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Federal & State Bankruptcy Laws
Bankruptcy law provides for the development of a plan that allows a debtor, who
is unable to pay his creditors, to resolve his debts through the division of his
assets among his creditors. The following is list of laws related to Bankruptcy:
Many family finances include a credit card debt
The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt.
Definition:
Occurring after the filing of a petition. Preference - a payment by a debtor made during a specified period (90 days or one year) prior to the filing that favors one creditor over others.
Debtor-in-possession
Definition:
The debtor which remains in control of operations; as opposed to having a trustee operate the company.
Substantive consolidation
Definition:
The combination of the estate of one debtor with the estate of one or more other debtors and the application of the combined estate to satisfy their combined liabilities.
If you live in the following cities and need a Bankruptcy attorney you should contact
our Bankruptcy Attorney as soon as possible:
Washington DC
Adams Morgan
Anacostia
Capitol Hill
Cathedral Heights
Chevy Chase
Chinatown
Columbia Heights
Dupont Circle
Foggy Bottom
Friendship Heights
Georgetown
Glover Park
Logan Circle
Mount Vernon Square
Mount Pleasant
Shaw
Woodley Park
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