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In 2004, 1,562,174 Americans sought protection from creditors through bankruptcy court - a per capita rate over ten times higher than during the worst years of the Great Depression! According to the Consumer Federation of America, in 2003 alone over 9 million consumers made initial calls with a credit counseling agency and in 2004 close to 2 million consumers were actually enrolled in varying types of assistance plans. These numbers clearly indicate that personal debt in the United States is higher than it has ever been and financial stress is very much a reality for millions of Americans, across all
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Personal Bankruptcy Lawyers Forced to Reduce Rates as National Bankruptcy Filings Decline
CHICAGO, IL-- - Last year's 12 percent drop in bankruptcy filings may be good news to consumers, but for the lawyers who represent them it could mean a substantial blow to the budget.According to a recent ...
Wed, 01 Feb 2012 16:29:00 -0800

ECU trustee files for personal bankruptcy
East Carolina University Trustee Mark Tipton has filed for personal bankruptcy. The Triangle Business Journal reported on Tuesday that the Raleigh-based developer filed a Chapter 11 petition in U.S. Bankruptcy Court for the Eastern District of North Carolina on Monday.
Thu, 02 Feb 2012 00:53:51 -0800

Law grads go to court for bankruptcy protection
(Reuters) - When Diana Valle decided to intern at a bankruptcy firm during law school, she had no idea how useful the experience would prove - in her own case. Shortly before graduating from the University of Maryland School of Law, the 26-year-old Valle, burdened with 0,000 in student debt and with no immediate job prospects, filed for Chapter 7 personal bankruptcy protection. "I was really ...
Fri, 03 Feb 2012 07:25:45 -0800



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Chapter 7The potential chapter 7 debtor should understand that a straight bankruptcy case does not involve the filing of a plan of repayment as in chapter 13, but rather envisions the bankruptcy trustee's gathering and sale of the debtor's nonexempt assets, from which holders of claims (creditors) will receive distributions in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, under chapter 7, the individual debtor is permitted to retain certain "exempt" property. The debtor's remaining assets are liquidated by
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