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Bankruptcy proceedings can have long-term benefits
Bankruptcy |
2021/07/22 11:20
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Chicago Bankruptcy Law Firm Covers Bankruptcy in the Wake of COVID-19
The COVID-19 pandemic has damaged the economy, leaving many families and business owners worried about how they will pay for even the most basic expenses. In the midst of this crisis, you might be considering filing for bankruptcy or wondering how COVID-19 will affect an existing bankruptcy filing.
No matter your situation, the Chicago Bankruptcy Law Firm of Daniel J. Winter is here to help give you the answers and assistance that you need. We are more than happy to explain to anyone in financial distress exactly what their options are.
What Is Bankruptcy?
Bankruptcy is a Federal system of laws, rules, and procedures designed to help legal residents of the U.S. deal with their debts, which, for whatever reason, individuals or businesses cannot pay as they are due. The most common types of Bankruptcy are for people (called Consumer Bankruptcies).
Two major types of Consumer Bankruptcy are Chapter 7 (liquidation or debt elimination), Chapter 13 (wage-earner reorganization for individuals or people running unincorporated businesses).
Chapter 11 is a type of Corporate Bankruptcy (reorganization for businesses and certain individuals with extremely large amounts of debt). Chapter number refers to the section of the Bankruptcy law, called the Bankruptcy Code (which is in Title 11 of the U.S. Code).
Bankruptcy cases almost exclusively fall under federal law, though states may pass laws governing issues that federal law doesn’t address. Special bankruptcy courts nationwide handle only debtor-creditor cases. Generally, any bankruptcy-related claim must be filed with the U.S. Bankruptcy Court.
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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