rajshukla
Joined: 03 Jan 2012
Posts: 160
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 Posted: Tue Jan 03, 2012 12:19 pm Post subject: hi |
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When a debtor faces the prospect of losing a large deal of their property to their creditors during a bankruptcy, some initial concerns may be raised. Especially in the situation of small business owners, manual laborers, and machine-dependent farmers, having to forfeit certain pieces of property would essentially destroy a debtor's ability to rebuild their life financially. However, in order to protect workers from these sorts of situations, many jurisdictions have enacted a special bankruptcy law that protects what are known as tools of the trade. Chapter 7 bankruptcy is something that millions of Americans have to deal with every year. One of the biggest questions that they face before moving ahead is whether they should consult a chapter 7 bankruptcy attorney. Although it may seem like a straightforward difference, there are some circumstances in which a person may not be sure whether or not they are necessarily violating bankruptcy fraud laws. Specifically, this has become something of an issue with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act, as this addition to the bankruptcy code has made intentionally filed bankruptcies significantly more difficult to achieve. However, there are a few definitive differences between what is known as strategic bankruptcy and what is fraudulent bankruptcy.
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