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Facts - Books - News U.S. Facts Of Law: |
Bankruptcy Proceedings
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There are several types of bankruptcy in the
United States. Bankruptcy proceedings under
chapters 11 , 12 , and 13 allow for the
reorganization of a debtor's debts allowing him/her
to use future earnings to pay off creditors. Under
chapter 7, 12, 13, and some 11 proceedings, a court
appointed trustee supervises the liquidation of a
debtor's assets to satisfy creditors. Chapter 11
bankruptcy proceedings are usually used by large
corporations and are more complicated than those
under chapter 13. Bankruptcy proceedings may
be voluntarily instituted by the debtor or, in some
cases, involuntarily instituted by ones creditors.
Chapter 13 and chapter 12 bankruptcy are very
similar. However, the latter is only available
to farmers and ranchers and allows for a larger amount
of debt. And, chapter 9 bankruptcy is available
to municipalities who cannot meet their financial
obligations.
Under recent changes to bankruptcy laws, debtors
filing for chapter 7, liquidation, bankruptcy must
wait eight years between separate filings. It
also stipulates that mandatory counseling classes be
attended after the required online filing.
Prior to filing for bankruptcy bill collectors may
not contact you at unreasonable hours at home and may
not disclose your financial situation to your
employer, friends or relatives. They may not
contact you at work either if they know your employer
disapproves of such contact. If you have
retained an attorney they may only contact you through
your attorney.
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Bankruptcy Proceedings News
GN News
• Up Close American Airlines Bankruptcy Plans Tulsa World
Up close American Airlines bankruptcy plansTulsa WorldAmerican announced bankruptcy plans last week, which include cutting 13000 workers companywide and 2100 workers at its maintenance plant in Tulsa. Bankruptcy proceedings could last into next year. LM Otero/Associated Press By ASSOCIATED PRESS World and more raquo
• Milwaukee Archdiocese Faces 550 Abuse Claims In Bankruptcy Proceeding Cathol...
Chicago TribuneMilwaukee archdiocese faces 550 abuse claims in bankruptcy proceedingCatholic CultureThe claims were filed just before a deadline imposed by bankruptcy court proceedings. The Milwaukee archdiocese filed for bankruptcy protection last year, citing the likely costs of sex abuse settlements. The archdiocese has asked the court to dismiss Archdiocese Angers Many by Contesting Abuse ClaimsNew York Times550 claims against Milwaukee archdioceseUPI.com500 abuse claims expected against Wisconsin archdioceseChicago TribuneWISN Milwaukee Fox Newsall 564 news articles raquo
• Hungary Moves To Protect Malev From Bankruptcy Proceedings Reuters
euronewsHungary moves to protect Malev from bankruptcy proceedingsReutersMonday39s government decree, signed by Prime Minister Viktor Orban, prevents creditors from launching bankruptcy proceedings against Malev, which employs 2600 people. It also allows a government body to run any liquidation procedure started against the Malev on the brink as state bids to head off bankruptcyIrish IndependentMalev Says Airline 39Unviable,39 Hungary May Not Be Able to HelpBusinessWeekHungary Steps in to Shelter National AirlineWall Street Journal blogIrish Timesall 39 news articles raquo
• Kate Bleasdale Near Brink Of Bankruptcy Telegraph.co.uk
Telegraph.co.ukKate Bleasdale near brink of bankruptcyTelegraph.co.ukPhoto: Marina Imperi By Jonathan Russell Legal disputes, being sacked from the company she set up and unpaid debts have led to one of her creditors filing bankruptcy proceedings against her. The case is due to be heard at Kingston County Court on
• Another Solyndra Grant Recipient Ener1 In Bankruptcy Proceedings Politico Blog
Daily CallerAnother Solyndra Grant recipient Ener1 in bankruptcy proceedingsPolitico blogEner139s filing, in US Bankruptcy Court for the Southern District of New York, is part of a pre packaged plan that will restructure the company and bring in as much as 81 million in new capital. Biden visited one of Ener139s factories exactly one year Ener1, Inc. Reaches Agreement With Primary Investors and Lenders on Plan to Sacramento BeeEnergy Dept. defends 118M grant to bankrupt battery makerDaily Callerall 250 news articles raquo
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