What is Bankruptcy?
Bankruptcy allows a person who is hopelessly burdened with debt to free himself from that debt and start life in a new way. It allows individuals and businesses to work out a plan to repay money to the creditors over a period of time or completely eliminate most of the bills. However, to go bankrupt, the person has to declare himself as an insolvent.
Which kind of bankruptcy should I file?
You should know first-hand that consumers generally file Chapter 13 bankruptcy, where repayment is made to creditors, or Chapter 7 where the debts are dismissed. The type of bankruptcy that you would file depends on your circumstances and if you have assets available to repay all or part of your debts. You must consult an attorney as bankruptcy laws can be tricky and it is not always easy to determine under which chapter of bankruptcy one should file. Generally, Chapter 7 is the least expensive because you do not have to pay off the debts. Under Chapter 13 you repay about 10 cents followed by Chapter 11. So you must be aware of your different choices and consult with the attorney before filing bankruptcy.
What are the most common reasons for a Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy is also known as straight bankruptcy as it is a liquidation proceeding whereby the debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. One of the main purposes of Chapter 7 is to allow the person to start afresh. Unemployment, medical expenses, marital expenses are some of the common grounds for people to file Chapter 7 bankruptcy.
What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy or a reorganization bankruptcy is one that allows individuals to pay off their debts over a period of time, generally three to five years. People who want to keep their non-exempt property can opt for this option of bankruptcy.
Can I file a personal Chapter 11?
The chapter 11 bankruptcy can be filed by individuals who wish to reorganize or restructure their debt load.
What’s the difference between secured and unsecured debt?
Before filing any sort of bankruptcy you must know that secured debt is a claim that’s secured by some type of property, either by an agreement or involuntarily with a court judgment or taxes. Property that is secured by debt can be claimed by the creditors in case of bankruptcy but unsecured debt is not tied to any type of property and the creditor cannot claim it under any circumstances.
Will my creditors stop harassing me?
By law all kinds of action against a debtor will cease once he files for bankruptcy. When the debtor is working out a plan, the bankruptcy code dictates that all creditors must stop all collection efforts against the debtor. A debtor cannot be pursued once the documents are filed.
Will my spouse be affected?
Your spouse will not be affected by your bankruptcy if he or she is not responsible for any of your debt. However, if your spouse is responsible for any of your debt then he or she may have to file bankruptcy too. Exceptions such as purchase or sale of real estate require both spouses’ signatures on contracts so both spouses would have to file for bankruptcy in such cases. Finally, your attorney should be your best guide in such matters.
When will I be discharged from bankruptcy?
Once you file for bankruptcy you would generally be discharged within 3 – 5 months.
Will I ever get credit again?
Obviously you will get credit from various banks. Two years after a bankruptcy discharge, you are also eligible for mortgage loans so you need not worry about anything. Besides, the fact you filed bankruptcy stays on your credit report for 10 years after which you are allowed to go along with your life normally and everything that happened in the past is never recalled later.
Can my boss fire me for filing bankruptcy?
Your boss cannot fire you for filing bankruptcy so you need not worry about it.
I was bankrupt before. When can I file again?
After passing of 8 years a person can again file Chapter 7 bankruptcy.
What debts cannot be discharged in bankruptcy?
Liens, such as mortgages and security interests in cars are non-dischargeable debts and you must be aware that these debts cannot be written off. Further, customs duties, taxes, child support, secured debts and fines and penalties imposed by the government.
Can I change from one chapter of bankruptcy to another?
Under a “motion to convert” you can change from one chapter to another.
Will I lose my home if I file for bankruptcy?
Whether you would lose your home or not depends on several factors, such as in which state you are in and the exemptions allowed in that state, the status of your loan and the type of bankruptcy etc.
How long does a bankruptcy stay on my record?
Your public records will hold proof of your bankruptcy for 7-10 years.
When can I apply for credit again?
Once you file for bankruptcy, you can still apply for credit, thought it will largely depend upon the creditor whether he wants to give you credit or not. The creditor cannot be forced to give you credit under any circumstances.
Can creditors object to a bankruptcy filing or plan?
Bankruptcy filings allow creditors to object to specific debts and they can do it after 60 days of the first creditor’s meeting. They have absolute right to object to your bankruptcy filing or plans
What is a patent?
A patent is a form of intellectual property which gives the owner the right to exclude others from using or selling the patented item. The patent in U.S is granted by the United States Patent and Trademark Office (USPTO) to an inventor and it lasts for a period of twenty years from the date the patent application is filed. Over the years the language of the Patent Act, 35 U.S.C. 101, along with court cases interpreting the Act have made the patent procedure quite complex so you need to have an attorney to help you out with your filing. Generally, the invention must be new, useful, non obvious or provide a new way of doing something to be granted the patent protection.
