorganize
or pay back a portion of their debt so that the
my get back on this their life. This is a fairly
involved process and is regulated by the Federal
government. Article I, Section 8, of the US
Constitution authorizes Congress to enact
uniform Laws on the subject of Bankruptcies.
Congress enacted the Bankruptcy Code in 1978.
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The Bankruptcy Code, which is codified as title
11 of the United States Code, has been amended
several times since its enactment. It is the
uniform federal law that controls bankruptcy
filings and proceedings
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There are several different codes that you can
file under when seeking bankruptcy
protection Chapter 7. Liquidation Chapter 9.
Municipality Bankruptcy Chapter
11. Reorganization under the Bankruptcy
Code Chapter 12. Family Farmer Bankruptcy or
Family Fisherman Bankruptcy Chapter 13.
Individual Debt Adjustment Chapter
15. Ancillary and Other Cross-Border Cases
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Most individuals find themselves filing under
wither Chapter 7 or Chapter 13 of the Bankruptcy
Code. Your eligibility to file under Chapter 7 or
Chapter 13 of the code is determined by several
factors. Your income, number of dependents and
financial commitments all come into play when
calculation what chapter you file under. Many
consumers seek Chapter 7 bankruptcy because of
its ability of "discharge" of liquidate your
eligible debts under the code.
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Under a Chapter 13 bankruptcy the trustee (the
representative of the government), will work with
the debtor and the debtor's representative to
determine a plan to pay off whatever percentage
of the debt that the debtor's income allows, and
enter into a multi-year plan to pay it off. Upon
successful completion of this plan, the debts a
then discharged by the court.
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The process of Bankruptcy is involved and has
certain pitfalls that if not complied with could
leave the debtor ineligible to file for
bankruptcy protection for another eight years. At
Garrett Law Center, PLLC your first consultation
about the possibility of you and your family
filing for bankruptcy protection is always free.
Give us a call today to set up your free no
obligation face to face appointment.
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Visit Us
Garrettlawcenter.com
Garrett Law Center
401 S Boston, Ste. 2201 Tulsa, OK
74103 888.655.2923 Tel [phone] Fax
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