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Personal Bankruptcy
Personal bankruptcy law allows, in certain jurisdictions, an individual to be declared bankrupt. Virtually every country with a modern legal system features some form of debt relief for individuals. Personal bankruptcy is distinguished from corporate bankruptcy. By country The DICE report 2006 of Munich's ifo Economic Research compared international personal bankruptcy in selected OECD-countries. United States In the United States, the same chapters of the Bankruptcy Code are applied in both personal and corporate bankruptcies. Most individuals who enter bankruptcy do so under Chapter 13 (a "reorganization" plan) or Chapter 7 (a "liquidation" of debtor's assets). More rarely, personal bankruptcy proceedings are carried out under Chapter 11 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 busi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jurisdiction
Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple levels (e.g., local, state, and federal). Jurisdiction draws its substance from international law, conflict of laws, constitutional law, and the powers of the executive and legislative branches of government to allocate resources to best serve the needs of society. International dimension Generally, international laws and treaties provide agreements which nations agree to be bound to. Such agreements are not always established or maintained. Extraterritorial jurisdiction is exercised through three principles outlined in the UN charter. These are equality of states, territorial sovereignty and non-intervention. This raises questions of when can many states prescribe or enforce jurisdiction. The ''Lotus'' case establishes two key rules t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Individual
An individual is one that exists as a distinct entity. Individuality (or self-hood) is the state or quality of living as an individual; particularly (in the case of humans) as a person unique from other people and possessing one's own needs or goals, rights and responsibilities. The concept of an individual features in many fields, including biology, law, and philosophy. Every individual contributes significantly to the growth of a civilization. Society is a multifaceted concept that is shaped and influenced by a wide range of different things, including human behaviors, attitudes, and ideas. The culture, morals, and beliefs of others as well as the general direction and trajectory of the society can all be influenced and shaped by an individual's activities. Etymology From the 15th century and earlier (and also today within the fields of statistics and metaphysics) ''individual'' meant " indivisible", typically describing any numerically singular thing, but sometimes meani ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, meaning the term ''bankruptcy'' is not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian language, Italian , literally meaning . 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. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery" until the creditor recouped losses through their Manual labour, physical labour. Many city-states in ancient Greece lim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Number Of Personal And Business US Bankruptcy Filings By Year
A number is a mathematical object used to count, measure, and label. The most basic examples are the natural numbers 1, 2, 3, 4, and so forth. Numbers can be represented in language with number words. More universally, individual numbers can be represented by symbols, called ''numerals''; for example, "5" is a numeral that represents the number five. As only a relatively small number of symbols can be memorized, basic numerals are commonly organized in a numeral system, which is an organized way to represent any number. The most common numeral system is the Hindu–Arabic numeral system, which allows for the representation of any non-negative integer using a combination of ten fundamental numeric symbols, called digits. In addition to their use in counting and measuring, numerals are often used for labels (as with telephone numbers), for ordering (as with serial numbers), and for codes (as with ISBNs). In common usage, a ''numeral'' is not clearly distinguished from the ''numb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Bankruptcy Code
Title 11 of the United States Code, also known as the United States Bankruptcy Code, is the source of bankruptcy law in the United States Code. Chapters Title 11 is subdivided into nine chapters. It used to include more chapters, but some of them have since been repealed in their entirety. The nine chapters are: *Chapter 1: General Provisions *Chapter 3: Case Administration *Chapter 5: Creditors, the Debtor and the Estate *Chapter 7: Liquidation * Chapter 9: Adjustment of Debts of a Municipality *Chapter 11: Reorganization *Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income *Chapter 13: Adjustment of Debts of an Individual with Regular Income *Chapter 15: Ancillary and Other Cross-Border Cases References Further reading External linksUnited States Bankruptcy Codevia usbankruptcycode.orgU.S. Code Title 11 via United States Government Publishing OfficeU.S. Code Title 11 via Cornell University Cornell University is a Private u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 13, Title 11, United States Code
