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A bankruptcy discharge is a court order that releases an individual or business from specific debts and obligations they owe to creditors. In other words, it's a legal process that eliminates the debtor's liability to pay certain types of debts they owe before filing the bankruptcy case.
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]
The U.S. Trustee does not have prosecution powers, but is required by law to refer information regarding potential criminal violations of bankruptcy laws to the United States Attorney. [2] Interim trustees serve by the U.S. Trustee's appointment in Chapter 7 cases. Generally the interim trustee is assigned at random from a "panel" of qualified ...
By Jill Krasny Robert Kiyosaki, author of the bestselling "Rich Dad, Poor Dad" series, has filed for Chapter 7 bankruptcy protection after losing a nearly $24 million court judgment to The ...
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
General Growth Properties (GGP) filed a reorganization plan, seeking to emerge from bankruptcy in October with $7 billion to $8.5 billion in new capital, the company announced Tuesday. The nation ...
If the discharge of indebtedness occurs in a Title 11 case—i.e., a bankruptcy; If the discharge of indebtedness occurs when the taxpayer is insolvent; If the indebtedness discharged is qualified farm indebtedness; If the indebtedness discharged is qualified real property business indebtedness
In United States bankruptcy law, an automatic stay is an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code , [ 1 ] the stay begins at the moment the bankruptcy petition is filed.