Who may apply for a U.S. Patent?
In U.S anyone who has invented or discovered any new or useful process, machine, manufactured or designed anything original or discovered a new variety of plant, which has been asexually reproduced, has the right to apply for a patent. However, you should always consult with an attorney before filing for patent.
What types of patents are there?
There are provisional patents, utility patents, design patents and plant patents. Each patent has a separate and unique use of its own.
What may not be patented?
Abstract ideas, mental processes, laws of nature and physical phenomena cannot be patented under any law and you should always abstain from trying to patent such things. You need to be aware that you cannot patent any new mineral, insect or plant that is discovered or found somewhere in the wilderness. Anything that has already been discovered such as Newton’s law of gravity, or any abstract ideas and nature’s laws cannot be patented as they are lying in the public domain and is free to be used by all. Similarly, inventions that are not useful and has no novelty cannot be patented. Offensive inventions and inventions that go against public morality are also not allowed to be patented. Artistic work can be copyrighted but not patented. You must consult your attorney for more details about what can be patented.
What is the purpose behind the patent law?
The purpose of the patent law is to protect the rights of inventors. The origin of U.S. patent law is based in the U.S. Constitution and it specifically tries to promote the rights of discoverers and inventors. Once any invention is patented, the inventor agrees to make the invention public, given that it would exclude others from using or selling his invention.
Why should I have a patent attorney draft my patent application?
Patent applications are complex legal documents that require thorough expertise and it can only be created by experienced attorneys. A patent includes several important things such as a set of legal claims, specifications, detailed description, abstract and background to enable the patent office consider the uniqueness of the discovery or invention. Patent drafting requires years of experience and training which the attorneys definitely have, so you must leave it to them to help you draft error free patent applications that would enable you obtain the patent easily.
How long does a patent last?
All patents that are issued after June 7, 1995 expire after 20 years from the date of the filing of the patent application. However, one has to keep paying the maintenance fee to maintain and keep the patent active. Design patents on the other hand expire 14 years from the date of issue of the patent.
How long does it take to get a patent?
Patents take about 1 to 5 years to get a final decision from the patent office. However, even under “patent pending” you can sell your patent rights.
What is a Provisional Patent Application?
Under Provisional Patent Application you get a one year of “patent pending” status and within that time you can enjoy the rights. Besides, such application needs fewer requirements than a regular patent and is much cheaper than regular patents. However, this application is valid only for one year within which time you must send another application to the patent office for them to review your application and grant you a regular patent for your invention.
What is a Design Patent?
A design patent is given to anyone who invents a new, original, and ornamental design for an article of manufacture and protects the look of your invention. Such a patent lasts for 14 years from the date it gets issued by the patent office. A design patent covers the ornamental aspects of a product and you must consult a patent attorney before filing such an application.
What is a Utility Patent?
A utility patent may be granted to anyone who invents or discovers something that solves a problem or achieves a goal. This patent lasts for 20 years from the filing date.
Do I need to do a patent search before filing a patent application?
You should always tell your patent attorney to do a patent search before filing the patent application. This way, you can be sure that no patent of a similar invention exists and you can be assured that your patent application would get approved.
Does a U.S. patent protect my invention in other countries?
No. The U.S. patent does not protect your invention in other foreign countries unless you apply for protection in each country’s patent office. You must consult your patent attorney to know more about the costs of filing patent applications in foreign countries.
What is intellectual property?
Intellectual property consists of property created through human creativity and includes anything that has innovation and uniqueness about it. Generally literature, visual arts, music and drama are included within intellectual property rights. Product designs, trade symbols are also part of intellectual property. Human creativity is the basis for granting intellectual property rights so as to promote creativity.
What is a copyright?
A copyright gives the author a minimum of 50 years exclusive right that is valid only in U.S. However, if you want protection in another country then you must also apply for copyright in that country. Once you get your work copyrighted, you can then also use the rights to display or perform the work in theatre or plays and television.
How do patents differ from copyright?
Patents generally protect things and processes that are useful in the world while copyrights protect expressive arts such as novels and video or cinema. However, it is possible get patent on technologies used in arts though eventually it is the copyrights that protects one artist from others stealing his artistic work. Another important matter that you must be aware of is that the patent of ornamental design of products can often overlap with copyrights.
How long does a copyright last?
A copyright’s duration is the life of the author plus 70 years.
What type of things may be copyrighted?
Original literary works or works of art as well as computer programs, tape recordings, films and photographs can be protected by copyrights.