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Bankruptcy law

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Bankruptcy law

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  1. BANKRUPTCY LAW

  2. Table of content • Historical Background • Title 11 of the USA Code • Discharge in Bankruptcy • Chapter 7 and 13 • SWOT analysis • Solution to Implementation Difficulties • Our contacts

  3. Historical background • “Bankruptcy” comes from mixing ancient Latin words bancus-a bench or table and ruptus-broken • People gathering in public places with benches • Lend money to borrowers who would return it with interests • The tax collectors would come to their bench and smashed it with an axe • Italian roots since bench in Italian is “banca” and ruined is “rotta” • French expression “banque route, table trace.”

  4. Title 11 of the USA Code • Purpose: “it gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt .” • The United States Congress established the bankruptcy administrator program in 1986. • The bankruptcy administrator offices are located in the six judicial districts of Alabama and North Carolina.

  5. Discharge in Bankruptcy • Debtor is released from personal liability • No longer legally required to pay the debt • Prohibits the creditor of the debtor from taking any form of collection action on discharged debts • A discharge is a permanent ruling, but it might be revoke • Not all debts are discharged • Voluntarily repay any discharge debt

  6. Types Chapter 7 Bankruptcy Chapter 7 of the Bankruptcy Code is for the discharge of debts, which is the traditional bankruptcy. Under Chapter 7, you either pay for or give up your property for secured debts. You surrender any nonexempt property in order to pay off as much of your other debt as possible 0 • Chapter 13 Bankruptcy • In a Chapter 13 bankruptcy, you are not seeking to get rid of all of your debt entirely, but only to do one or a combination of the following: •  restructure your payments so they are more manageable, considering your income • get rid of part of your debt so that you can manage payments

  7. Weaknesses • Lawyer is needed • Limitations on types of debts • Effect on credit • Cost of filing for bankruptcy • Threats • Fraud • Changes in regulations • Property loss • Strengths • Automatic Stay • Protection Discharged • Protection of Property • Repayment Plan • Opportunities • Fresh Start • Continuation of the business • Learn from mistakes

  8. Solutions to the Difficulties Clearly dictate: 1. who is eligible 2. amount of debt Seminars about the subject Bankruptcy abuse prevention and consumer protection act More marketing Guidance to make a repayment plan Availability of information

  9. CONTACT US 801 N. Brand Blvd. Suite 210Glendale, CA 91203 Tel. (818) 553-1000Fax (818) 553-1005 www.facebook.com/MargarianLaw www.linkedin.com/company/margarian-law https://www.youtube.com/user/dealerfraudlawyer

  10. For further information visit: http://margarianlaw.com/ https://goo.gl/dpmD9m https://en.wikipedia.org/wiki/Bankruptcy

  11. Thank you!

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