Bankruptcy process and Lawyers

Online resources about bankruptcy lawyers

The purpose of our website is to select relevant information about lawyers and law firms
We have listed the following online resources about Bankruptcy

We don't provide direct access to any law firms information or website

http://nacba.com/ : NACBA is the only national organization dedicated to serving the needs of consumer bankruptcy attorneys and protecting the rights of consumer debtors in bankruptcy

http://www.bankruptcylawfirms.com/ : Very complete website providing useful information and explainations about Bankruptcy law chapters.

http://www.legalhelpers.com/ :  Bankruptcy Resource Center offers detailed information about the Fair Debt Collection Practices Act and the Fair Credit Reporting Act

http://www.bankruptcyaction.com/ : A very comprehensive and popular bankruptcy website. A directory of specialized law firms is also provided.

Information about bankruptcy by American Bar association : The Mission of the American Bar Association is to be the national representative of the legal profession, serving the public and the profession by promoting justice, professional excellence and respect for the law.

http://bankruptcy.findlaw.com/ : Directory of lawyers and general information

http://www.sec.gov/investor/pubs/bankrupt.htm : Complete overview by US securities and exchange Commission

Consumer & personal business Bankruptcy

Chapter 7

Involves the liquidation of a business property to pay off debts. The bankruptcy process starts when the business files a petition with the bankruptcy court. The petition must list all of the business' property, debts, and recent financial history. The court will then appoint a trustee who will sell off some of the business' property to help pay the business' debts. Some debts will be discharged by the trustee, meaning that the debts will not have to be paid. Other debts are not dischargeable including recent taxes, debts in prior bankruptcy, and penalties payable to the government.

Chapter 13

Chapter 13 allows individuals who have steady incomes to pay all or a portion of their debts under protection and supervision of the court. Under Chapter 13, you file a bankruptcy petition and a proposed payment plan with the U.S. Bankruptcy Court. Payment plans provide for payment of debts over 3 to 5 years. An important feature of Chapter 13 is that you will be permitted to keep all your assets while the plan is in effect and after you have successfully completed it. Because of the changes in bankruptcy law in 2005, many people will no longer be eligible to file for bankruptcy under Chatper 7, or will have their Chapter 7 case converted to a Chapter 13 case.

Business - Chapter 7, 11 Bankruptcy

Most publicly-held companies will file under Chapter 11 rather than Chapter 7 because they can still run their business and control the bankruptcy process.

Allows a business to reorganize its finances, eventually pay off its debts, and continue operating once bankruptcy is complete. Chapter 11 is typically used for business bankruptcies and restructuring. It is not commonly used by individual consumers since it is far more complex and expensive to pursue. This process starts when the business files a petition for Chapter 11 Bankruptcy with the bankruptcy court. The business is then given 120 days to come up with a plan to reorganize the business in a profitable way. To make the business profitable again, the plan might involve cutting off certain unprofitable parts of the business, such as discontinuing an advertising or research department. The plan must also detail how the business will pay off its creditors in the future. After approval by the creditors the business can get out of a chapter 11 bankruptcy.