Individual Bankruptcy Law and Legal Definition
Individual bankruptcy refers to a situation when an individual is unable to meet his/her financial obligations mainly due to uncontrollable reasons like, illness, unemployment, or divorce. In the U.S. individual bankruptcy is filed under Chapter 7 or 13. Chapter 7 bankruptcy allows the debtor to liquidate his/her assets with the intent of starting a clean slate. In case of Chapter 13, the debtor must submit a financial management plan for approval by the court and when the court accepts the plan, the debtor may go ahead with Chapter 13 bankruptcy.
Legal Definition list
- Individual Banker
- Individual Assignment System (IAS)
- Individual Asset
- Individual Account Plan
- Indisputable Law
- Individual Bankruptcy
- Individual Branding
- Individual Directly Involved In a Serious Marine Incident
- Individual Fishing Quota
- Individual Health Insurance Coverage
- Individual Holding Federal Office [Federal Elections]
