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Filing A Simple Bankruptcy
Author: Susan Chana Lask, Esq.
We all know times are tough and, for some of us, bills are getting harder to pay each month. If the debts you owe are more than what you can afford, you should read on.
Filing a bankruptcy can be the answer to your problems.
What are the Core Proceedings of a Bankruptcy Case, Part 1
Author: Evan Bailyn
Who needs bankruptcy?
Although individual filings differ, all bankruptcy cases unite under one common element: the inability of debtors to pay creditors. Individuals and businesses file bankruptcy to relieve financial problems created by overwhelming debt.
Financial pressure leading to bankruptcy can negatively stigmatize debtors, when considered or assumed to result from irresponsible consumer spending or business practices.
Venue in Bankruptcy Cases
Author: Evan Bailyn
As with most types of litigation, the issue of venue is simple in concept and trailed by an assortment of situations where changes are acceptable. The basic rule is that “the petition should be filed in the district where the debtor’s domicile, residence, principal place of business or principal assets have been located for the greater portion of the preceding 180 days.”
Trustee in Bankruptcy
Author: Evan Bailyn
Where Do They Come From?
Once the court accepts a petition for liquidating bankruptcy, that is bankruptcy that does not involve reorganization, the United States Trustee appoints an “interim trustee,” usually an attorney from a local panel of qualified individuals. If no willing interim trustee can be found (often
The Filing of Claims: How Secure is a Secured Creditor?
Author: Evan Bailyn
How Secure is a Secured Creditor?
The theory of bankruptcy holds that the “secured creditor” is not involved in bankruptcy. His debt is secured by real property or some other property of value. Bankruptcy is the process of fair sharing among “unsecured creditors,” those individuals whose debts are not collateralized or otherwise secured by prior arrangement with the debtor.
Property of the Bankruptcy Estate
Author: Evan Bailyn
Creation of a Bankruptcy Estate
In bankruptcy cases, the way to create an estate is to file a voluntary or involuntary petition. Upon the creation of an estate, unsecured creditors can be paid upon their allowed claims. Specifically, Bankruptcy Code, Sections 541 and 363 define the content of the estate and what the trustee of the estate may do with it, respectively.
Non Debtor Injunctions - Challenges to Bankruptcy's Automatic Stay
Author: Evan Bailyn
How Bankruptcy Makes Waves
It seems so simple: corporation files for bankruptcy protection, all financial claims against it are automatically stayed, and the matter is resolved with the help of time and the return of temperate behavior. It’s not quite that simple, however.
The Judicial Role in the Bankruptcy Process
Author: Evan Bailyn
After the Petition is Granted
Once a judge has granted a petition for bankruptcy, the process of resolving disposition of the debtor’s estate has just begun. Debtors and creditors all have retained counsel, and it is the natural inclination of these attorneys to turn to the bankruptcy judge for approval of each small step along the way.
Jointly Held Property
Author: Evan Bailyn
When you own property, the rules of filing for bankruptcy adjust to fit your home or land owning status. Though some things are forbidden to you during bankruptcy, you are also protected and given certain rights as you file.
Joint Tenancy
Even though filing for bankruptcy and having personally-held property, the person filing may hold some property with other parties.
Eligibility Requirements For Bankruptcy Part Two
Author: Evan Bailyn
The choice of which chapter under which you will most successfully petition for bankruptcy is an important one. Where you may easily find eligibility under chapter 13, you may be denied under chapter 7. It is important to understand the different characteristics you and your property will be judged by when it comes time to petition for bankruptcy.
Eligibility Requirements For Bankruptcy, Part 1
Author: Evan Bailyn
Who Can Apply for Bankruptcy?
Just about anybody! Individuals and businesses may file for bankruptcy whether they arrived in their state of unpaid debt innocently or by fraud. The Bankruptcy Code doesn’t care. This isn’t an uncontested policy, however.
Consider the following case.
Consumer Abuse of Bankruptcy and Section 707(B)
Author: Evan Bailyn
Payback Time
If you are forced to file for bankruptcy (meaning, if you are unable to pay your creditors what you owe them), there are a few ways you can legally pay back the balance due. One option is to repay the debt over a specified time using future earnings.
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