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Current monthly income is defined in as the monthly average of the income received by the debtor (and the debtor's spouse in a joint case) during a defined six-month time period prior to the filing of the bankruptcy case. Some narrow classes of payments, for example, social security, are excluded from these figures.
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Title 11 is subdivided into nine chapters. It used to include more chapters, but some of them have since been repealed in their entirety. The nine chapters are: [2] Chapter 1: General Provisions; Chapter 3: Case Administration; Chapter 5: Creditors, the Debtor and the Estate; Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality
The Laws of the General Assembly of the Commonwealth of Pennsylvania (also known as the Pamphlet Laws or just Laws of Pennsylvania, as well as the Acts of the General Assembly of the Commonwealth of Pennsylvania) is the compilation of session laws passed by the Pennsylvania General Assembly. [1]
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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.
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Chapter 9, Title 11, United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assisting them in the restructuring of their debt. On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection.
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