53
edits
Debt Relief:Definitions: Difference between revisions
→Bankruptcy
| Line 1: | Line 1: | ||
==Definitions and Common Terms== | ==Definitions and Common Terms== | ||
===Bankruptcy=== | ===Bankruptcy=== | ||
* | *Bankruptcy occurs when the federal system of statues and courts authorize insolvent individuals or businesses the ability to place their financial affairs under the bankruptcy court's control. When the debtor's exceed his or her ability to pay, the debtor may file a petition with the bankruptcy court for voluntary bankruptcy. | ||
*Chapter 7- | |||
*Chapter 13 | *Chapter 13 | ||