Problem 7.1. Assignment 7: Secured Creditors in Bankruptcy. Interest on Unsecured Claims

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Problem 7.1. Assignment 7: Secured Creditors in Bankruptcy. Interest on Unsecured Claims"

Transcription

1 Assignment 7: Secured Creditors in Bankruptcy Reference: Understanding Secured Transactions, 16.01, 16.02, Argossy owes CompuSoft $30,000 Work done: Feb. 15 Work billed: March 15 Petition date: Sept. 15 Today: Dec. 15 Contract interest rate: 18% ($450/month) Attorney fees incurred prior to bankruptcy: $400 Amount of CompuSoft s claim? Problem 7.1 Permissible elements of claim Liability for services provided = $30,000 Pre-petition interest = 18% = $2,700 Impermissible elements of claim Post-petition interest [ 502(b)(2)] Unclear elements of claim Pre-bankruptcy attorney fees ($400), but only if Argossy is liable for them under its contract with CompuSoft Thus, permissible claim is either: $32,700 (if K doesn t obligate Argossy for atty fees), or $33,100 (if K does obligate Argossy for atty fees) Interest on Unsecured Claims Why disallow post-petition interest on unsecured claims? [ 502(b)(2)] In liquidation, distribution is a zero-sum game Allowing unsecured creditors to accrue interest would just diminish dividend rate by increasing total claims Note, however: interest would still accrue on the debt under state law! [distinguish a debt and a claim] If case is dismissed (or discharge denied), creditor can recover interest that accrued on debt during bankruptcy 1

2 Payment of Claims As unsecured creditor, CompuSoft will be paid on its claim pro rata along with other unsecured creditors (after all priority creditors are paid) Problem 7.2: $59,575 available to unsecured creditors; $1,191,500 unsecured claims = dividend of 5% CompuSoft will get paid 5% of its total claim Balance of claim will be discharged (and written off, unless CompuSoft has a guarantor) Speedo Printing files Ch. 11 Speedo owes Commercial Investors (CI) $340,000 on petition date, plus 6 months of unpaid interest (prior to 12% Loan is secured by equipment (FMV = $400K) For what amount should CI file a proof of claim? Problem 7.3 In Problem 7.3, CI is an oversecured creditor (i.e., collateral s value >> amount of claim) Oversecured creditor can include any unpaid prepetition interest as part of its claim, and is also entitled to pendency interest (i.e., post-petition interest from petition date until discharge is granted or plan is confirmed) [ 506(b)] Contrast: unsecured creditors are not entitled to pendency interest [ 502(b)(2)] Right to accrue post-petition interest from equity cushion protects oversecured creditors from impact of delay caused by imposition of automatic stay Problem 7.3(a): CI s Claim Principal = $340,000 Accrued but unpaid interest pre-petition = $20,400 Total claim = $360,400 Because claim is oversecured, 506(b) entitles CI to receive pendency interest on its claim At 12%, this is $3,604 per month Debtor must either pay this amount to CI each month during pendency (i.e., until plan is confirmed), or CI gets to add that amount to the claim each month 2

3 Secured Claims and Chapter 11 A Chapter 11 debtor begins repaying its creditors once its plan has been confirmed Plan creates new payment terms for each creditor, replacing terms that existed pre-bankruptcy To confirm the plan over creditor objections, the plan must be fair and equitable [ 1129(b)(1)] For a secured claim, this means the plan must make total payments to the secured creditor = present value of creditor s secured claim [ 1129(b)(2)] Suppose Speedo s plan is confirmed after 3 months in bankruptcy, and Speedo didn t pay post-petition interest in cash during pendency At plan confirmation, CI s claim = $360,400 (secured claim at petition date) + $10,812 (3 months pendency interest at 12%) = $371,212 Under plan, Speedo must pay CI either: (1) a lump sum of $371,212 (or other property worth that amount) on the effective date of the plan, or (2) payments in installments, over time, that have a present value of $371,212 (i.e., $371,212 + interest) Problem 7.3(c): What if it takes Speedo 1 year to get its plan and get it confirmed by the court? Unpaid post-petition interest will be added to CI s claim until total claim reaches $400,000 (the value of the collateral) At that point, CI is no longer be oversecured At that point, CI won t be entitled to pendency interest any longer under 506(b) Speedo s secured claim thus maxes out at $400,000 Speedo Printing files Ch. 11 On petition date, Speedo owes CI $360,400 (including 6 mos. accrued but unpaid 12%) Loan secured by equipment (FMV = $325,000) For what amount should CI file a proof of claim? Problem 7.4 3

