One of the first questions clients ask is will a bankruptcy affect their ability to obtain or refinance mortgages afterwards. They are also concerned about how it affects their credit report and how they can improve their credit score post-bankruptcy. The answers to these questions depend upon the type of bankruptcy that was filed and whether debts were completely discharged, [...]
The term, "trustee," is used to refer to the person or entity who is the representative of the bankruptcy estate. The trustee is statutorily authorized to act primarily on behalf of the unsecured creditors of the estate. The trustee acts under the general supervision of the court and the U.S. Trustee (see below) or bankruptcy [...]
A petition may be filed by an individual, by a husband and wife together, or by a corporation or other type of business entity.
To file for bankruptcy, a person or business can start a bankruptcy case by filing a petition with the bankruptcy court. If a client has retained a lawyer, the lawyer will be responsible for drafting and filing the petition with the court and all subsequent filings and follow up. Along with the petition, the client [...]
"Bankruptcy" is term that describes a legal process individuals and businesses go through because they are not able to pay the debts they owe. The legal process is governed by federal law, not state law. However, certain parts of the process can be affected by an individual state's laws. For example, if someone owns a [...]