Bankruptcy

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Bankruptcy Proceedings

There are several types of bankruptcy in the United States.  Bankruptcy proceedings under chapters 11 , 12 , and 13 allow for the reorganization of a debtor's debts allowing him/her to use future earnings to pay off creditors. Under chapter 7, 12, 13, and some 11 proceedings, a court appointed trustee supervises the liquidation of a debtor's assets to satisfy creditors. Chapter 11 bankruptcy proceedings are usually used by large corporations and are more complicated than those under chapter 13.  Bankruptcy proceedings may be voluntarily instituted by the debtor or, in some cases, involuntarily instituted by ones creditors.

Chapter 13 and chapter 12 bankruptcy are very similar.  However, the latter is only available to farmers and ranchers and allows for a larger amount of debt.  And, chapter 9 bankruptcy is available to municipalities who cannot meet their financial obligations.

Under recent changes to bankruptcy laws, debtors filing for chapter 7, liquidation, bankruptcy must wait eight years between separate filings.  It also stipulates that mandatory counseling classes be attended after the required online filing.

Prior to filing for bankruptcy bill collectors may not contact you at unreasonable hours at home and may not disclose your financial situation to your employer, friends or relatives.  They may not contact you at work either if they know your employer disapproves of such contact.  If you have retained an attorney they may only contact you through your attorney.

 

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Bankruptcy Proceedings News
GN News

Teresa Giudice Bankruptcy Settlement Talks Break Down, Lawyers Charge Aposbad...
NJ.com Teresa Giudice bankruptcy settlement talks break down, lawyers charge 39bad faith39 NJ.com In the letter to Judge Stacey Meisel, who must approve any settlement, Giudice39s lawyers are slamming James Kridel, the Clifton attorney who represented her in the bankruptcy proceeding that helped lead to Giudice39s year long prison stint for

Troubled UWOshkosh Foundation Files For Bankruptcy Madison.com
Madison.com Troubled UW Oshkosh Foundation files for bankruptcy Madison.com would have avoided litigation and eliminated the need for our Foundation to file for reorganization. Mulloy said that the foundation39s endowment and contributions by donors for specific purposes will be protected during the bankruptcy proceedings and more raquo

Houston Business Journal Houston Business Journal
Houston Business Journal Houston Business Journal Houston Business Journal A Houston based energy holding company, The Engy Group LLC, has filed for Chapter 11 bankruptcy in the Southern District Court of Texas. Engy is bringing between 10 million and 50 million in debt to the bankruptcy proceedings, along with assets and more raquo

Tilman Fertitta Wins Joeaposs Crab Shack In Bankruptcy Court Houston Chronicle
Houston Chronicle Tilman Fertitta wins Joe39s Crab Shack in bankruptcy court Houston Chronicle The bankruptcy proceedings laid bare contentious negotiations that began in May, when Landry39s offered 60 million for a company that had been searching for a buyer since late last year. Landry39s eventually slashed the bid to 50 million, arguing that Dozens of Joe39s Crab Shack locations close abruptlyWSB Atlanta Joe39s Crab Shack abruptly closes Gwinnett location, 40 othersAtlanta Journal Constitution all 16 news articles raquo

Ryanair Files Complaint With EU After Air Berlin Bankruptcy ABC News
Fortune Ryanair files complaint with EU after Air Berlin bankruptcy ABC News Germany on Wednesday rejected a claim by budget airline Ryanair that a government loan for rival Air Berlin as part of its bankruptcy proceedings amounted to a quotconspiracyquot to keep the airline afloat until a new owner is found. The Irish airline lodged Air Berlin Files for Bankruptcy as Etihad Airways Pulls FinancingFortune all 545 news articles raquo

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Facts of Law explaining basic bankruptcy proceedings

Facts of Law - Bankruptcy Proceedings