Bankruptcy is a Tool AND Your Right
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Bankruptcy is a Tool AND Your Right
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About this listen
In our first episode of Ask Corey, attorney Corey Carpenter joins Jon Gay to give a general overview on bankruptcy.
Modern bankruptcy structure was first enacted in 1979, and has been modified several times, most recently with the BAPCPA act in 2005.
Bankruptcies are generally bi-furcated into two kinds:
- For consumers (Chapter 7, Chapter 13, and in rare instances, Chapter 11);
- For business/corporate entities (Chapter 9-for municipal entities; Chapter 11 (including the newly created sub-Chapter 5 for small businesses), and Chapter 12 (specifically enacted for farmers)
The Goal of Modern Bankruptcy Laws is to provide DEBT RELIEF to consumers and businesses. The emphasis is on assistance, and not punishment of those seeking use of the bankruptcy laws to address their debt.
Bankruptcy is also designed to provide two specific forms of relief:
- Discharge (or absolution) of debt-meaning it strips creditors of the right to pursue collection of a debt obligation
- Debt restructuring-this applies to both consumer and business debtors
Contact Corey Carpenter:
Carpenter Law Website: https://mycarpenterlaw.com
Email: coreycarpenter@mycarpenterlaw.com
Call or text: (248) 327-7817
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