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Two Basic Types of Consumer Bankruptcy

Two basic types of consumer bankruptcy cases are provided for under the Bankruptcy Code. The cases are traditionally given the names of the chapters that describe them. Chapter 7, entitled Liquidation, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions [...]

By |2016-11-14T23:35:09+00:00August 15th, 2010|Bankruptcy Blog|0 Comments

Role Of A Chapter 7 Trustee

When a chapter 7 petition is filed, the U.S. trustee  appoints an impartial case trustee to administer the case and liquidate the debtor's nonexempt assets. 11 U.S.C. §§ 701, 704. If all the debtor's assets are exempt or subject to valid liens, the trustee will normally file a "no asset" report with the court, and [...]

By |2016-11-14T23:35:10+00:00July 17th, 2010|Bankruptcy Blog|0 Comments

What Is Current Monthly Income Mean in Bankruptcy?

The "current monthly income" received by the debtor is a defined term in the Bankruptcy Code and means the average monthly income received over the six calendar months before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and including income from the debtor's spouse if the petition is a joint [...]

By |2010-07-12T05:05:11+00:00July 12th, 2010|Bankruptcy Blog|0 Comments

Alternatives to Chapter 7 Bankruptcy

Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor [...]

By |2010-07-12T04:45:25+00:00July 12th, 2010|Bankruptcy Blog|0 Comments