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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
Put your waiting period to good use: Bouncing back from bankruptcy’s hit to your credit score takes time. The first step is to open a secured credit card. You’ll make a deposit that becomes ...
Chances are, it probably needs a little bit of work Bankruptcy can cause your score to drop anywhere from 130 to over 200 points, depending on your original score. There are a few ways you can ...
Using a "deed in lieu of foreclosure," or "strict foreclosure", the noteholder claims the title and possession of the property back in full satisfaction of a debt, usually on contract. In the proceeding simply known as foreclosure (or, perhaps, distinguished as "judicial foreclosure"), the lender must sue the defaulting borrower in state court.
In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debt load and a more positive financial future.
The history of bankruptcy law in the United States dates back to the early colonial era. This law was modeled after the laws of England, where bankruptcy laws have existed since 1542. [6] The first bankruptcy law in the United States was enacted in 1800, and since then, the law has undergone numerous revisions and amendments.
Preventing property fraud is critical because once your property has been sold to a third party, you will no longer be the legal owner and it can take a long time and a lot of money to go to court ...
The term "after-acquired property" also arises in the context of bankruptcy, secured transactions, and the law of wills. [1] In this context, "after-acquired property" is simply property which is acquired by a borrower after a security agreement is signed, by a debtor after a bankruptcy case is commenced, or by a testator after a will is made.