4 Problem 7.4: Which Is Correct? A. CI has a secured claim for $360,400, which will accrue postpetition (PP) interest B. CI has a secured claim for $325,000 (which accrues PP interest) and an unsecured claim for $35,400 (which doesn t) C. CI has a secured claim for $325,000 and an unsecured claim for $35,400; neither will accrue PP interest CI has a secured claim fo... 0% 0% 0% CI has a secured claim for... CI has a secured claim for... Bifurcation of Claims CI is an undersecured creditor (amount of the debt >>> value of the collateral) 506(a) bifurcates undersecured claims (i.e., it treats 1 claim as 2, for purposes of bankruptcy) Claim is secured, up to value of the collateral Rest of the total claim is unsecured claim Unsecured claim is only paid, pro rata, with claims of other unsecured creditors Problem 7.4 CI s total claim = $360,400 This total claim is deemed to be 2 claims: Secured claim = $325,000 (value of collateral) Because CI is not oversecured, no pendency interest accrues on this claim [ 506(b)] Unsecured claim = $35,400 No interest accrues on this claim [ 502(b)(2)] Problem 7.4(b): If Speedo s Plan Is Confirmed, What Is CI s Treatment? Secured claim: CI will get either (a) $325,000 lump sum in cash, or (more likely) (b) installment payments totaling $325,000 + interest [ 1129(b)(2)] Unsecured claim = percentage dividend (total assets/total unsecured claims) X $35,400 (this will be paid, typically, in a lump sum or in installments, but without interest) 4

5 Bankruptcy Distribution Problem 7.4(c) Does it matter to CI whether Speedo s plan is confirmed 3 months after petition date, or 1 year after petition date? Yes! The sooner, the better Because CI is undersecured, CI is not entitled to any pendency interest on its claim Thus, the longer Speedo takes to confirm its plan, the greater is CI s lost opportunity cost (we could ve loaned to someone who COULD pay!) Undersecured Claims and Interest Payments: Prior to effective date (during pendency of bankruptcy), Debtor pays no interest on secured portion of claim Petition Date Effective Date of Plan of Reorganization Debtor must pay interest on secured claim under plan (if not paid in full on effective date) [BC 1129(b)(2)(A)] Oversecured Claims and Interest Payments: Prior to effective date (during pendency of bankruptcy), Debtor must pay interest on oversecured claim [ 506(b)] Petition Date Effective Date of Plan of Reorganization Debtor must pay interest on secured claim under plan (if not paid in full on effective date) [BC 1129(b)(2)(A)] Assume you are a Chapter 7 trustee for Smith. On petition date, Smith owed Bank $10,000, secured by a SI in Smith s car. FMV of the car is only $4,000. What should trustee do? A. Abandon the car and let Smith and Bank fight it out B. Sell the car along with the other property of the bankruptcy estate Abandon the car and let... 0% Sell the car along with th... 0% Trustee may abandon property of the estate if it is burdensome to the estate or if the equity in the property is of inconsequential value to the estate [ 554(a)] Rationale: don t want to waste limited assets; trustee doesn t want to incur costs of preserving and selling collateral where there s nothing in it for the estate Abandonment re-vests title back into the debtor If trustee doesn t abandon voluntarily, court can order trustee to do so [ 554(b)] 5

6 Problem 7.6 You are Ch. 7 bankruptcy trustee for Perez On petition date, Perez owned home, subject to $850,000 mortgage debt Interest rate on mortgage = 10% Broker has offered to sell home for 6% commission (+ $10,000 in sale expenses) Broker: house worth $1MM, but market is slow Broker wants a 1-year listing agreement. Should you agree? What Should Trustee Do? A. Abandon the house now B. Don t abandon the house; sell it, however long it takes C. Try to sell the house for about 6 months, then abandon it, if it is still unsold Abandon the house now 33% 33% 33% Don t abandon the house... Try to sell the house for... If FMV = $1,000,000, First Capital is oversecured If house can be sold for $1,000,000 six months from now, that sale would produce total net surplus proceeds of $37,500 Principal = $850,000 6 months additional interest = $42,500 Expected broker fee, expenses of sale = $70,000 Total debt/costs of sale = $962,500 If sale takes >> 6 months, additional interest will consume most/all of remaining equity; thus, trustee probably won t list w/broker for longer than six month period 6

