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Facts - Books - News    U.S. Facts Of Law:

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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Creditors Move In On Fyre Festival, Billy McFarland Variety Variety
Variety Creditors Move In on Fyre Festival, Billy McFarland Variety Variety A federal bankruptcy judge advanced the cause of creditors attempting to recoup losses on the disastrous Fyre Festival, which was scheduled to take place in the Bahamas earlier this year but canceled at the last minute due to poor organization. At a and more raquo

After Bitcoin Spike, MtGox Creditors Want To Yank The Failed Exchange Out Of ...
Fortune After Bitcoin Spike, MtGox Creditors Want to Yank the Failed Exchange Out of Bankruptcy Fortune Japan39s bankruptcy laws say a company39s liabilities must be registered at their market value when bankruptcy proceedings were initiated. When that happened in April 2014, one bitcoin was worth less than 500. Now it39s worth 17,200, meaning MtGox would

Coronation Street Star Michael Le Vell Aposfacing Bankruptcyapos Daily Mail ...
Daily Mail Coronation Street star Michael Le Vell 39facing bankruptcy39 Daily Mail Daily Mail The actor, 52, spent 200000 fighting the charges before being found 39not guilty39 of all 12 counts by a jury at Manchester Crown Court in 2013. Coronation Street star Michael Le Vell facing bankruptcy after The Sun all 5 news articles raquo

BSE Files Proceedings Against 7 Companies Under Bankruptcy Code Moneycontrol... BSE files proceedings against 7 companies under bankruptcy code Leading stock exchange BSE today said it has filed proceedings against seven companies before National Company Law Tribunal NCLT for defaulting on payment of annual listing fees and may take similar action against over 100 such firms. These seven Bankruptcy code to be amended further, group firms to come under same NCLT benchHindustan Times BRIEF BSE To File Proceedings Against 7 Defaulting Listed Cos Under Insolvency And Bankruptcy CodeReuters Insolvency and Bankruptcy Code Background And The Road Live Law Business Today Livemint all 22 news articles raquo

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Facts of Law explaining basic bankruptcy proceedings

Facts of Law - Bankruptcy Proceedings