by garywojtan | Aug 28, 2009 | Bankruptcy
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) Background A chapter 13 bankruptcy is also called a wage...
by garywojtan | Aug 28, 2009 | Bankruptcy
Background A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors)...
by garywojtan | Aug 22, 2009 | Bankruptcy
The bankruptcy discharge varies depending on the type of case a debtor files: chapter 7, 11, 12, or 13. Here, we’ll attempt to answer some basic questions about the discharge available to individual debtors under all four chapters. What is a discharge in...
by garywojtan | Aug 21, 2009 | Bankruptcy
Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Such debtors...
by garywojtan | Aug 21, 2009 | Bankruptcy
Article I, Section 8, of the United States Constitution authorizes Congress to enact “uniform Laws on the subject of Bankruptcies.” Under this grant of authority, Congress enacted the “Bankruptcy Code” in 1978. The Bankruptcy Code, which is...
by garywojtan | Jul 17, 2009 | Bankruptcy
Bankruptcy is a legal process that provides relief to many individuals who can no longer pay all of their debts. The Bankruptcy Basics video series provides basic information to debtors, creditors, court personnel, the media, and the general public on different...
