Sentences with phrase «creditors under chapter»

The company filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy code.

A voluntary bankruptcy is commenced when you file a petition with the Bankruptcy Court requesting protection from your creditors under Chapter 7 or Chapter 13.

4) Borders files for protection from creditors under Chapter 11 of the federal Bankruptcy Code 5) The final chapter of Stephen Baker's Final Jeopardy! finally arrives on my Kindle, late in the day on the day after IBM's Watson gave a digital thumpin'to the best human Jeopardy players on the planet.

As his clients» ally, Roy represents both debtors and creditors under all chapters of the Bankruptcy Code.

Not exact matches

Chapter 9 protects financially distressed municipalities from creditors while their debts are resolved under the direction of a bankruptcy judge.

You may not file under any chapter if within the preceding 180 days you had a prior bankruptcy petition dismissed due to your willful failure to appear before the court or comply with court orders, or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property on which they hold liens.

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.

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.

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.

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.

A: When you file for bankruptcy under either Chapter 7 or Chapter 13, an agreement is reached between you and your creditors.

A debtor can not file under chapter 12 (or any other chapter) if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.

Under Chapter 13 Bankruptcy the debtor creates a 3 to 5 year debt bankruptcy repayment plan to repay creditors; payment amounts are based on a strict expense - to - income formula.

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.

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 spousal support.

In chapter 13, it is possible to keep these unexempt assets IF the debtor pays the creditors the value of the asset through the chapter 13 plan.For example, say a debtor is using the New York exemptions and has a car worth $ 10,000, with no loan, and can only exempt $ 4,000 under New York's motor vehicle exemption.

(II) any additional payments to secured creditors necessary for the debtor, in filing a plan under chapter 13 of this title, to maintain possession of the debtor's primary residence, motor vehicle, or other property necessary for the support of the debtor and the debtor's dependents, that serves as collateral for secured debts;

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.

Typical restructuring under Chapter 13 allows for you to repay your creditors and keep your assets.

(3) Any creditor licensed under this chapter adjudged after May 20, 1996 by a court of competent jurisdiction in any civil action to be in deliberate violation of or in reckless disregard for this chapter shall within 10 days of such adjudication forward a copy of the judgment to the administrator.

whether the consumer credit transaction or other transaction is made under the provisions of the National Housing Act, or where the creditor is exempt from licensing under this chapter, (ii) where the credit transaction is not a consumer transaction, (iii) where the credit transaction is by a trust institution as defined in Section 5 - 12A - 1 (1), in its capacity as a fiduciary under any plan or agreement qualified under 26 USC 401 (a) or defined by 5 USC 8437, 26 USC 403 (b), or 26 USC 457, or a trust exempt under 26 USC 501, or (iv) to any municipal pension system created under the laws of the State of Alabama.

You no longer need to make payments to your creditors (though you will have to make payments to the bankruptcy trustee under a Chapter 13 bankruptcy) and your creditors will no longer be permitted to contact you.

Except as provided in subsection (a), any creditor who fails to comply with any requirement imposed under this chapter with respect to any person is liable to the person only for the actual economic damages sustained by the person as the result of the failure.

(a) The administrator may bring an action to restrain a creditor or a person acting in his behalf from engaging in any business subject to licensing under subsection (a) of Section 5-19-22 without first obtaining a license therefor as provided in Section 5-19-22 and a licensee or any person acting in his behalf from engaging in violations of this chapter or engaging in a course of fraudulent or unconscionable conduct in inducing debtors to enter credit transactions or in the collection of debts.

(c) As to transactions entered into after May 20, 1996, a creditor shall have no liability under this chapter for any act or practice done or omitted in conformity with any (i) regulation of the administrator, or (ii) any rule, regulation, interpretation, or approval of any applicable Alabama or federal agency or any opinion of the Attorney General, notwithstanding that after such act or omission has occurred, the regulation, rule, interpretation, opinion, or approval is amended, rescinded, or determined by judicial or other authority to be invalid for any reason; provided, however, that any interpretation or opinion issued after May 20, 1996, shall not have any effect on any litigation pending on May 20, 1996, nor shall any interpretation or opinion issued after May 20, 1996, have any effect on litigation if issued subsequent to filing of the litigation.

