Sentences with phrase «property under the bankruptcy»

You may be able to keep all or most of the property under Bankruptcy law.

Simply put, can a commercial fishing license be defined as property under the Bankruptcy and Insolvency Act?

Not exact matches

Until recently, the 34 - acre property was part of Tropicana Entertainment, a former division of U.S. billionaire Bill Yung?s hospitality empire, which filed to restructure under Chapter 11 provisions of the U.S. Bankruptcy Code in 2008.

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.

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.

In situations where a borrower is underwater on their mortgage, the amount of the debt that exceeds their property value is treated under the Bankruptcy Code as unsecured, often paid at much less than 100 % under the terms of a chapter 13 plan.

Destroying records, lying under oath, hiding property, and / or not being able to explain why certain property is missing from your bankruptcy estate are other big reasons a bankruptcy can fail.

Though bankruptcy can help you restructure or cancel most personal loans, the nonprofit organization Legal Action of Wisconsin notes that you may lose personal property, face forced repayment under court supervision, and carry a record of your bankruptcy on your credit report for seven years.

Your property becomes placed under the supervision of a bankruptcy trustee once you file, who may be able to sell some of your assets to pay back your debt, but this doesn't usually happen.

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.

Some of these people have found relief without losing their property by filing for Chapter 7 bankruptcy, which is detailed under Title 11 of the U.S. Code.

In this type of bankruptcy the court will appoint a trustee whose job it is to liquidate all property that is not exempt (or is in excess of what he or she may keep under law), and use the money raised to pay creditors.

In a personal bankruptcy in Ontario, you must assign all your assets to the trustee, except for exempt property (such as basic furniture, tools - of - trade and, under certain circumstances, the goods and services tax credit payments).

... all payments made or property transferred by or on behalf of the debtor to any persons, including attorneys, for consultation concerning debt consolidation, relief under the bankruptcy law, or preparation of a petition in bankruptcy within one year immediately preceding the commencement of this case.

These advantages are: to save your home from foreclosure; to reschedule secured debts; to provide protection for co-debtors; to consolidate your loans under one plan; to keep non-exempt property; to extend certain tax obligations, student loans, or other such qualifying debts; and to qualify for bankruptcy relief.

Under Bankruptcy Law, your non-exempt property may be sold to pay some of your debts, however, only a small percentage of cases have property sold.

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.

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.

Be sure to note that under a Chapter 7 bankruptcy, most debtors keep their property — so your assets most likely will be protected.

Some advantages bankruptcy protection might offer a bankrupt debtor is that you can obtain an automatic stay which means the mere request for bankruptcy protection automatically stops and brings to a cessation certain lawsuits, foreclosures, utility shut - offs, evictions, repossessions, garnishments, attachments, and debt collection harassment, filing might save your home, you can reschedule secured debts, you can receive protection for co-debtors you can keep all non-exempt property, you can consolidate all your loans under one plan, all or part of your loans may be completely forgiven, and you can extend certain tax obligations, student loans, or other such qualifying 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.

Under Section 548 of the Bankruptcy Code, the Trustee may avoid or set aside a transfer of property made by a debtor if there is an actual intent to defraud, hinder or delay creditors or if the debtor was insolvent at the time of transfer and did not receive less than full value.

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.

Property is typically protected under the bankruptcy laws with the appropriate bankruptcy plan.

Debts which are not eligible for discharge are listed under the Bankruptcy Code 11 U.S.C. § 523 and include fraudulent Actions, student loans (unless payment will impose an «undue hardship» to such an extent that the debtor will not be able to maintain even a minimal living standard), child and spousal support, current tax obligations, and debts from willful and malicious injuries to persons or property or debts for personal injuries caused from the debtor's operation of a motor vehicle while under the influence of alcohol or drugs.

Under Chapter 7, you'll surrender all of your non-exempt property to the Bankruptcy Trustee.

Additionally, you can keep up to $ 1,000 equity in personal property, such as furniture, art, and electronics, or $ 4,000 equity in personal property if you're not using the homestead exemption; up to $ 1,000 in equity of your vehicle — more if filing bankruptcy jointly with your spouse; and pensions and most retirement accounts, under federal non-bankruptcy exemptions.

Chapter 13 bankruptcy is used when there is property they may want to keep like a mortgage that is about to be foreclosed on or other assets that would be liquidated under chapter 7 bankruptcy.

Bankruptcy gives the borrower the option of surrendering the property back to the bank with no continuing obligation under the mortgage and no corresponding tax liability for the forgiveness of debt (usually a taxable event).

OTHER PUBLIC RECORDS SEARCHES: In addition to the real and personal property searches described above, the target should also be searched to determine if there are any past or present bankruptcy filings, if it has provided any security under the Bank Act of Canada, if the target or its shareholders are involved in any past or present litigation and if there are any violations or unpaid remittances with the Canada Revenue Agency, Employment Standards Branch, Workplace Safety and Health, Workers Compensation Board or other governmental agencies.

Up to $ 25,000 worth of real or personal property when filing under federal bankruptcy law.

• By attempting to extract security deposits or the performance of abandonment obligations on a transfer of AER licenses, the AER was in effect transferring the proprietary value in the bankrupt estate from the underlying real property assets of Redwater (which were interests in its oil and gas properties) to the AER licenses, contrary to the scheme of distribution contemplated under the Bankruptcy and Insolvency Act.

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.

In a bankruptcy, insolvency practitioners» powers include the court - sanctioned ability to: interview under compulsion; search and seize property associated with fraud; obtain freezing orders on assets; overturn transfers of assets to third parties; obtain passport orders to prevent bankrupts from leaving the country; and order the delivery up of records.

Under Chapter 13 bankruptcy you may be able to keep most of your property and work out a debt repayment plan to catch up on past due debts.

If you own a multi-family home under a Chapter 13 bankruptcy you can have the court deem the loan secured up to the fair market value of the property.

Your property may also be protected under certain state exemptions and should be with you when you emerge from bankruptcy.

Debtors who file for bankruptcy under Chapter 13 typically own more property and have some income.

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Conceding that this may appear unfair, the Court also pointed out that the wife's equalization claim in this case was based primarily on the value of a single asset: the farm property, which happened to be exempt from bankruptcy under Manitoba legislation and therefore not accessible to creditors.

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.

Filed Under: Alternative Dispute Resolution, Collaborative Divorce, Collaborative Law, Divorce - General, Divorce Tips, Equitable Distribution, How we work, Practical Advice Tagged With: Bankruptcy, Collaborative Divorce, Collaborative Law, Counseling, divorce, Equitable Distribution, Marital Property, Separate Property, Separation Agreement

Notwithstanding the terms of a consent order, which provided that a sale of a matrimonial home in which a bankrupt had an interest be postponed until the happening of specified events, it would be open to a court, on an application by his trustee in bankruptcy under s 14 of the Trusts of Land and Appointment of Trustees Act 1996, to make an order for the sale of the property.

The bankruptcy court is concerned about the property subject to the claims of creditors and the possibility of collusion, that is, that a husband and wife may act together under the pretext of a divorce to defeat their creditors.

When a company is placed in bankruptcy, all the bankrupt's «property» comes under the administration of the bankruptcy trustee.

Her argument hinges on what she submits is a necessary link between a lift - stay order and a spouse's ability, before bankruptcy, to obtain an order granting a proprietary interest in the other spouse's property under s. 9 (1) of the Family Law Act (FLA).