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Bankruptcy - Purpose | | Bankruptcy - Purpose: Encyclopedia II - Bankruptcy - Purpose | | The primary purpose of the laws of bankruptcy are: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has property available for payment.
Bankruptcy allows debtors to resolve debts through the division of non-exempt assets among creditors. Additionally the declaration of bankruptcy allows debtors to be discharged of most of the financial obligations, after their non-exempt assets are distributed, even if their debts h ...
See also:Bankruptcy, Bankruptcy - Purpose, Bankruptcy - History, Bankruptcy - Bankruptcy fraud, Bankruptcy - Bankruptcy in Canada, Bankruptcy - Duties of Trustees, Bankruptcy - Creditors' Meetings, Bankruptcy - Consumer Proposals - An Alternative to Personal Bankruptcy, Bankruptcy - Bankruptcy Reform, Bankruptcy - Bankruptcy in the United Kingdom, Bankruptcy - Bankruptcy in the United States, Bankruptcy - Bibliography | | | Bankruptcy, Bankruptcy - Bankruptcy Reform, Bankruptcy - Bankruptcy fraud, Bankruptcy - Bankruptcy in Canada, Bankruptcy - Bankruptcy in the United Kingdom, Bankruptcy - Bankruptcy in the United States, Bankruptcy - Bibliography, Bankruptcy - Consumer Proposals - An Alternative to Personal Bankruptcy, Bankruptcy - Creditors' Meetings, Bankruptcy - Duties of Trustees, Bankruptcy - History, Bankruptcy - Purpose, Debt consolidation, Insolvency, Arrangements between railroads, Bankruptcy problem | | |
| | | Bankruptcy: Encyclopedia II - Bankruptcy - Purpose
Bankruptcy - Purpose
The primary purpose of the laws of bankruptcy are: (1) to give an honest debtor a "fresh start" in life by relieving the debtor of most debts, and (2) to repay creditors in an orderly manner to the extent that the debtor has property available for payment.
Bankruptcy allows debtors to resolve debts through the division of non-exempt assets among creditors. Additionally the declaration of bankruptcy allows debtors to be discharged of most of the financial obligations, after their non-exempt assets are distributed, even if their debts have not been paid in full. During the pendency of a bankruptcy proceeding, the "debtor" is protected from extra-bankruptcy action by creditors by a legally imposed "stay."
Other related archives2005, 2006, Arrangements between railroads, Bank, Bankruptcy and Insolvency Act, Bankruptcy in Canada, Bankruptcy in the United Kingdom, Bankruptcy in the United States, Bankruptcy problem, Congress, Debt consolidation, Federal jurisdiction, French, Insolvency, Italian, Italy, June 30, Latin, November 25, Official Receiver, Ponte Vecchio, Royal assent, Senate, Superintendent of Bankruptcy, Trustee in bankruptcy, Trustees in bankruptcy, U.S. District Courts, United Kingdom, United States Bankruptcy Court, United States Code, United States Constitution, administration, business crime, corporations, creditors, criminal, debtor, debts, federal law, fraud, fraudulent conveyance, insolvency practitioner, liquidation, oath, partnerships, petition mills, statute law, stay, trustee
 Adapted from the Wikipedia article "Purpose", under the G.N U Free Docmentation License. Please also see http://en.wikipedia.org/wiki |
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