Consumer Bankruptcy Law and Legal Definition
Consumer bankruptcy refers to a bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts. Consumer debts are debts incurred for personal, as opposed to business needs. A consumer can file under chapter 7 or 13 of the Bankruptcy Code. A chapter 7 bankruptcy is a type of bankruptcy in which certain property is sold and used to repay debts. If there is no property that can be resold, many of the debts will be discharged, or cancelled, at the end of the bankruptcy case. However not everyone is eligible to file Chapter 7 bankruptcy. Chapter 13 bankruptcy can be resorted to by individual consumers who have regular income and don’t qualify for Chapter 7 bankruptcy or the individual who has assets they don't want to have liquidated.
Legal Definition list
- Consumer Assistance to Recycle and Save Act
- Consumer Arbitration
- Consumer and Governmental Affairs Bureau
- Consumer Affairs and Outreach Division [Federal Communications Commission]
- Consumer Advocacy
- Consumer Bankruptcy
- Consumer Bill of Rights
- Consumer Boycott
- Consumer Commodity
- Consumer Complaint Letter
- Consumer Contract Awareness Act of 1990
Related Legal Terms
- Accountant ( Bankruptcy)
- Act of Bankruptcy
- Adequate Protection [Bankruptcy]
- Affiliate ( Bankruptcy)
- After Notice and Hearing (Bankruptcy)
- Anticounterfeiting Consumer Protection Act
- Anticybersquatting Consumer Protection Act
- Arrangement With Creditors [Bankruptcy]
- Assisted Person ( Bankruptcy)
- Avoidance Powers (Bankruptcy)