Bankruptcy. Assignment 18 Introduction to Bankruptcy (Claims; Automatic Stay; Relief from Stay; After-Acquired Property; Proceeds in Bankruptcy)

Bankruptcy. Assignment 18 Introduction to Bankruptcy (Claims; Automatic Stay; Relief from Stay; After-Acquired Property; Proceeds in Bankruptcy) Assignment 18 Introduction to Bankruptcy (Claims; Automatic Stay; Relief from Stay; After-Acquired Property; Proceeds in Bankruptcy) Bankruptcy is akin to financial death ; debtor s nonexempt assets, on

More information

Bankruptcy. Assignment 6: Bankruptcy and the Automatic Stay. Chapter 7 (Liquidation) Chapter 11 Reorganization

Bankruptcy. Assignment 6: Bankruptcy and the Automatic Stay. Chapter 7 (Liquidation) Chapter 11 Reorganization Assignment 6: Bankruptcy and the Automatic Stay Reference: Understanding Secured Transactions, 16.01, 16.02, 16.03 Federal law affects state debtor-creditor law (e.g., Art. 9) when debtor files for bankruptcy

More information

The Debtor in Possession

The Debtor in Possession Adequate Protection/Cash Collateral in Chapter 11 The Automatic Stay in Bankruptcy Patricia M. Gibeault David M. Pelletier Kevin D. Trost Axley Brynelson, LLP WISCONSIN BANKING LAW UPDATE Community Bankers

More information

adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court.

adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. Terminology adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. assume - An agreement to continue performing duties under

More information

THE BASICS OF CHAPTER 11 BANKRUPTCY

THE BASICS OF CHAPTER 11 BANKRUPTCY THE BASICS OF CHAPTER 11 BANKRUPTCY Bankruptcy is a legal proceeding in which a debtor declares an inability to pay consumer or business debts as they become due. Debtors may seek to be excused from continuing

More information

UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS

UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS Name of Debtor(s): Case No: This Plan, dated, is: the first Chapter 13 Plan filed in this case. a modified

More information

A GUIDE TO FILING FOR BANKRUPTCY PROTECTION UNDER CHAPTER 7 OF THE BANKRUPTCY CODE

A GUIDE TO FILING FOR BANKRUPTCY PROTECTION UNDER CHAPTER 7 OF THE BANKRUPTCY CODE A GUIDE TO FILING FOR BANKRUPTCY PROTECTION UNDER CHAPTER 7 OF THE BANKRUPTCY CODE Michael R. Totaro Totaro & Shanahan P.O. Box 789 Pacific Palisades, CA 90272 310 573 0276 (v) 310 496 1260 (f) Mtotaro@aol.com

More information

Chapter 12 is a reorganization for family farmers and fishing families, which is similar to Chapter 13.

Chapter 12 is a reorganization for family farmers and fishing families, which is similar to Chapter 13. GENERAL INFORMATION ABOUT THE BANKRUPTCY SYSTEM INCLUDING THE RIGHTS AND DUTIES OF CHAPTER 13 DEBTORS (and other information necessary to assist a debtor in completion of the chapter 13 plan) WHAT IS BANKRUPTCY?

More information

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 (Revised January, 2002) This booklet was prepared to help you understand how your Chapter 13 case works and answer most questions that arise during your Chapter

More information

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 BANKRUPTCY. Your Trustee is: Locke D. Barkley 601-355-6661. www.barkley13.com. Your Case Number is:

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 BANKRUPTCY. Your Trustee is: Locke D. Barkley 601-355-6661. www.barkley13.com. Your Case Number is: WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 BANKRUPTCY This booklet contains some basic, general information about your Chapter 13 bankruptcy. Read this pamphlet completely to understand your obligations

More information

BANKRUPTCY TERMINOLOGY

BANKRUPTCY TERMINOLOGY ADVERSARY PROCEEDING BANKRUPTCY TERMINOLOGY A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court. ASSUME An agreement to continue performing

More information

Bankruptcy Filing and Federal Employment Taxes. Bad investments, too great an assumption of risk, circumstances beyond their control.

