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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]
Before you can file for Chapter 7 or Chapter 13 bankruptcy, you are required to attend credit counseling. Your credit counselor will go over your options. Your credit counselor will go over your ...
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Bankruptcy courts appoint a trustee to represent the interests of the creditors and administer the cases. The U.S. Trustee [3] appoints Chapter 7 trustees for a renewable period of 1 year, Chapter 13 trustees are "standing trustees" who administer cases in a specific geographic region.
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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) (Pub. L. 109–8 (text), 119 Stat. 23, enacted April 20, 2005) is a legislative act that made several significant changes to the United States Bankruptcy Code.
In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3] Although the individual causes of bankruptcy are complex and multifaceted, most personal bankruptcies involve significant medical bills. [4] Individual bankruptcies are usually filed under chapter 7 or chapter 13.
Indiana State Police Pension Trust v. Chrysler LLC was a lawsuit brought in United States federal court June 2009 by several pension funds against Chrysler LLC and the United States Department of the Treasury, to block the planned sale of Chrysler LLC assets to a "New Chrysler" entity in the Chrysler bankruptcy.
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