Bankruptcy Law: Chapter Nine Bankruptcy [mortgage-assumption.blogspot.com]
Tom O'Shea interviews Brent Difenderfer about bankruptcy law. Interview conducted on Thursday March 15, 2012.
mortgage-assumption.blogspot.com Bankruptcy Law
The mediation, which includes 18 parties, was mandated by a state law passed the wake of the bankruptcy case of the San Francisco Bay area city of Vallejo. Stockton bankruptcy likely to be costly mess
In order to get an individual’s finances under control, bankruptcy may seem to be the way out; it is a pretty drastic step that helps debtors effectively remove all existing debts. However, when debts become too much, Bankruptcy may be the only way that a debtor can take. However, filing for bankruptcy should not be seen an easy escape from your debts. Bankruptcy is an avenue to help get your debts under control and regulate your financial situation, not a way to get away without clearing your debts.
There are various types of bankruptcy and there will be a specific law in bankruptcy that is catered to your status; one specific form is chapter 9 bankruptcy. This is a bankruptcy procedure that helps to give protection to municiplities running into financial problems and to form an effective plan between the the debtor and the creditors to resolve the debt successfully.
Municipalities may emcompass countries, cities, townships etc. Municipalities do run into such problems when they did not manage their budget properly, or when there is a huge crisis that drains their resources. When such event happens, the municipality is provided with required assistance so as to make surethat the whole municipality is not at a complete loss.Chapter 9 bankruptcy seeks to prevent both the creditors and general public from problems. It can be a good avenue because a municipality with financial trouble can affect the entire society existing in the town.
Filing for this kind of bankruptcy enables the municipality to build back without negatively affecting the people living in the town. The law can help prevent possible decline of the entire community, it is about a right thing to do for the community.
Yes, it is true that filing for chapter 9 bankruptcy is a drastic step, it may be the only option in certain circumstances.
But it can definitely assist a municipality in trouble to get back on its feet and rebuild itself with a better management. Amount owing would be paid off and the municipality can start on a new leaf which can open many new possibilities.Check out my website as I talk about chapter 9 bankruptcy
More Bankruptcy Law: Chapter Nine Bankruptcy ArticlesQuestion by happy feet: Bankruptcy Law?? I have a vehicle which is listed on my Chapter 13. But do I get the title to the vehicle when I finish paying the Bankruptcy Court??? How & when?? Best answer for Bankruptcy Law??:
Answer by wizjp
Title will be issued by the lender after final discharge of the debt is signed off by the court. Generally takes 90-180 days