Bankruptcy Filing and Federal Employment Taxes. Bad investments, too great an assumption of risk, circumstances beyond their control. I. What causes someone to file for bankruptcy? Bad investments, too great an assumption of risk, circumstances beyond their control. II. The options A. Individuals Chapter 7, Chapter 11, i Chapter 13 B.

More information

Advanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com

Advanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com Advanced Bankruptcy for Bankers Candace C. Carlyon, Esq. www.sheacarlyon.com 1 Pre Bankruptcy Review loan files, confirm collateral security, obtain as much information as possible Consider timing of remedies

More information

Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy

Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy Income Tax Valuation Insights Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy Robert F. Reilly, CPA, and Ashley L. Reilly Many professional practitioners and small business

More information

BANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY. New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L.

BANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY. New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L. BANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L. Roth WHAT IS BANKRUPTCY? A process in which individuals and entities

More information

EXHIBIT 5 1 Flow Chart for Chapter 7

EXHIBIT 5 1 Flow Chart for Chapter 7 EXHIBIT 5 1 Flow Chart for Chapter 7 The Filing of the Chapter 7 Petition Within 180 days of filing a Chapter 7 petition, an individual debtor must be briefed (including by telephone and on the Internet)

More information

Frequently Asked Questions Quick Reference Table

Frequently Asked Questions Quick Reference Table Frequently Asked Questions Quick Reference Table Question Chapter 7 Chapter 13 What occurs when an NCP files for bankruptcy? How does the obligor pay prepetition debt during the bankruptcy? What will happen

More information

UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN ORIGINAL CHAPTER 13 PLAN

UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN ORIGINAL CHAPTER 13 PLAN UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN In Re: Debtor(s), / Case #: Chapter 13 Hon. Filed: ORIGINAL CHAPTER 13 PLAN Check this box if this plan deviates in any way from the

More information

American Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours

American Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours American Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours NOTE: The Bankruptcy Multiple-Choice exam contains 50 questions. You must correctly answer

More information

BANKRUPTCY ISSUES RELATED TO MORTGAGE FORECLOSURES

BANKRUPTCY ISSUES RELATED TO MORTGAGE FORECLOSURES TABAS FREEDMAN Attorneys One Flagler Building 14 Northeast First Avenue, Penthouse Miami, Florida 33132 Telephone 305.375.8171 Facsimile 305.381.7708 www.tabasfreedman.com Gary M. Freedman gfreedman@tabasfreedman.com

More information

TYPES OF BANKRUPTCY There are three main types of bankruptcy cases. These are referred to by their chapter number in the Bankruptcy Code.

TYPES OF BANKRUPTCY There are three main types of bankruptcy cases. These are referred to by their chapter number in the Bankruptcy Code. SOME INFORMATION ABOUT BANKRUPTCY People who are having trouble paying their debts sometimes consider bankruptcy as a remedy for this situation. An individual, called a debtor, usually files bankruptcy

More information

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 11 Reorganizations

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 11 Reorganizations Agricultural Business Management FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 11 Reorganizations Phillip L. Kunkel, Jeffrey A. Peterson Attorneys, Gray Plant Mooty INTRODUCTION Most people assume that

More information

Bankruptcy Guide for Beginners

Bankruptcy Guide for Beginners Bankruptcy Guide for Beginners Answers to 20 common bankruptcy questions We hope you find this guide useful and informative. We look forward to helping you eliminate debt and get a fresh financial start.

More information

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING]

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING] UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING] Original plan Amended plan -- Date amended: The debtor's future earnings are submitted

More information

United States Bankruptcy Court District of

United States Bankruptcy Court District of B25A (Official Form 25A) (12/11) United States Bankruptcy Court District of In re, Case No. Debtor Small Business Case under Chapter 11 [NAME OF PROPONENT] S PLAN OF REORGANIZATION, DATED [INSERT DATE]

More information

Why File Bankruptcy?

