If the amount of the exemption in your state is more than the value of the property, you can claim it as exempt property that can't be liquidated when you file for bankruptcy. If the exemption amount is less than the value of the property, you can't claim it as exempt. The type of...
A debtor begins a bankruptcy case by filing a bankruptcy petition with a Bankruptcy Court, which is a specialized federal court that handles a large volume of both consumer and business bankruptcies each year. After following the formal procedures in its bylaws (e.g., board resolution or shareho...
Chapter 7 bankruptcies liquidate much of the debtor’s property with the proceeds going towards the repayment of debts. The debtor, creditors and trustees hold a meeting to resolve the payment of the debts, usually through a combination of sales of assets and repayment using other income. Federal...
In this article, you'll learn when a lender will require a cosigner, and more, including the following: what happens to your cosigner if you file for Chapter 7 bankruptcy what happens to your cosigner in Chapter 13 bankruptcy a bankruptcy filing's impact on a cosigner's credit, and your ...
Chapter 13 bankruptcies act like consolidation loans in that they allow individuals to make plan payments to a trustee who will, in turn, distribute payments to creditors. Individuals under a Chapter 13 bankruptcy plan have no direct contact with creditors while making payments. ...
Asset Segregation is a great tool for normal bankruptcies. But, in the case of fraud or possible negligence, this asset segregation could have been compromised. In that case, the process can be extremely complicated. And at least part of the assets would likely be lost. ...
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In the past, some airlines have stepped in to offer stranded passengers a route home. This rarely happens now, and if airlines do offer assistance it is likely to be a discounted fare, rather than recognizing the ticket that’s already been purchased. If the government or other airlines aren...
If you decide to proceed with personal bankruptcy, you will have two types to choose from: Chapter 7 or Chapter 13. They differ primarily in what happens to yourassetsand how yourdebtsare discharged. Chapter 7 Bankruptcy Chapter 7bankruptcy essentially liquidates your assets to pay your creditors...
Even though credit default swaps (CDS) are basically insurance policies against the default of a bond issuer, many investors used these securities to take a view on a particular credit event. The major bankruptcies in the fall of 2008 caught some investors in these contracts off-guard; after ...