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A Short History of Bankruptcy Laws in the United States

Monday, January 23rd, 2012

The origins of US bankruptcy laws can be traced in England, where they were enacted for thefirst time in 1542, under Henry VIII. But it seems that the concept of debt forgiveness is as old as the hills, and can be spotted even in the Old Testament, according to which, during a Holy Year all debtswere eliminated and slaves were freed.

The first modern Bankruptcy Act in America, also called the “Nelson Act”, was signed in 1898.Before that, the consequence of not paying your debts usually was going to prison. The Nelson Actwas intended to make it easier for creditors to liquidate the debtors’ assets, but also to help bankruptenterprises with reorganization.
In 1938, as a consequence to the National Bankruptcy Conference, the Chandler Act wasissued. This Act gave both individuals and corporations a set of alternatives to choose from: traditionalliquidation, arrangements with creditors (Chapter 10 and 11) or an extension (Chapter 12). TheBankruptcy Reform Act of 1978 introduced many changes, among which Chapter 13, which made filingfor bankruptcy seem more attractive; hence, the number of petitions grew rapidly.
Although it was amended many times since then, the current Bankruptcy Code is basically thesame as in 1978. In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCA)was issued. To combat fraud, a “mean test” was added through the BAPCA – in order to differentiatedebtors eligible for Chapter 7 and Chapter 13 – as well as credit counseling and financial education forpetitioners.
Although bankruptcy laws in America seem to be too kind to debtors, it is actually whatstimulates the economy, by giving people a second chance.

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Choosing A Green Bay Bankruptcy Attorney

Tuesday, November 22nd, 2011

If you feel that you cannot pay all your bills, perhaps because of too much debt, you may have considered filing for bankruptcy. While this option will certainly get rid of your credit card debt, medical bills and any other unsecured loans, it will also remain on your credit score for several years. Banks and other lenders are understandably reluctant to lend money to anyone who has filed for bankruptcy.
A knowledgeable Green Bay bankruptcy attorney can help you to determine whether this decision is the best one for you, or whether you have other options, including consolidating your debt. Declaring bankruptcy can also be confusing and it will cost you money to file. Your attorney makes it his or her business to keep up with any new legislation or rules, especially those that pertain to Wisconsin. Do not make this important decision without speaking to someone who is an expert on the subject.

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Call Any Of The Mesothelioma Lawyers For Assistance In Filing A Claim

Tuesday, November 22nd, 2011

Many people throughout the United States have been exposed to asbestos which resulted in mesothelioma, and can call one of many mesothelioma lawyers today. Mesothelioma is a fatal cancer that affects the organs of your body. The most common type, pleural mesothelioma, affects the lining of the lungs.
A person comes into contact with asbestos in any number of places, although it is usually at his or her workplace or even in the home. By breathing in this asbestos, damage can be done leading up to mesothelioma. This diagnosis usually comes much later than the initial exposure, because the symptoms do not appear right away. There is no cure for this type of cancer at this time.
Due to the greater number of mesothelioma claims that are being filed in recent years, more lawyers are now focusing on these cases. Therefore, you can likely find one close by. Be sure to call any of these mesothelioma lawyers as soon as you have your diagnosis, because the statute of limitations in most states is fairly short. You do not need to suffer a financial burden, as well as the loss of your health. Many lawyers are more than willing to walk you through the entire process of filing a claim or bringing a lawsuit to court.

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Relief Of Debt With Bankruptcy Chapter 7

Tuesday, November 22nd, 2011

Bankruptcy chapter 7 can be chosen by individuals or business entities, but businesses often do not prefer this option. This is what most individuals are referring to when they mention filing for bankruptcy. In a chapter 7 bankruptcy, all assets are liquidated in an attempt to pay off debts.
The first step in a bankruptcy chapter 7 is to check with a lawyer. All non-exempt assets are seized in this chapter and are sold off in order to pay back creditors. This is usually chosen in cases where individuals want to keep their home and cars and anything else non-exempt. With a chapter 7, after all assets are sold, whatever debt that is left remaining is wiped clean. This is why people commonly choose this method because they still get to keep their stuff without paying off debts in the future. Businesses usually do not choose this option unless they are planning on disbanding the company altogether.

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Facing A DUI Charge? Call A DUI Attorney

Tuesday, November 15th, 2011

DUI is a serious charge that can devastate your life. If you are convicted, it will remain on your driving record for a number of years. In addition, you run the chance of losing your job. This is especially true if you have a job that involves driving a company vehicle. A DUI conviction may hinder your chances of gaining employment in the future. If you are facing a DUI charge, your best bet is to hire a DUI attorney.
Your attorney will ensure your legal rights are protected during the process. In addition, your attorney may be able to plea bargain a reduced charge. Anything is better than having a DUI conviction on your record.
If convicted, you may face fines, penalties and hours of community service. In some cases, jail time is a possibility. Hire a DUI attorney to help you fight your DUI charge. Don’t take chances with your life.

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