Bankruptcy law

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BANKRUPTCY LAW
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Table of content

• Historical Background
• Title 11 of the USA Code
• Discharge in Bankruptcy
• Chapter 7 and 13
• SWOT analysis
• Solution to Implementation Difficulties
• Our contacts

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• Historical background
• Bankruptcy comes from mixing ancient Latin
  words bancus-a bench or table and ruptus-broken
• People gathering in public places with benches
• Lend money to borrowers who would return it with
  interests
• The tax collectors would come to their bench and
  smashed it with an axe
• Italian roots since bench in Italian is banca
  and ruined is rotta
• French expression banque route, table trace.

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Title 11 of the USA Code

• Purpose it gives to the honest but unfortunate
  debtora new opportunity in life and a clear
  field for future effort, unhampered by the
  pressure and discouragement of preexisting debt
  .
• The United States Congress established the
  bankruptcy administrator program in 1986.
• The bankruptcy administrator offices are located
  in the six judicial districts of Alabama and
  North Carolina.

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Discharge in Bankruptcy

• Debtor is released from personal liability
• No longer legally required to pay the debt
• Prohibits the creditor of the debtor from taking
  any form of collection action on discharged debts
• A discharge is a permanent ruling, but it might
  be revoke
• Not all debts are discharged
• Voluntarily repay any discharge debt

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Types
Chapter 7 Bankruptcy Chapter 7 of the Bankruptcy
Code is for the discharge of debts, which is the
traditional bankruptcy. Under Chapter 7, you
either pay for or give up your property for
secured debts. You surrender any nonexempt
property in order to pay off as much of your
other debt as possible
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• Chapter 13 Bankruptcy
• In a Chapter 13 bankruptcy, you are not seeking
  to get rid of all of your debt entirely, but only
  to do one or a combination of the following
•  restructure your payments so they are more
  manageable, considering your income
• get rid of part of your debt so that you can
  manage payments

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• Weaknesses
• Lawyer is needed
• Limitations on types of debts
• Effect on credit
• Cost of filing for bankruptcy
• Threats
• Fraud
• Changes in regulations
• Property loss

• Strengths
• Automatic Stay
• Protection Discharged
• Protection of Property
• Repayment Plan
• Opportunities
• Fresh Start
• Continuation of the business
• Learn from mistakes

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Solutions to the Difficulties
Clearly dictate 1. who is
eligible 2. amount of debt Seminars
about the subject Bankruptcy abuse prevention and
consumer protection act More marketing
Guidance to make a repayment
plan Availability of information
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CONTACT US
801 N. Brand Blvd. Suite 210Glendale, CA
91203 Tel. [phone]Fax [phone]
www.facebook.com/MargarianLaw www.linkedin.com/co
mpany/margarian-law https//www.youtube.com/user/
dealerfraudlawyer
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For further information visit
http//margarianlaw.com/ https//goo.gl/dpmD9m h
ttps//en.wikipedia.org/wiki/Bankruptcy
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Thank you!