Personal bankruptcy as the term implies relates to cases being filed by individual who are self employed or salaried individuals under various chapters of US federal laws applicable uniformly to all the states. Bankruptcy, falls under chapter 7, 9,11,12,13 of bankruptcy code. The bankruptcy law covers chapters on all related issues and how to deal and decide cases effectively. Chapter 7 applies to debtor with no assets to repay, chapter9 applies to govt. municipalities, chapter11 applies to owner or shareholders of companies, chapter12 to farmers and fishermen, chapter13 to persons with regular and stable income or more commonly termed as wage earner bankruptcy, to self employed and salaried individuals or family.
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As per Personal bankruptcy law, an individual while filing relief under chapter 7 is allowed certain exemptions which may include home where he is presently living, personal effects, retirement dues, pension, insurance policies etc. limited to the tune of as fixed by the court, This exemption limit doubles in case of a married couple. Filing of case requires furnishing of full details of outstanding debts and assets and you can not sell non exempt assts till the case is decided by the court, which may be used for repayment of debts. Immediately on filing case trustee is appointed by the court to take under his control all the assets for liquidation. However, in certain instances the lender may allow exemption of some property from liquidation by the trustee. However, this exemption limit varies from sate to state. Once the case is filed for bankruptcy in court, there is an automatic stay on both the parties whether debtor or lender to act otherwise, the case being subjudice i.e. your lender cannot collect debt from you directly.
In healthy way of thinking, you can say that, bankruptcy is a legal way for individuals or business firms to clear off their debts under chapter 13 or write off their liabilities under chapter 7.
Personal bankruptcy laws are in no different from Michigan bankruptcy, laws only there is slight variations in exemptions granted under chapter 7. To deal with such cases there are various legal firms/attorneys who provide proper counseling on all aspects relating to bankruptcy laws and can help you in dealing with the situation
Corporate Bankruptcy laws allows a corporation/company, or partnership firm to file under chapter 7 or 11.If you file under chapter 7, the court immediately assigns trustee to sell all assets of the bankruptcy firm and then arrange payment to lenders.
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