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A dismissal opens the door to possibly re-filing for Chapter 13 bankruptcy. While that would mean restarting the process and locking into another three to five years of payments, the benefit is ...
If your case is dismissed this way, it may be possible to file for another Chapter 13 bankruptcy. Before doing so, make sure your finances have improved enough that you will be able to keep up ...
A bankruptcy discharge is a court order that releases an individual or business from specific debts and obligations they owe to creditors. In other words, it's a legal process that eliminates the debtor's liability to pay certain types of debts they owe before filing the bankruptcy case.
Although the individual causes of bankruptcy are complex and multifaceted, most personal bankruptcies involve significant medical bills. [4] Individual bankruptcies are usually filed under chapter 7 or chapter 13. According to the American Bankruptcy Institute, in 2017 38.8% of Chapter 13 bankruptcy cases ended in dismissal. [5]
The word bankruptcy is derived from Italian banca rotta, literally meaning ' broken bank '. The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted. [1] [2]
Personal bankruptcy is a legal process that allows people to discharge unpayable debts by liquidating assets to pay their creditors or by entering into a court-approved plan to repay them. Tips: 7...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
When a company files for bankruptcy, what happens to employees depends on the type of bankruptcy that was filed. While any of these instances can be devastating news for employees, there are some...