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Federal & State Bankruptcy Laws
Bankruptcy law provides for the development of a plan that allows a debtor, who
is unable to pay his creditors, to resolve his debts through the division of his
assets among his creditors. The following is list of laws related to Bankruptcy:
There are defined legal debtor rights
Debtor-creditor law governs situations where one party is unable to pay a monetary debt to another. While you have an obligation to pay your bills on time, there are laws to protect your rights if you should find yourself being pursued by a debt collection agency.
Definition:
Occurring after the filing of a petition. Preference - a payment by a debtor made during a specified period (90 days or one year) prior to the filing that favors one creditor over others.
Default
Definition:
The failure by an entity to abide by the covenants in a debt obligation or other agreement to which it is a party. The most common default is non-payment of interest or principal.
Chapter Nine
Definition:
Bankruptcies of municipalities; only a few of these are filed each year; over the period 1980 through 1988 there averaged about 4 Chapter 9 filings per year.
If you live in the following cities and need a Bankruptcy attorney you should contact
our Bankruptcy Attorney as soon as possible:
Biloxi
Brandon
Brookhaven
Canton
Clarksdale
Cleveland
Clinton
Columbus
Corinth
Greenville
Greenwood
Grenada
Gulfport
Hattiesburg
Jackson
Laurel
Lucedale
Madison
Mccomb
Meridian
Natchez
Ocean Springs
Olive Branch
Oxford
Pearl
Philadelphia
Picayune
Ridgeland
Southaven
Starkville
Tupelo
Vicksburg
Yazoo City
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