Voluntary Proceedings Most bankruptcy petitions are voluntary. Any individual whom is eligible can be a debtor under a chapter.  Said individual may file under it. The debtor does not need to be insolvent, and no minimum debt or number of creditors is required. A voluntary petition results in an automatic order for relief. In…

Originally posted 2018-07-24 20:40:12.

  The U.S. Constitution (Article I) gives Congress the exclusive power to establish “uniform Laws on the subject of Bankruptcies throughout the United States.” The Federal statute is the Bankruptcy Reform Act of 1978. Significant amendments have been made by the Bankruptcy Reform Act of 1994 and the Bankruptcy Abuse Prevention and Consumer Protection Act…

Originally posted 2018-07-24 20:37:57.

  A lien is a legal claim on property, either real or persona, as security for payment or performance of a debt or obligation. There are different type of liens.  The level of severity for each lien is judged by the order of their acquisition. However, the Government has the power to establish the overall…

Originally posted 2018-07-23 23:17:20.

Chapter 7 Bankruptcy The Chapter 7 Bankruptcy liquidation approach converts a debtor’s non-exempt assets to cash distributed in conformity with the Code. An honest debtor is discharged from most of the remaining debts and given a fresh start. Eligible debtors include individuals, partnerships, and corporations. Among others, the following entities are generally not eligible to…

Originally posted 2018-07-31 17:31:28.

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