(a) The provisions of this chapter, except the provisions of subdivision (1) of Section 5 -19-1 and Section 5 -19-3, shall not apply (i) to any consumer credit transaction or other transaction involving an interest in real property or the sale, lease, or mortgage of an interest in real property where the creditor is an approved mortgagee under the provisions of the National Housing Act irrespective of

Except as set forth in subsection (a), no action may be brought by the debtor under this section based upon a violation of any provision of this chapter more than two years after the date the violation occurred; provided, however, this limitation shall not bar a debtor from asserting a violation of this chapter in an action brought by the creditor, as a matter of defense by recoupment or setoff in such action, if otherwise allowed by law.

Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

If a debtor's current net monthly income (based on the last six month's average), less one - sixtieth of secured payments and priority debts, less allowed expenses permitted by the IRS and certain other allowed expenses, is greater than $ 100 per month, the trustee or any creditor can request that you be required to file under Chapter 13.

Under the new law, if the vehicle was purchased within the past 2.5 years, the secured creditor must be paid in full in a Chapter 13 filing.

Under Chapter 13 debtors repay their creditors, either in full or in part, over a period of up to three years.

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.

Under Chapter 13, the court will take your disposable income for payment of creditors for 3 to 5 years.

When a Chapter 13 action is filed, it places a «stay» in effect under 11 U.S.C § § 362 that prohibits your creditors from harassing you or attempting further collection activities.

Under Chapter 7, the debtor generally does not pay anything bank to his or her creditors.

Because most Chapter 7 filers pay nothing to creditors, most people prefer to file under Chapter 7.

One - tenth of one percent of petitions filed by individuals with predominantly consumer debt were filed under chapter 11, which allows businesses and individuals to continue operating while they formulate plans to reorganize and repay their creditors.1

About 37 percent, up from 34 percent in 2014, were filed under chapter 13, in which individuals who have regular income and debts below a statutory threshold make installment payments to creditors under court - confirmed plans.

Approximately 63 percent of the petitions, down from 66 percent in 2014, were filed under chapter 7, in which a debtor's assets are liquidated and the nonexempt proceeds distributed to creditors.

The $ 575 million asset sale, approved by the Ontario Superior Court of Justice and the U.S. Bankruptcy Court for the District of Delaware, represents a new chapter for PSG, which commenced concurrent creditor protection proceedings in Toronto and Wilmington on October 31, 2016 under Canada's Companies» Creditors Arrangement Act and under Chapter 11 of the U.S. Bankruptcchapter for PSG, which commenced concurrent creditor protection proceedings in Toronto and Wilmington on October 31, 2016 under Canada's Companies» Creditors Arrangement Act and under Chapter 11 of the U.S. BankruptcChapter 11 of the U.S. Bankruptcy Code.

We have represented secured and unsecured creditors, creditors» committees, state regulatory agencies, financial institutions, lessors of both real and personal property, asset purchasers in sales under Section 363 of the Bankruptcy Code, and bondholders» interests in many cases, including large, complex Chapter 11 cases.

Sometimes, this can be referred to as a «mini Chapter 11 ″ because you typically repay something to your creditors and retain your property and make payments under a bankruptcy plan.

1932: The firm works to develop a more efficient mechanism for handling railroad failures and helps produce Section 77 of Chapter VIII of the 1933 Bankruptcy Act, which established the goal of getting the bankrupt company back on its feet with the cooperation of creditors and under the supervision of a trustee.

When you file a bankruptcy petition under Chapter 7, the court will appoint a bankruptcy trustee to liquidate your assets and pay off your creditors.

This is especially important when considering chapter 11, because under some circumstances chapter 11 can result in the change of ownership in a business or create an opportunity for creditors to take over a business.

As long payments are made on time, those under the Chapter 13 protections should be safe from foreclosure, repossession and creditor harassment.

In addition, under Chapter 13 bankruptcy, creditors are prohibited from contacting the debtor with collection calls and letters.

Under Chapter 7 bankruptcy law, certain assets may be seized by the bankruptcy court in order to pay creditors.

The decision will be welcomed by secured creditors (and distressed investors) who previously could be forced to accept replacement debt with below - market interest rates under a chapter 11 plan.

We represent debtors, secured and unsecured creditors, creditors committees, shareholders, asset purchasers, lenders, and trustees and examiners in all aspects of business reorganization cases under Chapter 11 of the United States Bankruptcy Code.