best case bankruptcy help
Can any one describe what a bankruptcy case is!!!!!!!!!!!! PLEASE …. 10 EASY POINTS FOR THE BEST ANSWER!!!!!
I DONT UNDERSTAND…. PLEASE HELP
Laws changed a couple years ago –
Basically US Law allows an indivdiual or company to legally manage their debt through a court.
For individuals
All creditors will say you owe this much – you will stop making new debt – the creditors then say – they want you to pay this much – until a plan is fixed by the courts, no payments are made – and you will then pay through the court a fixed amount each month. You can no longer get credit until paid back – any tax reimbursments go towards the debt.
For companies it is more complicated – but basically the courts work with creditors and you pay them back according to what your company can produce. Until a plan is made – no debt is paid.