Title 11 of the United States Code sets forth the statutes governing the various types of relief for bankruptcy in the United States. Chapter 13 of the Bankruptcy in the United States, United States Bankruptcy Code provides an individual with the opportunity to propose a plan of Bankruptcy#Purpose, reorganization to reorganize their financial affairs while under the bankruptcy court's protection. The purpose of chapter 13 is to enable an individual with a regular source of income to propose a chapter 13 plan that provides for their various classes of creditors. Under chapter 13, the Bankruptcy Court has the power to approve a chapter 13 plan without the approval of creditors as long as it meets the statutory requirements under chapter 13. Chapter 13 plans are usually three to five years in length and may not exceed five years. Chapter 13 is in contrast to the purpose of Chapter 7, Title 11, United States Code, Chapter 7, which does not provide for a plan of reorganization, but pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 7, Title 11, United States Code
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the United States. This is in contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of ''reorganization'' of a debtor. Chapter 7 bankruptcy is the most common form of bankruptcy in the US. For businesses When a financially troubled business is unable to pay creditors, the business may file (or be compelled by creditors to file) for bankruptcy in a federal court under Chapter 7, which means that the business ceases operations unless those operations are continued by the Chapter 7 trustee. In a Chapter 7 bankruptcy, the trustee is appointed almost immediately, with broad powers to examine the finances of the business in bankruptcy; generally, the trustee sells the assets and distributes the money to the creditors. The investors who took the least amount of risk prior to the bankruptcy are generally paid first. For example, sec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11, Title 11, United States Code
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. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Discharge
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. Once a bankruptcy discharge is granted, the debtor is no longer legally required to pay back the discharged debts, and creditors are prohibited from attempting to collect on those debts. This means that the debtor can have a fresh financial start and move forward without the burden of overwhelming debt. Although the debtor is not personally liable for discharged debts, a secured creditor can claim any liens or property interest in the debtor's property that have not been made unenforceable by the courts. For example, if the debtor sells a property lien, the secured creditor is entitled to receive payment from the sale. It's important to note that not all debts are dischargeable in bankruptcy. Ad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NBC News
NBC News is the news division of the American broadcast television network NBC. The division operates under NBCUniversal Media Group, a division of NBCUniversal, which is itself a subsidiary of Comcast. The news division's various operations report to the president of NBC News, Rebecca Blumenstein. The NBCUniversal News Group also comprises MSNBC, the network's 24-hour liberal cable news channel, as well as business and consumer news channels CNBC and CNBC World, the Spanish language and United Kingdom-based Sky News. NBC News aired the first regularly scheduled news program in American broadcast television history on February 21, 1940. The group's broadcasts are produced and aired from 30 Rockefeller Plaza, NBCUl's headquarters in New York City. The division presides over the flagship evening newscast ''NBC Nightly News'', the world's first of its genre morning television program, ''Today (American TV program), Today'', and the longest-running television series in American hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In Canada
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, meaning the term ''bankruptcy'' is not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian , literally meaning . 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. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery" until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trustee In Bankruptcy
A trustee in bankruptcy is an entity, often an individual, in charge of administering a bankruptcy estate. Canada In Canada, a licensed insolvency trustee (LIT) is an individual or a corporation licensed by the official superintendent to hold in trust and, subsequently, to distribute a bankrupt's property among the creditors in accordance with the distribution scheme under the Bankruptcy and Insolvency Act (BIA). The bankrupt and all other persons holding bankrupt's property must transfer the property to trustee. The trustee may also assist individual in preparing and submitting a consumer proposal to creditors. The trustee must arrange mandatory counselling of the bankrupt. The trustee must follow the procedures under the BIA, call creditors meetings and send the parties required notices of proceedings and documents. The trustee is responsible for preparation of pre-discharge report and may oppose the bankrupt's discharge. Russia To become registered as a trustee in bankrup ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
