Bankruptcy Definition

Bankruptcy

It is a legal term to define the state of a person or business in which they are not able to repay their outstanding debts. In this process, various entities, usually the ones who cannot pay back their debts, file a petition in the court, demanding relief from their debts.

State laws play a major role in bankruptcy cases. There may be many prominent differences in the bankruptcy cases' outcomes, as every state has its own laws and treat cases very differently.

Types of Bankruptcy

There are many types of bankruptcy under the US Bankruptcy Code. The below three are its major types that deal with individuals and businesses:

1. Chapter 7 - This chapter is also called straight or simple bankruptcy and it lets the debtors dispose of or eliminate almost every debt such as student loans, criminal fees, child support, personal loans, payday loans, medical bills, etc.

2. Chapter 12 - In this chapter, the 'family farmers' or 'family fishermen' with regular income are provided relief from their ongoing debts. Under this, the debtors can propose their creditors about an installment repayment plan that is spread over three to five years.

3. Chapter 13 - In this, the debtors are allowed to retain the ownership of all of their assets, but must give some portion of their future income to repay the creditors. The future time period can be over three to five years.

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CashAmericaToday is registered with the Utah Department of Financial Institutions to offer consumer credit services. When you submit your application to us online, it will be processed just as if you had submitted it in person, establishing Utah as the jurisdiction for the negotiation, execution, and fulfillment of all applications and agreements. If your application is approved, the funds will be disbursed from our account in Utah. Please note that Utah's laws governing consumer loan agreements may differ from those of your home state. It is the applicant's responsibility to adhere to all statutory requirements related to obtaining internet loans in their state of residence. Please be aware that this service may or may not be available in your specific state, and loans are not offered in the state of Michigan.

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