Peter Gitundu Researches and Reports on Bankruptcy. For More Information On Bankruptcy, Read More Of His Articles Here BANKRUPTCYYou Can Also Add Your Views About Bankruptcy On His Blog Here BANKRUPTCY
Bankruptcy is a legally declared state in which an organization or an individual is unable to meet the financial obligation towards creditors. Various countries have rules and regulations addressing this situation. In most cases, the creditors have laws allowing them to take a portion of their debtors property with the aim of recovering what is owed to them.
In this case, the creditor is allowed to file a bankruptcy petition against the alleged debtor. There are special lawyers experts in these financial situations. However it is not always that the filed petition is granted in some countries. The property of the debtor may be examined to determine whether such a petition against them can be retained. The debtor in such a case will check if he is in a position pay the creditors and in such a case, they can plead against the petition filed against them.
Chapter thirteen (13) under the bankruptcy petition allows the debtors who have been faced with the petition to keep his property and only pay his debts from his disposable income. This is usually given for a period of three to five years. This code is used in the court for those debtors in a position to pay their debts as opposed to adhering to the penalty. It is also referred to as the wage-earner plan.
In case a debtor is allowed to keep his property but pay his debt slowly, a trustee is appointed. This is a person who under the chapter thirteen code is appointed by the court to be a representative of the debtor. Under the seventh, eleventh and thirteenth chapters the trustee has powers to act on behalf of the debtor.
- Related Articles
- Related Q&A
- How To File Bankruptcy
- Filing Bankruptcy
- How To File Bankruptcy And Save On Legal Expenses -- 3 Ways Of Filing Personal Bankruptcy
- Bankruptcy Filing: be Aware of Legal Nuances
- Who May File Bankruptcy
- Best Way to File Bankruptcy
- Bankruptcy Lawyer: The Last Resort When You Need to File Bankruptcy
- Right to File Bankruptcy
12 Money Mantras for 2010
By: IYogi | 17/12/2009As 2009 draws to a close we present to you some New Year Resolutions for 2010 which will go a long way in making you financially fit. All you need is will power and determination to follow these simple tips
Goodies that you can get when you settle your debt
By: Rodrigo Fields | 17/12/2009some goodies that you get if you will try to go for a debt relief
Reasons to Get Quick Personal Loans
By: Jessica Lang | 17/12/2009Quick cash loans are becoming a popular alternative to conventional bank loans or cash advances offered by credit card companies. Also known as cash advances or payday loans, this type of loan is guaranteed against the borrower’s paycheck and is basically a short-term loan. It is ideal for people belonging on a fixed salary, who find themselves short on cash in between paydays and need to access funds quickly.
When life derails your financial plans
By: Samantha Smith | 17/12/2009When you make the decision that you're going to work hard on improving your finances... and you make that plan... and you execute that plan... Then it happens.... life come along and completely derails you! You may want to give up, but don't.... just look at it from a different point of view and head on down your path again!
How To Shrink Your Grocery Bills
By: Sean Teahan | 17/12/2009It used to be, probably decades ago, that food in the pantry of most households was home-made and fresh. Homes used to have vegetable gardens and there was an abundance of fresh produce in the markets. But as mentioned, this was many years ago, when people had time to tend to luscious and leafy vegetables and herbs in their garden and make their own canned goods. During this time, people were healthier and saved more money.
Personal Loans for Poor Credit: Where You Can Get Affordable Loans
By: Alan Lim | 17/12/2009Do you know about the option of personal loans for poor credit? What can you do to avail such loans? The following details may help you in this respect.
Buying Lower Cost Car Coverage Through Several Quotations
By: Tarris Bradley | 17/12/2009It's likely that, if you have a motor vehicle operator's license, you either pay for auto premiums or somebody gets billed on your behalf. I'm also betting that your premiums haven't gone down in recent months. In reality, your rates have in all probability increased, right? Like many other things, car policy premiums have increased dramatically, particularly in places with an already high cost of living, like California and New York.
Why Do We Take Financial Decisions, That Are Bad For Us?
By: Aleks | 16/12/2009We continuously hear about how people make unwise financial decisions, and how we rely too much on our emotions. We tend to think “this will not happen to me, I am a smart and educated person”. A documentary I saw yesterday demonstrated the exact opposite. Below, I would like to take the opportunity to recap two scenarios of yesterday’s documentary, and the results.
The Cost Of Making Small Business Mistakes
By: Peter Gitundu | 30/11/2009 | Small BusinessStarting up a small business is not an easy task, it requires a person to have all the basic information to be able to make money out of the venture. However, you will sometimes find that even with all the information they can get, some people still make some mistakes that later cost them so much money, including the time they have invested in putting up the business venture.
The Benefits Of Socially Responsible Funds
By: Peter Gitundu | 30/11/2009 | InvestingSocially responsible funds are investments that have two major goals in sight, one is to maximize the returns and the other one is to meet some social goals. The goals are mostly focused on the environment, human rights protection as well as consumer protection.
The Benefits Of Social Business Enterprises
By: Peter Gitundu | 30/11/2009 | Small BusinessSocial business enterprise refers to a company that does not focus on giving dividends or maximizes on profits. Its main objective is to meet a given social need. Any money that the company gets through its day to day activities or through funding is used to expand research findings and to provide solutions to the problem that the company seeks to address.
Sole Proprietorship- Determining Exposure To Liability
By: Peter Gitundu | 30/11/2009 | Small BusinessSole proprietorship refers to a type of business structure which is organized and run by a single person. This person is responsible for all the decision making, and is entitled to all the profits. Sole proprietorship is a legal business structure recognized by law and it has been in existence for ages.
What Defines Small and Micro-Cap Stocks
By: Peter Gitundu | 30/11/2009 | InvestingIn the mutual funds investment category, securities are defined by stocks and shares. Stocks come in a number of different sub categories, easing the investors decision making process. They are classified into micro, small, mid and large caps.
Stock Market Sectors- How Securities Are Classified
By: Peter Gitundu | 30/11/2009 | InvestingThe stock market invests in different securities derived from different sectors of the economy. Securities from any given sector are classified with the aim of bringing companies in the same industry together for investment purposes.
Sole Trader- The Challenges Faced
By: Peter Gitundu | 30/11/2009 | Small BusinessA sole trader is a business person who trades and manages his enterprise alone. By description, there is no legal distinction between the owner and the enterprise. All decisions are dependent on the owner, who will also take all the profits as well as absorb all the losses.
Stock Market History- How The Stock Market Has Grown Over Time
By: Peter Gitundu | 30/11/2009 | InvestingThe stock market has a long history, traced back to the United States, over 100 years ago. The government that was in place then, thought of funding the war that was going on through selling of bonds and government promissory notes.