Sentences with phrase «allowed under the bankruptcy»

First, paying off some creditors (but not others) is not allowed under the bankruptcy code because you are favoring one creditor over another.

Not exact matches

Snyder's decision allowed Detroit Emergency Manager Kevyn Orr to make a filing under Chapter 9 of the federal bankruptcy law.

Lenders would take control of the Melville, New York - based company under a «pre-packaged» Chapter 11 reorganization, which Sbarro on Monday said could allow it to made a «quick exit» from bankruptcy before May 7.

And, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.

Bankruptcy is a process that allows an individual or business to eliminate or repay a portion of their debt, or at times all of their debt, under the protection of the United States federal bankrupBankruptcy is a process that allows an individual or business to eliminate or repay a portion of their debt, or at times all of their debt, under the protection of the United States federal bankruptcybankruptcy court.

Also you know that unless you have a plan that is approved to catch up on your debt under a Chapter Thirteen, then the bankruptcy will not usually allow you to keep property when your creditor has an unpaid security lien or mortgage on it.

When reaffirming your auto loan, the bankruptcy court is allowing you to exclude this debt from the bankruptcy, meaning you can keep the car and continue to pay under the original or newly negotiated terms.

A: Bankruptcy is a protection under federal law that allows a person to reorganize outstanding debts.

Bankruptcy law is not meant to punish you; it allows you to keep your property under what are called «exemptions» (things you get to keep) and give you a fresh financial start.

Filing Chapter 7 or Chapter 13 Bankruptcy does not discharge all debts including student loans, current tax obligations, debts from willful and malicious injuries to persons or property, debts for personal injuries caused from the debtor's operation of a motor vehicle while under the influence of alcohol or drugs, debts from fraudulent actions, Debts that were not included in the bankruptcy schedules in time to allow creditors to file proofs of claim (unscheduled debts), and child support or spousaBankruptcy does not discharge all debts including student loans, current tax obligations, debts from willful and malicious injuries to persons or property, debts for personal injuries caused from the debtor's operation of a motor vehicle while under the influence of alcohol or drugs, debts from fraudulent actions, Debts that were not included in the bankruptcy schedules in time to allow creditors to file proofs of claim (unscheduled debts), and child support or spousabankruptcy schedules in time to allow creditors to file proofs of claim (unscheduled debts), and child support or spousal support.

In a Chapter 7 case, the most common type of personal bankruptcy, the court doesn't allow an individual to keep their assets, but most exemptions allowed under state and federal law are large enough to cover a secured debt such as a house mortgage a car loan.

These schedules will be used by the bankruptcy court to check against state and federal exemption laws which allows the filer to keep the unsecured assets listed under most circumstances.

Under Chapter 11 bankruptcy the business is allowed to reorganize their business and create a repayment plan, although the business becomes what is termed a «debtor in possession» keeping ownership of the business and maintaining control of their day to day business operations.

Bankruptcy courts take very serious their obligation under bankruptcy laws to provide a certain level of protection to both creditor and debtor while allowing the honest person to work their way out of a bad financial situation, or in some cases, to completely stBankruptcy courts take very serious their obligation under bankruptcy laws to provide a certain level of protection to both creditor and debtor while allowing the honest person to work their way out of a bad financial situation, or in some cases, to completely stbankruptcy laws to provide a certain level of protection to both creditor and debtor while allowing the honest person to work their way out of a bad financial situation, or in some cases, to completely start fresh.

There are certain assets that can be protected and other assets that you may not be allowed to keep under a Chapter 7 bankruptcy plan.

Personal bankruptcy is a legal process under the Bankruptcy and Insolvency Act to allow someone who is struggling financially with overwhelming debt to eliminate that debt and sbankruptcy is a legal process under the Bankruptcy and Insolvency Act to allow someone who is struggling financially with overwhelming debt to eliminate that debt and sBankruptcy and Insolvency Act to allow someone who is struggling financially with overwhelming debt to eliminate that debt and start over.

Speed kills; a handoff to the bankruptcy court with the US Treasury backstopping the firm in the short run would be the best minimalist solution, stopping contagion, and allowing for an orderly resolution of competing claims under conditions transparent to the US taxpayer.

Also, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.

Filing for bankruptcy under Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, that they might otherwise lose through the Chapter 7 bankruptcy process.

In a move to force more debtors into a Chapter 13 Wage Earner repayment plan, instead of allowing for a straight liquidation bankruptcy under Chapter 7, the trustee or any creditor can bring a motion to dismiss a Chapter 7 application if the debtor's income is greater than the state median income.

A consumer proposal was added to the Bankruptcy and Insolvency Act in Canada as a way to allow individual to make an offer to settle their debts with their creditors for less than they owe yet still receive the protection available under the Act.

As but one illustration, section 523, «Exceptions to Discharge,» starts with, «A discharge under section 727, 1141, 1228 (a), 1228 (b), or 1328 (b) of this title does not discharge an individual debtor...» In Bankruptcy II, each of those cross-references is a hyperlink, allowing you to jump to the referenced section.

Insolvency practitioners say that Criminal Bankruptcy Orders would allow the retrieval of funds from defendants more effectively than is possible under the current system of confiscation or criminal orders.

This 3 - 5 year plan allows you time to catch up on past due bills while under bankruptcy protection that may stop collections and repossessions.

Not only can it speed up the process, but having this information available when you consult will allow a bankruptcy lawyer to advise you more specifically on the type of filing that's best for you under your particular circumstances.

For people who have fallen behind on their bills but have regular income, filing bankruptcy under Chapter 13 may allow the breathing room they need to get back on track with their payments and keep their property.

If you're struggling to pay your bills each month, filing for bankruptcy under Chapter 13 may allow to you get back on track by reorganizing your debts into one affordable monthly payment.

The problem here was that Baker Botts arose under the Bankruptcy Code now allowing for compensation of such work, unlike LHWCA's specialized fee - shifting statute, 33 U.S.C. § 928 (a), which does allow compensation for time spent establishing the entitlement to and amount of recoverable attorney's fees.

The High Court held that the divorce payout amounted to a «transaction at undervalue» and that under the Insolvency Act, s 339 this allowed the husband's trustees in bankruptcy to ask for it back since it was made within five years before the bankruptcy.

Allow home owners to shed excess mortgage debt by filing for bankruptcy, marking their home to market, securing replacement financing for new market amount under terms set by court, and treating the remaining amount as unsecured debt.