Most US residents in some of the major cities like Gilbert and Scottsdale do not know much about bankruptcy. One of the possible reasons may be that very few people can anticipate the possibility of bankruptcy in their normal course of life. However, after the recent economic crisis, more and more people are coming up with questions related to financial crisis. The best option, when faced with this type of problem is to take the help of experienced lawyers who deal with financial crisis cases.
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There are numerous questions which are related to bankruptcy. Some of them are:
* What is it all about: This is one of the most common bankruptcy questions in the minds of a lot of people. At the time when a person is supposed to clear off all his debts, however, does not have enough funds to do so, he is said to be bankrupt. There are two primary types of bankruptcy, chapter 7 and chapter 13.
* What are the laws regulating bankruptcy: In any US city like Scottsdale or Phoenix, such cases of financial crisis is regularized by the Bankruptcy Code. This happens to be a part of the Title 11 of the United States Code. This law falls under the Federal Jurisdiction according to the United States Constitution.
* Who are eligible to file one: This is also one of the most common bankruptcy questions in the minds of numerous US citizens. Any business entity or individual can file for one.
* What are the types: According to the code there are 6 chapters which regulate filing for cases when the person is unable to pay off his creditors. The most common ones are chapter 7 and 13, however, in cases of other chapters like 9, 11, 12, and 15, only those who are prescribed by these chapters may file for bankruptcy.
* Will filing for one affect my spouse: The answer to this question depends on the fact whether your spouse is a co-debtor on your debts. If your spouse is not then it is not mandatory for him/her to file for one.
If you are troubled by bankruptcy questions - Scottsdale and Peoria are some of the places in US where you can take the help of experienced lawyer named Leonard V. Sominsky. In case he is not available immediately, they he promptly returns calls within the next 24 to 48 hours. For further information about his services visit his official website http://www.lvslaw.net.
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