state bankruptcy filings

state bankruptcy filings

As with all aspects of a legal, bankruptcy laws differ from country to country. The differences can be substantial. This article is from the perspective of the United States bankruptcy laws written. With a better understanding of bankruptcy systems around the world, Americans can better understand their own bankruptcy codes and processes.

Like many other areas of common law in the United States, U.S. bankruptcy law is historically rooted in the bankruptcy laws of England. Although since that time, the Systems differ considerably, the American bankruptcy system can be understood as a parallel development of bankruptcy laws in the English speaking world.

The first bankruptcy law in England in 1500 were enacted. Initially, these laws are applied to the creditors than debtors. Moreover, instead of functioning as a (usually) voluntary Way to recover from the burden of debts, bankruptcy was used as a punishment. In most cases, it has been used to penalize dealers. Over time, these into a system to solve developed problems between debtors and creditors.

In the United States, this tradition was initially addressed in the Constitution. Since that time, United States statues around the question of bankruptcy law developed. The formal Code of the United States contains a section known as the Bankruptcy Code. This code sets the requirements, rules and procedures surrounding bankruptcy proceedings. Various chapters of this state, different types of bankruptcy. You may know by name as in Chapter 7 and Chapter 11

In the United Kingdom, the English legal tradition has developed since gone from its origins in a system where bankruptcy only applies to individuals. Companies are in contrast to the historical roots of bankruptcy, in another, but called the administration made a very similar legal situation. The term "in administration" will also apply to certain aspects of insolvency law in the United States. In Scotland, the term "sequestration" instead of "bankruptcy".

In Switzerland, the bankruptcy only for companies. A Swiss bankruptcy is primarily focused on the liquidation of the assets of a company. Are, in fact, if a company goes bankrupt in Switzerland, parts of which sold to repay creditors in full.

In Sweden, the bankruptcy an option for individuals is but rarely used. When a person becomes insolvent, the usual situation, which results in bankruptcy in the U.S. and the UK, they can participate in a plan if they pay as much as possible to the creditors over five years, stopped after that date other debts. This plan was only adopted in 2006, however.

For help with bankruptcy in California, the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, PA can offer decades of combined experience and expertise in all facets of bankruptcy law. If you are considering Bankruptcy in the U.S. state of California, to the experienced bankruptcy lawyers of Eric N. Klein & Associates today for more information.

Joseph Devine

The Bankruptcy of The United States – James Traficant


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