Hello world! Please change me in Site Preferences -> This Category/Section -> Lower Description Bar
Bankruptcy means you ask the court to excuse you from your duty to repay your creditors. A person or business you owe money to is called a creditor. Bankruptcy allows you to discharge or reorganize most of your debts, but also keep a certain amount of property. Two kinds of bankruptcy apply to individuals and married couples not in business. These are a Chapter 7 bankruptcy and a Chapter 13 bankruptcy. It is extremely important to weigh your options and know your rights in this regard, prior to moving forward with such a decision. Creditor’s rights are the procedural provisions designed to protect the ability of creditors- persons who are owed money – to collect the money that they are owed. These provisions vary from one jurisdiction to another, and may include the ability of a creditor to put a lien on a debtor’s property, to effect a seizure and forced sale of the debtor’s property, to effect a garnishment of the debtor’s wages, and to have certain purchases or gifts made by the debtor set asides fraudulent conveyance. The rights of a particular creditor usually depend in part on the reason for which the debt is owed, and the terms of any writing memorializing the debt.