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February 06, 2012
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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:

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Did You Know?    
 
 
Can Co-Signers Be Protected
If you file Chapter 7 bankruptcy, the creditor can proceed against your co-signers, according to the terms of the debt agreement. However, if you file a Chapter 13 debt adjustment, a co-signer is protected if the following conditions are met. The debt must be a consumer debt. Also, the debt may not be incurred in the ordinary course of business, and the co-signer cannot benefit from the proceeds of the debt.
 


  Newsroom  
 


News about Bankruptcy in Pennsylvania and nationwide:

Safeguards in Place on Tax and Personal Information
Recent media coverage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), roughly a year after the Act went into effec...
Read more >

President Signs Bankruptcy Abuse Prevention, Consumer Protection Act
 I'm pleased to be joined today by the Attorney General Al Gonzales. I want to thank the bill sponsors in the House and the Senate -- Senator ...
Read more >

More Bankruptcy News >

  
 

Bankruptcy Terms

 


Today's Terms

Chapter Seven

Definition:
Liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)

Bankruptcy estate

Definition:
Generally, the property of the debtor that is subject to the jurisdiction of the bankruptcy court.

Disclosure statement

Definition:
A comprehensive disclosure document sent to creditors when they are asked to vote on a plan of reorganization in Chapter 11.

More Bankruptcy Terms >

Bankruptcy Resources
 


Search Bankruptcy resources in our resource center:

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Bankruptcy Hot Topics
 
Topics Related to Bankruptcy:

  • Chapter 7
  • Chapter 13
  • Chapter 11
  • Chapter 12
  • Chapter 9

More Bankruptcy Topics >

Pennsylvania Bankruptcy Attorney
 
If you live in the following cities and need a Bankruptcy attorney you should contact our Bankruptcy Attorney as soon as possible:

  • Aliquippa
  • Allentown
  • Bensalem
  • Bethlehem
  • Butler
  • Carlisle
  • Chambersburg
  • Chester
  • Coatesville
  • Coraopolis
  • Downingtown
  • Doylestown
  • East Stroudsburg
  • Easton
  • Greensburg
  • Hanover
  • Havertown
  • Hazleton
  • Irwin
  • Lancaster
  • Lansdale
  • Lebanon
  • Lititz
  • Media
  • Morrisville
  • New Castle
  • New Kensington
  • Norristown
  • Philadelphia
  • Pittsburgh
  • Pottstown
  • Southampton
  • State College
  • Uniontown
  • Upper Darby
  • Warminster
  • Washington
  • West Chester
  • Wilkes Barre
  • Williamsport
  • York
 


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