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When debts pile up, a consumer or a business owner may feel that bankruptcy offers the best way to relieve the mounting stress. Filing for bankruptcy requires careful thought and planning, though. The BankruptcyLaw Center provided by Justia can serve as a reference. How Does Filing for Bankruptcy Protect a Debtor?
Unless applicable laws or the terms of the mortgage provide a right to reinstatement, a lender does not need to permit reinstatement, but they may find this solution simpler than foreclosure. Under federallaw, a tenant generally can stay until the lease ends even if their landlord loses ownership of the property.
Under the federal Fair Credit Reporting Act, a credit reporting agency cannot keep most negative information on a consumers report for more than seven years after the date of the delinquency. A credit reporting agency also can keep information about a bankruptcy in the consumers file for 10 years. What Is the Cooling Off Period?
FTX filed for bankruptcy in November 2022, and “SBF” was arrested in the Bahamas the next month. The discussion of bank lending in the Banking and Finance Law Center describes some of the main federallaws that govern this area. Other federallaws regulate mortgage lending when a consumer purchases a home.
These cover personal taxes , business taxes , tax debts when someone falls behind on their obligations, and tax audits when the IRS checks to make sure that a taxpayer followed the law. The Tax Law Center also covers topics such as property tax , estate tax , and sales tax more briefly.
Bankruptcy When a consumer or business cannot emerge from financial woes, they may consider bankruptcy. Most consumers file for bankruptcy under Chapter 7 or Chapter 13 , while many businesses use Chapter 11. The Bankruptcy center contains a 50-state survey on these exemptions.
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