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Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002 (as amended) (the "Bankruptcy Act"), replacing the previous law in 1998, to better address the above problems and a broader failure of the action. Russian insolvency law is intended for a wide range of borrowers: individuals and companies of all sizes, with the exception of state-owned enterprises, government agencies, political parties and religious organizations. There are also special rules for insurance companies, professional participants of the securities market, agricultural organizations and other special laws for financial institutions and companies in the natural monopolies in the energy industry. Federal Law No. 40-FZ "On Insolvency (Bankruptcy)" dated 25 February 1999 (as amended) (the "Insolvency Law of Credit Institutions") contains special provisions in relation to the opening of insolvency proceedings in relation to the credit company. Insolvency Provisions Act, credit organizations used in conjunction with the provisions of the Bankruptcy Act.

At MacLean Chung Law Firm, our Bankruptcy Lawyers understand that paying for a bankruptcy lawyer is not easy. If you are contemplating bankruptcy, it’s likely that you do not have thousands of dollars to pay a bankruptcy attorney. That is why we have affordable low cost bankruptcy fees for those that qualify. A Chapter 7 bankruptcy starts at $925.00 for attorney’s fees and we have one of the lowest upfront fees for Chapter 13 bankruptcy.


Bankruptcy in the United Kingdom (in a strict legal sense) relates only to individuals (including sole proprietors) and partnerships. Companies and other corporations enter into differently named legal insolvency procedures: liquidation and administration (administration order and administrative receivership). However, the term 'bankruptcy' is often used when referring to companies in the media and in general conversation. Bankruptcy in Scotland is referred to as sequestration. To apply for bankruptcy in Scotland, an individual must have more than £1,500 of debt.
A Bankruptcy Trustee (in most cases, the Official Receiver) is appointed to deal with all matters regarding the administration of the bankrupt estate. The Trustee's job includes notifying creditors of the estate and dealing with creditor inquiries; ensuring that the bankrupt complies with their obligations under the Bankruptcy Act; investigating the bankrupt's financial affairs; realising funds to which the estate is entitled under the Bankruptcy Act and distributing dividends to creditors if sufficient funds become available.

Your lawyer will probably have you fill in a questionnaire about your property, debts, expenses and income. A good lawyer will be able to determine quickly what kinds of debts will be dischargeable in bankruptcy. The lawyer should advise you to get credit counseling before you file, and will may even have a computer terminal in their office where you can do the counseling right there, online. Many lawyers have preferred credit counselors that they work with.
The main face of the bankruptcy process is the insolvency officer (trustee in bankruptcy, bankruptcy manager). At various stages of bankruptcy, he must be determined: the temporary officer in Monitoring procedure, external manager in External control, the receiver or administrative officer in The economic recovery, the liquidator. During the bankruptcy trustee in bankruptcy (insolvency officer) has a decisive influence on the movement of assets (property) of the debtor - the debtor and has a key influence on the economic and legal aspects of its operations.
Chapter 7 bankruptcy is designed for individuals (and married couples) who can’t pay their bills such as credit cards, medical..etc. If your monthly income less your monthly expenses then you’re may eligible for a Chapter 7 bankruptcy. Generally speaking, you will be able to wipe out your debt such as credit cards, medical and dental bills, unsecured personal loans and others. In Chapter 7, you may keep your house, car and no more garnishment. 
You can count on our Arizona bankruptcy attorneys every step of the way.  Our experienced Avondale, Glendale, Mesa, Phoenix and Tucson legal professionals and staff will walk you step-by-step through the bankruptcy process. We will help you when filing for bankruptcy in Arizona.  Be it, an Arizona Chapter 7 bankruptcy or an Arizona Chapter 13 bankruptcy.
Chapter 7 bankruptcy is designed for individuals (and married couples) who can’t pay their bills such as credit cards, medical..etc. If your monthly income less your monthly expenses then you’re may eligible for a Chapter 7 bankruptcy. Generally speaking, you will be able to wipe out your debt such as credit cards, medical and dental bills, unsecured personal loans and others. In Chapter 7, you may keep your house, car and no more garnishment. 
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A good way to approach the decision of whether to hire a lawyer is to buy (and read) Nolo's book How to File for Chapter 7 Bankruptcy. It will give you a good idea of what issues may arise when you file, and flags specific situations when a lawyer's help is called for. It will also give you a good idea of whether the filing process seems to complicated for you.
The Arizona bankruptcy attorneys at My AZ Lawyers, our Mesa, Arizona based bankruptcy law firm believes in affordable, stress-free bankruptcy representation. The dedicated Arizona bankruptcy attorneys in Mesa pledge to give each client compassionate, aggressive, non-judgmental representation while filing for chapter 13 bankruptcy, filing an emergency bankruptcy or filing chapter 7 bankruptcy in Arizona.
Some examples of this are when a Korean state bankrupted Imperial China causing its destruction, or more specifically, when Chang'an's (Sui Dynasty) war with Pyongyang (Goguryeo) in 614 A.D. ended in the former's disintegration within 4 years, although the latter also seemingly entered into decline and fell some 56 years later.[59] Another example is when the United States, with heavy financial backing from its allies (creditors), bankrupted the Soviet Union which led to the latter's demise.[60]
Another type of cheap bankruptcy is to use a “document preparation” company. Using a “document preparation” company to file bankruptcy may actually be worse than filing alone. California bankruptcy attorneys in Burbank are regulated by the State Bar of California. A “document preparation” company regulates itself. We have seen clients that have experienced unimaginable nightmares with “document preparation” companies. It’s not uncommon for these companies to have no knowledge of bankruptcy law, perform shoddy work and charge their clients relentless hidden fees. And you may be surprised to learn that “document preparation” companies are forbidden from giving legal advice. If you cannot get legal advice on your bankruptcy, what is the point of paying someone to do it?
The main face of the bankruptcy process is the insolvency officer (trustee in bankruptcy, bankruptcy manager). At various stages of bankruptcy, he must be determined: the temporary officer in Monitoring procedure, external manager in External control, the receiver or administrative officer in The economic recovery, the liquidator. During the bankruptcy trustee in bankruptcy (insolvency officer) has a decisive influence on the movement of assets (property) of the debtor - the debtor and has a key influence on the economic and legal aspects of its operations.
Please note that we cannot guarantee the results or outcome of your particular procedure. For instance, the government may reject a trademark application for legal reasons beyond the scope of LegalZoom's service. In some cases, a government backlog can lead to long delays before your process is complete. Similarly, LegalZoom does not guarantee the results or outcomes of the services rendered by our legal plan attorneys or attorney-assisted products. Problems like these are beyond our control and are not covered by this guarantee.

