Sentences with phrase «creditors in a bankruptcy case»

There are three kinds of creditors in bankruptcy cases: secured creditors (typically home mortgages and car loans), priority creditors (typically tax and child support and maintenance obligations) and general unsecured creditors (credit cards, medical bills, etc.).

He's represented creditors in bankruptcy cases across the country, including Florida, California, Texas, Delaware, New York, and Pennsylvania.

Significant experience serving as counsel to secured creditors in bankruptcy cases, receivership cases, and insolvency - based litigation

Significant experience as counsel to unsecured creditors in bankruptcy cases, receivership proceedings, and insolvency related litigation.

Not exact matches

«The fact that you have a bankruptcy where the only asset that it owns goes up by 5,000 %, that's pretty unprecedented,» says Daniel Kelman, a lawyer and Mt. Gox creditor who spent a year in Tokyo working on the case.

In some cases, these retailers were able to come to an agreement with their creditors and restructure their debts without going through bankruptcy court, as the threat of bankruptcy motivates the creditors to negotiate.

Jackson's original bankruptcy case was discharged in 2017 after the rapper paid a total of $ 22 million to creditors to settle his debts.

On the other hand, according to the Measures for the Administration of Securities Investor Protection Fund 《 證券投資者保護基金管理辦法 》, the functions of China Securities Investor Protection Fund (CSIPF, 中國投資者保護基金) include «indemnifying creditors as required by China's relevant policies in case a securities company is subjected to compulsory regulatory measures including dissolution, closure, bankruptcy and administrative takeover by China Securities Regulatory Commission (CSRC) and custodian operation» or «other functions approved by the State Council».

In all bankruptcy cases, you only have to go to a proceeding called the «meeting of creditors» (also called a «341 meeting») to meet with the bankruptcy trustee and any creditor who chooses to come.

The reason being that federal law protects retirement accounts from creditors in the event you file for bankruptcy (up to $ 1 million dollars in the case of IRAs).

If, under the standards in the law, the consumer is found to have a certain amount left over that could be paid to unsecured creditors, the bankruptcy court may decide that the consumer can not file a chapter 7 case, unless there are special extenuating circumstances.

Bankruptcy will not normally wipe out: (1) money owed for child support or alimony, fines, and some taxes; (2) debts not listed on your bankruptcy petition; (3) loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan; (4) debts resulting from «willful and malicious» harm; (5) student loans owed to a school or government body, except if the court decides that payment would be an undue hardship; (6) mortgages and other liens which are not paid in the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is taken back by the Bankruptcy will not normally wipe out: (1) money owed for child support or alimony, fines, and some taxes; (2) debts not listed on your bankruptcy petition; (3) loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan; (4) debts resulting from «willful and malicious» harm; (5) student loans owed to a school or government body, except if the court decides that payment would be an undue hardship; (6) mortgages and other liens which are not paid in the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is taken back by the bankruptcy petition; (3) loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan; (4) debts resulting from «willful and malicious» harm; (5) student loans owed to a school or government body, except if the court decides that payment would be an undue hardship; (6) mortgages and other liens which are not paid in the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is taken back by the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is taken back by the bankruptcy will wipe out your obligation to pay any additional money if the property is taken back by the creditor).

So if they file a bankruptcy, the fewer creditors that file claims, the less the debtor has to pay back in chapter 13 plan payments or a chapter 7 buyback (a chapter 7 case which has assets that are unexempt).

In the case of a Chapter 13 bankruptcy, the debtor pays disposable income into a monthly «plan» to pay creditors.

In a typical Chapter 7 bankruptcy case, the meeting of creditors will last anywhere from 5 to 10 minutes with a finding of no assets in the overwhelming majority of caseIn a typical Chapter 7 bankruptcy case, the meeting of creditors will last anywhere from 5 to 10 minutes with a finding of no assets in the overwhelming majority of casein the overwhelming majority of cases.

Under the Chapter 7, the bankruptcy court orders an appointed case trustee to sell your properties and distribute the proceeds to your creditors based on the priorities established in the Code.

Usually your creditors accept this if they think you might opt for bankruptcy in which case they might end up getting nothing.

The 180 - day wait period to refile a dismissed bankruptcy case was put in place because of the power of the automatic stay and its ability to stop creditors in their tracks.

Bankruptcy, although a last resort, will stop foreclosure dead in its tracks due to the automatic stay that freezes all creditor collection actions the minute a case is filed.

The Trustee is your creditors» representative in your bankruptcy case.

In those cases — and if you are current on payments — you can surrender the property to pay off creditors; reaffirm the debt and continue to pay it after the bankruptcy; or redeem it by paying the creditor the replacement value of the property.

Federal laws known as the federal «non-bankruptcy exemptions» protect ERISA - qualified and tax - exempt retirement accounts from creditors; these laws apply in Nevada bankruptcy cases.

In a chapter 13 case, the debtor puts forward a plan, following the rules set forth in the bankruptcy laws, to repay certain creditors over a period of time, usually from future incomIn a chapter 13 case, the debtor puts forward a plan, following the rules set forth in the bankruptcy laws, to repay certain creditors over a period of time, usually from future incomin the bankruptcy laws, to repay certain creditors over a period of time, usually from future income.

