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A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
It provides for the restructuring of debt of financially distressed municipalities, limits the ability of financially distressed municipalities to obtain government funding; authorizes municipalities to participate in federal debt adjustment actions and bankruptcy actions under certain circumstances; and provides for consolidation or merger of ...
Section 109(c) of the U.S. Bankruptcy Code provides that a municipality may be a debtor in a Chapter 9 bankruptcy case only if the municipality is specifically authorized to be a debtor by State law, or by a governmental officer or organization empowered by State law to authorize the municipality to be a debtor. [20]
Landlord Gary Thomas, left, and his attorney Tyler J. Whitney listen as Thomas' tenant speaks during an eviction hearing Oct. 12 in Akron. Properties reportedly owned or managed by Thomas and his ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
A fair eviction process is regulated through federal law, state law, local law, common law, and court procedures. [2] There are limited federal laws dedicated specifically to domestic eviction regulation. However, there are federal protections in place that protect tenants against unlawful housing practices.
After filing for bankruptcy last week, Rite Aid is expected to shutter more than 150 stores across the U.S. — including dozens in Pennsylvania.. The company, which operated more than 2,000 ...
After its closing and collapse of Chapter 11 plan, Cannon's is pursuing sale of liquor license, other limited assets to pay creditors whatever it can.