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The Bankruptcy Code requires the trustee to ask the debtor questions at the meeting of creditors to ensure that the debtor is aware of the potential consequences of seeking a discharge in bankruptcy such as the effect on credit history, the ability to file a petition under a different chapter, the effect of receiving a discharge, and the effect ...
Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of federal bankruptcy law.
There are different types of bankruptcies, which are usually referred to by their chapter in the U.S. Bankruptcy Code. Individuals may file Chapter 7 or Chapter 13 bankruptcy, depending on the specifics of their situation.
Notice of Chapter 7 Bankruptcy Case – No Proof of Claim Deadline Set (For Corporations or Partnerships) Meeting of Creditors Notices B 309D
Amendments to the Bankruptcy Code enacted in to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 require the application of a "means test" to determine whether individual consumer debtors qualify for relief under chapter 7.
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
The Supreme Court prescribes rules of bankruptcy procedure for the district courts pursuant to section 2075 of Title 28, United States Code. Pursuant to that section, the Supreme Court trans-mits to Congress (not later than May 1 of the year in which the rule is to become effective) a copy of the proposed rule. The rule
The court may deny a chapter 7 discharge for any of the reasons described in section 727(a) of the Bankruptcy Code, including failure to provide requested tax documents; failure to complete a course on personal financial management; transfer or concealment of property with intent to hinder, delay, or defraud creditors; destruction or ...
Chapter 13 - Bankruptcy Basics. This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
Chapter 7 bankruptcy is designed to provide a fresh start for individuals whose income is insufficient to pay their debts. Chapter 7 bankruptcy is commonly referred to as Astraight bankruptcy@ or Aliquidation.@. In a Chapter 7 case, the debtor is permitted to exempt (or keep) certain property.