In a chapter 12 case, to participate in distributions from the bankruptcy estate, unsecured creditors must file their claims with the court within 90 days after the first date set for the meeting of creditorIn a chapter 12 case, to participate in distributions from the bankruptcy estate, unsecured creditors must file their claims with the court within 90 days after the first date set for the meeting of creditorin distributions from the bankruptcy estate, unsecured creditors must file their claims with the court within 90 days after the first date set for the meeting of creditors.

If that happens, the court is likely to convert their bankruptcy action to a Chapter 7 case, in which their property could be sold to pay creditors.

In some cases, a creditor may take the additional step of filing a lawsuit within the bankruptcy to object to the discharge of a debt.

If the creditors don't cease collection activities, then you can notify the bankruptcy trustee in your case along with your attorney.

The Means Test was designed to determine whether or not you qualify to file a case under chapter 7 of the Bankruptcy Code, and if not, how much you need to pay your unsecured creditors in a chapter 13 case.

If you choose to file a chapter 13 case in which you repay your creditors what you can afford over 3 to 5 years, you may also want help with preparing your chapter 13 plan and with the confirmation hearing on your plan which, if held, will be before a bankruptcy judge.

In case of a bankruptcy an RRSP is, as an asset, liquidated and the funds are distributed to creditors.

In this case, the consumer might just explain to his creditors that he is judgment proof — can not pay — and does not intend to file bankruptcy or seek any other form of debt relief program.

In these cases creditors like your credit card company, unsecured loan company etc. understand that if you do not receive relief from the monthly payments you may find yourself in bankruptcy courIn these cases creditors like your credit card company, unsecured loan company etc. understand that if you do not receive relief from the monthly payments you may find yourself in bankruptcy courin bankruptcy court.

All you need is one «unreasonable» creditor to sue you, get a wage attachment, or put a lien against your house and you will be forced, in most cases, to file bankruptcy to protect your property.

Some of the common things consumers do before they consider bankruptcy include: • Cash out their retirement funds to pay debt • Pay a debt settlement company to settle their debts • Settle their debt by dealing directly with the creditor or its attorney In some cases, these bankruptcy alternatives can be just what the doctor ordered, however in others they can put you in deeper trouble without meaningful debt relieIn some cases, these bankruptcy alternatives can be just what the doctor ordered, however in others they can put you in deeper trouble without meaningful debt reliein others they can put you in deeper trouble without meaningful debt reliein deeper trouble without meaningful debt relief.

The minute a bankruptcy cases filed, an injunction called the automatic stay is issued, which prohibits creditors from trying to collect on debts that were included in the bankruptcy.

In the end, they paid one last fee — $ 50 — to be listed as a creditor on their former tenant's bankruptcy case.

Liability protection doesn't work in that direction because you're the owner of the LLC, and so the assets of the LLC are still considered yours and their value of the LLC as a whole would be considered by creditors in cases of bankruptcy.

A creditor may be willing to accept debt settlement if they believe you are unable to pay the debt in full and may resort to declaring bankruptcy, in which case the creditor may have to wait in line with other creditors and possibly receive nothing.

Because you can't refile for 8 years (in case of Chapter 7 bankruptcy) and the creditors know they've got you.

That means all creditors will have to go through a US Bankruptcy Court trustee in order to deal with their debtors, and in the case of our debtor in the illustration, the stay would have stopped any debt collection activity that might have been keeping him awake at nights.

Simply put, filing for bankruptcy is a legal proceeding that is designed to protect both creditor and debtor and to allow the honest person or business to work their way out of a bad financial situation, or in some cases, to completely start fresh.

In these cases I often discourage bankruptcy and instead write each creditor advising the creditor that my client is judgment proof with no source of funds that can be garnished.

In urgent cases, we will contact the creditor immediately upon filing the bankruptcy petition, especially if a lawsuit is pending.

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.

On top of that, the property the creditor has targeted to seize may have state or federal exemptions protecting the asset in a bankruptcy case.

As well as a charge to pay / charge for payment, in some cases your creditor will have to send you a copy of the Accountant in Bankruptcy Debt Advice and Information Package booklet.

In most cases, the only people likely to do a search are a bankruptcy trustee (to see if you have filed bankruptcy before) or possibly a creditor (to confirm that you have filed).

Chapter 7 is the most common consumer debt bankruptcy filing - in a chapter 7 case, a case trustee is assigned to collect any Non-exempt Assets or recover avoidable payments by the debtor and turn the assets / payments into money to pay creditors.

In the case of a bankruptcy scenario, creditors to the company are paid back based on their hierarchy in the capital structurIn the case of a bankruptcy scenario, creditors to the company are paid back based on their hierarchy in the capital structurin the capital structure.

First, if the creditor knows that the debtor has filed a bankruptcy case, even if the creditor wasn't listed in the bankruptcy schedules, that debt can be discharged.