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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Remington Arms Exiting Bankruptcy Proceedings WSKG.org
WSKG.org Remington Arms Exiting Bankruptcy Proceedings WSKG.org SYRACUSE, NY WRVO Remington Arms, a firearms manufacturer that employs roughly 900 people in the Mohawk Valley, has emerged from bankruptcy proceedings. The company announced Thursday that it has successfully implemented a plan of and more raquo

Cambridge Analytica Starts Bankruptcy Proceedings In US BBC News
BBC News Cambridge Analytica starts bankruptcy proceedings in US BBC News Cambridge Analytica has filed for bankruptcy in the US. The consultancy was at the centre of the Facebook data sharing scandal in which it was accused of improperly obtaining information on users. The bankruptcy proceedings are part of the process of Cambridge Analytica files for bankruptcy in US following Facebook debacleReuters The Tattered Remains of Cambridge Analytica Just Filed for Bankruptcy in the USGizmodo Cambridge Analytica files for bankruptcy amidst siege of negative attentionArs Technica The Hill CA Commercial all 231 news articles raquo

Hicks Denied Vacation Request Bankruptcy Trustee Calls BobbyApril Sale Aposfr...
RichmondBizSense Hicks denied vacation request bankruptcy trustee calls BobbyApril sale 39fraudulent39 RichmondBizSense Prosecutor Sau Chan of the commonwealth39s attorney39s office argued against the request, questioning how he has the ability to take such a trip in light of his bankruptcy proceedings, in which he has testified that he has far fewer assets than the 4.6

Dowling Alumni Seek To Resurrect The Bankrupt College Newsday
Newsday Dowling alumni seek to resurrect the bankrupt college Newsday The college which lost its accreditation, ran out of funds and closed in 2016 sold the Oakdale property for 26.1 million at auction last year as part of its Chapter 11 bankruptcy proceedings. Frank Corso Jr., president of the alumni group and

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Facts of Law explaining basic bankruptcy proceedings

Facts of Law - Bankruptcy Proceedings