If a debtor is unable to payback his debts he can file for bankruptcy by which, he can get the reprisal partially or wholly or can engage in a payment program in accordance with the debtor financial status. Bankruptcy laws can be of different type depending on the amount of debt and type. The most obvious form of bankruptcy law is that of straight bankruptcy or liquidation. Under such interpretations, when a person goes bankrupt then a trustee or a board of trustee is appointed to look after the debtor's property. Most debts of the debtor are generally cancelled. The trustee is given some amount of the property, which he or she can sell to pay off the debts. The debtor can keep some amount of property to himself like his home etc that depends on the laws of the land.
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Another kind of bankruptcy law is known as wage earner bankruptcy. Under such case a debtor may form and propose his repayment process. If such procedure is approved the court appoints a trustee. A substantial amount of fees is paid to the trustee appointed by the debtor. The trustee board will pay all the creditors of the debtor. Another kind of bankruptcy law is that of debts of unsecured type.
A person should always contact a good attorney for filling a bankruptcy. After filling bankruptcy a stay order is issued by the court on all the debts of the debtor. No creditor can contact or ask for the debts directly to the debtor. A formal notice from the court is issued to all the creditors of the debtor and he or she can be forced to pay anything until the bankruptcy case is pending in the court. A person can consider reaffirmation. Under which he can again claim responsibility to his debts if his financial condition improves.
Now bankruptcy laws are amended so that the interest of the creditor is also implemented. Lately bankruptcy laws were an advantage for only the debtors.
Different states of America has it own set of bankruptcy laws. Like the New York bankruptcy law, the Las Vegas bankruptcy law, the Illinois bankruptcy law. Etc.
Bankruptcy can be complicated, intricate and very much confusing. One must always refer to famous and reputed attorneys. An attorney should always be certified from the American bankruptcy institute. Only an experienced attorney must be used for the trade.
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