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California Bankruptcy Forms Article
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Looking at the Forms Bankruptcy Can Take
from:There are many types or forms bankruptcy can take. The US bankruptcy laws are designed to help individuals, businesses and even municipalities that are having severe debt problems that appear to be unsolvable within the current income or revenue levels. There are many reasons why this happens, but the reasons seem unimportant when buried under a mountain of debt. As many people discover when bills become backlogged, debt collection practices are harsh. The phone rings off the hook with collectors, and the late notices and penalty charges only seem to make the situation worse by the day. When you owe back taxes, the IRS is relentless when it comes to collecting the money.
The forms of bankruptcy are defined as chapters. The chapters were written to provide a specific form for filing when you are an individual, farmer, business, or municipality. Most people are aware of the availability of bankruptcy laws applicable to people and businesses, but even counties and cities can find themselves unable to pay their debt. Right now there is a current case in Alabama in which a county cannot pay its sewer bonds and is considering filing bankruptcy.
The first form bankruptcy takes for individuals is chapter 7. A chapter 7 is a liquidation bankruptcy in which your non-exempted assets are used to pay off as much debt as possible and the remaining balances are eliminated. A chapter 13 is called an individual debt adjustment form. In this case, an individual agrees to a court defined debt repayment plan.
Another form bankruptcy can take is chapter 11 which is a business reorganization plan. Under this chapter, the business asks for the debt to be adjusted in a way that makes it workable. The business can also ask for a total reorganization which is often what you read about large corporations doing in order to stay in business. Farm businesses, on the other hand, will file a chapter 12 when needing debt relief.
The other types of bankruptcies are chapter 9 for municipalities and chapter 15 for ancillary cases or cases which don't fit the other defined chapters. There are even bankruptcy laws that address service people who are unable to pay their debts because they are overseas serving their country.
It is easy to see how complex the bankruptcy codes really is and it is a work in progress too. Every day new court cases refine the code based on actual experiences. A good bankruptcy attorney will always stay current on the laws so that you are able to get the best advice possible. The goal is to help you or your business start over again financially, but in a way that is the best fit for your situation.
California Bankruptcy Forms News
Record number of school districts in state face bankruptcy - Los Angeles Times
Record number of school districts in state face bankruptcy Los Angeles Times Pummeled by relentless budget cuts, a record number of California school districts are facing bankruptcy, state Supt. of Public Instruction Tom Torlakson announced Monday. The Inglewood Unified School District and 11 others -– most in northern ... |
Reno's Silver Legacy casino in bankruptcy protection - Modesto Bee
 News10.net | Reno's Silver Legacy casino in bankruptcy protection Modesto Bee By Dale Kasler With a big push from Northern California's Indian casinos, one of Reno's largest casinos has fallen into Chapter 11 bankruptcy protection. The Silver Legacy, once hailed as the savior of Reno's troubled casino industry, ... Silver Legacy the latest gaming property to seek a fresh financial start |
CBC: California as "America's Greece". (bankruptcy vs. "too much" democracy) - Democratic Underground
CBC: California as "America's Greece". (bankruptcy vs. "too much" democracy) Democratic Underground To them I would say, come to California. Asking whether California is America's Greece seems like a fair question to more and more people. It's in financial crisis and, like Greece, has teetered on the brink of bankruptcy (With a GDP of about $1.9 ... |
Oprah Winfrey Endorses Michael Tubbs: Media Mogul Moneybombs Stockon City ... - Huffington Post
Oprah Winfrey Endorses Michael Tubbs: Media Mogul Moneybombs Stockon City ... Huffington Post And when the billionaire media mogul makes a completely unexpected move--like getting personally involved in a central California election and donating $10000 to a 21-year old underdog yet to graduate from college--it's guaranteed to upend virtually ... Stockton Creditors Extend Talks to Avert Bankruptcy Stockton pre-bankruptcy mediation extended another 30 days Stockton, Calif., creditors extend mediation period |
Kodak Loses Trade Ruling in Patent Case Against RIM, Apple - Bloomberg
 Bloomberg | Kodak Loses Trade Ruling in Patent Case Against RIM, Apple Bloomberg Kodak, which filed for Chapter 11 bankruptcy protection in January, contends Apple already owes it more than $1 billion in damages for infringement of this and other digital capture patents, according to a bankruptcy court filing this month. |
RISKY BUSINESS - Boston Globe
RISKY BUSINESS Boston Globe ... leaders keep making these bets, despite high-profile flops such as alternative energy firms Solyndra LLC in California and Evergreen Solar in Massachusetts, both of which received millions of dollars in government support and ended up bankrupt. |
Even California Shows a Halo With Insatiable Demand: Muni Credit - BusinessWeek
Even California Shows a Halo With Insatiable Demand: Muni Credit BusinessWeek The flow is keeping the yield penalty on Alabama municipalities from growing even after state lawmakers failed last week to help bankrupt Jefferson County bridge a budget gap, said Tom Barnett, finance director of Birmingham, the county seat. |
Tepid power auction raises chances for a MidwestGen bankruptcy - Crain's Chicago Business
Tepid power auction raises chances for a MidwestGen bankruptcy Crain's Chicago Business By Steve Daniels May 21, 2012 Analysts now are betting that the Chicago-based unit of California-based utility holding company Edison International will have to shutter its Waukegan station, as well as one of its three units at Joliet, in addition to ... |