If you're trying to figure out if you should file, your credit is probably already damaged. A Chapter 7 filing will stay on your credit report for ten years, while a Chapter 13 will remain there for seven. Any creditors you solicit for debt (a loan, credit card, line of credit, or mortgage) will see the discharge on your report, which will prevent you from getting any credit.


In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery", until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years; debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. An exception to this rule was Athens, which by the laws of Solon forbade enslavement for debt; as a consequence, most Athenian slaves were foreigners (Greek or otherwise).
Bankruptcy fraud is a white-collar crime. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements. Falsifications on bankruptcy forms often constitute perjury. Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In the U.S., bankruptcy fraud statutes are particularly focused on the mental state of particular actions.[12][13] Bankruptcy fraud is a federal crime in the United States.[14] 

All assets must be disclosed in bankruptcy schedules whether or not the debtor believes the asset has a net value. This is because once a bankruptcy petition is filed, it is for the creditors, not the debtor, to decide whether a particular asset has value. The future ramifications of omitting assets from schedules can be quite serious for the offending debtor. In the United States, a closed bankruptcy may be reopened by motion of a creditor or the U.S. trustee if a debtor attempts to later assert ownership of such an "unscheduled asset" after being discharged of all debt in the bankruptcy. The trustee may then seize the asset and liquidate it for the benefit of the (formerly discharged) creditors. Whether or not a concealment of such an asset should also be considered for prosecution as fraud or perjury would then be at the discretion of the judge or U.S. Trustee.
For private households, some argue that it is insufficient to merely dismiss debts after a certain period[citation needed]. It is important to assess the underlying problems and to minimize the risk of financial distress to re-occur. It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to improve the management of household expenditures must be equally provided during this period of rehabilitation (Refiner et al., 2003; Gerhardt, 2009; Frade, 2010). In most EU Member States, debt discharge is conditioned by a partial payment obligation and by a number of requirements concerning the debtor's behavior. In the United States (US), discharge is conditioned to a lesser extent. The spectrum is broad in the EU, with the UK coming closest to the US system (Reifner et al., 2003; Gerhardt, 2009; Frade, 2010). The Other Member States do not provide the option of a debt discharge. Spain, for example, passed a bankruptcy law (ley concurs) in 2003 which provides for debt settlement plans that can result in a reduction of the debt (maximally half of the amount) or an extension of the payment period of maximally five years (Gerhardt, 2009), but it does not foresee debt discharge.[8]

While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often dependent upon State law.[35] A Bankruptcy Exemption defines the property a debtor may retain and preserve through bankruptcy. Certain real and personal property can be exempted on "Schedule C"[36] of a debtor's bankruptcy forms, and effectively be taken outside the debtor's bankruptcy estate. Bankruptcy exemptions are available only to individuals filing bankruptcy.[37] 
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