BANKRUPTCY REVIEW SERVICES

Bankruptcy Review

Bankruptcy review is essential prior to filing petition for relief under bankruptcy. Bankruptcy - the word activates many questions in the mind of any reader. But the word is also a word which offers relief to many others who are looking for ways to address their debt obligations. Bankruptcy Code is the law governing bankruptcy in US. It offers relief to the needy by different chapters. Prior to filing for bankruptcy it is better to weigh the different options available for you in the Bankruptcy Code. Bankruptcy Review helps you in this regard, by a simple analysis of your income, expenses, debts, liabilities and a few other things we can review as to which is the most appropriate chapter of Bankruptcy which would serve your needs. Bankruptcy review is thus the first step prior to filing a petition for bankruptcy. Bankruptcy review helps you to understand and also to arrive at a conclusion as to which is the most appropriate chapter of bankruptcy which caters to your present set of grievances.

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Bankruptcy Information

What is meant by contingent claim in bankruptcy

Contingent claim is the claim owed by the debtor because of certain circumstances. Contingent claim arises due to condition precedent. The best example of Contingent claim is the debtor who is a co-signor for a certain debt of another person and the circumstance when the other person fails to repay the debt. In case of Contingent claim the circumstance resulting in the liability happens after the filing of Bankruptcy.

What is creditor’s meeting

Creditor’s meeting is the meeting of the creditors to whom the debtor has to pay with the trustee who has been appointed to manage the debts. It is mandatory for the debtor to attend this meeting. The creditors can raise their questions during the meeting. In case, of Chapter 7 bankruptcy creditors rarely attend the meeting and it takes only a few minutes. In a Chapter 13 case, creditors are more likely to attend, especially if they wish to challenge the debtor's repayment plan.

What is an executory contract

Executor contract is a contract under which obligation of both the parties have not been performed so far. Or in other words it is a contract in which continuing obligations exist on both sides of the contract

What is liquidation in bankruptcy

Liquidation is the process by which nonexempt assets of the debtor are sold and the proceeds from the sale is used for repaying the creditors. If the debtor does not have nonexempt assets nothing is liquidated and the bankruptcy process is continued. Liquidation can be avoided by filing bankruptcy under Chapter 13 in case of an individual consumer and under Chapter 11 in case of a business.

What is domestic support obligation

The term domestic support obligation was introduced by The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Domestic support obligation means the debt that accrues upon the debtor including the interest that accrues upon the debt under the provisions of non bankruptcy laws before, on or after the order for relief under bankruptcy has been sought by the debtor, owed or recoverable by a spouse, former spouse, or child of the debtor or such child’s parent, legal guardian, responsible relative or governmental unit and the debt which is payable by the debtor in the nature of alimony, maintenance, or support.

Would I be held responsible for any debt that I co – signed

Yes, if you have co–signed a debt and if the same is in default then it has a negative effect on your credit score.

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