What is bankruptcy? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

A federal law section that allows a debtor the opportunity of a fresh start through relief of future obligations to repay his unsecured debts by surrounding his assets to Bankruptcy Court. Bankruptcy law has a lot of influence on how real estate contracts are drafted. Usually, the hardest part of buying real property is obtaining adequate financing. One of a lender’s greatest fears is a borrower filing bankruptcy, thus lender puts a lot of emphasis in trying to limit his exposure in the event of a borrower’s bankruptcy. Bankruptcy filings typically put an automatic stay on current and potential creditors. Some debt such as student loans, may be virtually impossible to pay for it. Bankruptcy filers should be aware that there will be a meeting of the creditors. Also, discharge of debt at bankruptcy, may have potential tax ratification (i.e. need to pay tax on the dischargeable debt). Bankruptcy rights are rooted in the U.S. Constitution; however due to a myriad of questions posed by state law, the federal bankruptcy courts have conceded a lot of their power to the states (marriage certificates, birth certificates).

 

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