Persistence Pays off in Chapter 13 with Student Loans December 2, 2024 There are many strategies on how to deal with Student Loans in Bankruptcy. One of them is to try to file an Adversary Complaint to try to discharge the loans, based on the “undue hardship” standard. (the “Bruner...
personal loans andmortgage debts. When a Chapter 7 case is filed, all of the debtor’s property is temporarily under supervision of the bankruptcy court and a case trustee. Property that is considered “exempt” isretained by the debtor; conversely, property that is “nonexempt” is subject ...
Businesses can also file for Chapter 7 bankruptcy, but they are not subject to the means test. For a business, Chapter 7 involves liquidating assets to pay creditors and then closing down operations. This is often the best option for businesses with insurmountable debt and no viable path to p...
When you file your petition and receive your case number,a bankruptcy trusteeis assigned to your case. The trustee reviews your financial status and, while in theory, the law requires you to give up your assets to the trustee who then sells them to pay your creditors, each state has its ...
As such, in the case of a Chapter 7 bankruptcy, stockholders may not be fully compensated for the value of their shares. In light of thisrisk-return tradeoff, it seems fair (and logical) that shareholders are second in line to bondholders when bankruptcy takes place. ...
Our Chapter 13 & Chapter 7 bankruptcy case studies give our clients real life examples of situations that call for bankruptcy.
Chapter 7 bankruptcy eliminates most debt through the liquidation of assets. The court appoints a trustee to oversee the case. Part of the trustee's job is to take ownership of the debtor's assets, sell them, and distribute the proceeds to their creditors. Key Takeaways Chapter 7 bankruptcy...
Search Results Cram Up Under Chapter 11: Overcoming Objections From Dissenting Secured Lenders December 19, 2024 • CLE • Live Webinar This CLE course will instruct bankruptcy attorneys about creating and opposing "cram up" Chapter 11 plans under which the plan is accepted by junior creditor...
Your Chapter 7 trustee may pay your priority debts—in full or in part—through the proceeds of the sale of your unprotected, non- exempt assets. Our last blog post was about what happens to priority debts in a no-asset Chapter 7 case. Most consumer “straight bankruptcy” Chapter 7 ...
Generally, chapter 7 debtors have the right to reopen their cases for various purposes after their case is closed. Usually, the court will allow the debtor to do so toremove judicial liens for otherwise discharged debt via 11 U.S.C. §522(f) motion, or to add an overlooked creditor, or...