In the United States law, bankruptcies are not only possible for business enterprises and companies, but also for private individuals. Americans are commonly regarded as particularly vulnerable individuals. One of the basic conditions for this could be the possibility of each consumer’s desire to spend money, which makes it possible to go bankrupt and, thus, get a fresh start.
Several forms of bankruptcy
In 2002, there were about 1.5 million businesses that underwent bankruptcy proceedings in the USA. American law recognizes several forms of bankruptcy:
- Liquidation, which is the dissolution of a debtor’s assets
- The reorganization of the debtor’s assets for the purpose of rehabilitation
Bankruptcy attorneys are in the business of fighting for their client’s rights. The US Bankruptcy Code contains, in particular, has the following provisions:
Complete liquidation of the debtor’s assets to satisfy creditors as best as possible from the bankruptcy. The liquidation will be …
When an individual becomes injured due to no fault of his or her own, it can have a devastating impact on his or her life. Hospital bills can add up, and missing work to heal can lead to lost wages. There are some simple steps that any individual can take to protect his or her rights in the event of a personal injury, though.
Step 1: Seek Medical Attention
The most important thing to do after sustaining a serious injury is to seek adequate medical attention. Concerns regarding the legal aspects of the issue can be placed on a back burner until any serious wounds or injuries are attended to.
Step 2: Write Down Details
As soon as possible after the immediate trauma of the situation has been dealt with, write down every detail of what happened. People’s memories are unreliable, so writing down what occurred can help victims …
For too long, people have considered estate planning as something that is exclusive to wealthy people. Estate planning is really for anyone who’s going to be leaving assets behind for beneficiaries. While wealthy people may get quite involved in planning their estate to help avoid high taxes or to amend the wishes of their estate, for most people, the easiest estate plan is writing up a will.
Don’t Rely on Popular Misconceptions
There are many practical reasons for doing this and one reason is to avoid being a victim of bad information. For example, if a person passes away without a will, some people think that their spouses or their children will automatically get the assets left behind. Unfortunately, this is seldom the case and this can leave a spouse or children in a very difficult position if a husband, wife or a parent passes away. Stipulating these things in …