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- Author: Government Accountability Office
- Publisher: CreateSpace Independent Publishing Platform
- Year: 2013
- Pages: 56
- ISBN-10: 1492992283
- ISBN-13: 9781492992288
- Format: 21.6 x 28 x 0.3 cm, softcover
- Language: English
- SAVE -10% with code: EXTRA
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Description
Bankruptcy is a federal court procedure conducted under the Code. The goal of bankruptcy is to give individuals and businesses a "fresh start" by eliminating or restructuring debts they cannot repay and help creditors receive some payment in an equitable manner. The filing of a bankruptcy petition operates as an "automatic stay" that stops most lawsuits, foreclosures, and most other collection activities against the debtor. Under the Code, secured creditors-those with liens or other secured claims against the debtor's property-are more likely to get some debt repaid than unsecured creditors. Creditors typically receive payment of their debts before shareholders receive any return of their equity in the failed company.
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- Author: Government Accountability Office
- Publisher: CreateSpace Independent Publishing Platform
- Year: 2013
- Pages: 56
- ISBN-10: 1492992283
- ISBN-13: 9781492992288
- Format: 21.6 x 28 x 0.3 cm, softcover
- Language: English English
Bankruptcy is a federal court procedure conducted under the Code. The goal of bankruptcy is to give individuals and businesses a "fresh start" by eliminating or restructuring debts they cannot repay and help creditors receive some payment in an equitable manner. The filing of a bankruptcy petition operates as an "automatic stay" that stops most lawsuits, foreclosures, and most other collection activities against the debtor. Under the Code, secured creditors-those with liens or other secured claims against the debtor's property-are more likely to get some debt repaid than unsecured creditors. Creditors typically receive payment of their debts before shareholders receive any return of their equity in the failed company.
Reviews