Why File Bankruptcy? Why File Bankruptcy? You are trying to keep debts current, but are borrowing from one card to pay the other. You are trying to keep debts current by using your savings. You are trying to keep debts current

More information

WHAT IS BANKRUPTCY? INTELLECTUAL PROPERTY AND TRANSACTIONAL LAW CLINIC INTRODUCTORY OVERVIEW BANKRUPTCY BASICS

WHAT IS BANKRUPTCY? INTELLECTUAL PROPERTY AND TRANSACTIONAL LAW CLINIC INTRODUCTORY OVERVIEW BANKRUPTCY BASICS INTELLECTUAL PROPERTY AND TRANSACTIONAL LAW CLINIC WHAT IS BANKRUPTCY? INTRODUCTORY OVERVIEW Bankruptcy is a process that protects debtors seeking relief from unmanageable financial responsibilities and

More information

BANKRUPTCY OF OWNERS AND EFFECTIVE ASSOCIATION ASSESSMENT COLLECTIONS

BANKRUPTCY OF OWNERS AND EFFECTIVE ASSOCIATION ASSESSMENT COLLECTIONS BANKRUPTCY OF OWNERS AND EFFECTIVE ASSOCIATION ASSESSMENT COLLECTIONS February 16, 2010 Orten Cavanagh & Holmes, LLC Community Association Attorneys Denver Phone 720.221.9780 Fax 720.221.9781 Colorado

More information

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA DIVISION. [# AMENDED (if applicable)] CHAPTER 13 PLAN

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA DIVISION. [# AMENDED (if applicable)] CHAPTER 13 PLAN UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA DIVISION Debtor(s) Case No: [# AMENDED (if applicable)] CHAPTER 13 PLAN CHECK ONE: Debtor 1 certifies that the Plan does not deviate from the model

More information

CASE NO. I (We) hereby certify under penalty of perjury with regard to all secured consumer debts.

CASE NO. I (We) hereby certify under penalty of perjury with regard to all secured consumer debts. IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF ARIZONA In re: CHAPTER 7 Debtor(s) CASE NO. STATEMENT REGARDING SECURED CONSUMER DEBTS I (We) hereby certify under penalty of perjury with regard

More information

no--asset 7 s asset 7 s

no--asset 7 s asset 7 s Bankruptcy Questions Answered! Attorney to Non- Attorney Robert McKenzie, EA, Esq. Types of Bankruptcies This is not an easy subject, but our goal is to distill it to key issues you need to know as a return

More information

BANKRUPTCY FILING (CHAPTERS 7 AND 13) AND ITS EFFECT UPON THE FORECLOSURE PROCESS

BANKRUPTCY FILING (CHAPTERS 7 AND 13) AND ITS EFFECT UPON THE FORECLOSURE PROCESS BANKRUPTCY FILING (CHAPTERS 7 AND 13) AND ITS EFFECT UPON THE FORECLOSURE PROCESS by Steven C. Lindberg Freedman Anselmo Lindberg & Rappe LLC September, 2001 Since it has been widely predicted that some

More information

Bankruptcy and Short Sales

Bankruptcy and Short Sales Bankruptcy and Short Sales What agents need to know April 2013 Bankruptcy and Short Sales What happens to the short sale if the seller files for bankruptcy? Bank of America can review a short sale offer

More information

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION CHAPTER 13 PLAN. [ #_ Amended (if applicable)] Chapter 13 Plan

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION CHAPTER 13 PLAN. [ #_ Amended (if applicable)] Chapter 13 Plan UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION CHAPTER 13 PLAN Debtor(s) Case No: [ #_ Amended (if applicable)] Chapter 13 Plan CHECK ONE: The Debtor certifies that the Plan does

More information

Bankruptcy Schermer Fall 2000

Bankruptcy Schermer Fall 2000 Bankruptcy Schermer Fall 2000 I. Preliminary Stuff Types of Loans 1. Secured: Involves collateral, voluntarily transfer rights to lender (right to inspect, take, sell collateral and apply to loan balance)

More information

Bankruptcy in Florida

Bankruptcy in Florida Bankruptcy in Florida SOME INFORMATION ABOUT BANKRUPTCY People who are having trouble paying their debts sometimes consider bankruptcy as a remedy for this situation. An individual, called a debtor, usually

More information

Max Gardner s Top Reasons to Always File a Chapter 13 Before Filing a Chapter 7

Max Gardner s Top Reasons to Always File a Chapter 13 Before Filing a Chapter 7 Max Gardner s Top Reasons to Always File a Chapter 13 Before Filing a Chapter 7 1. You can file a 13 for the Husband or the Wife. If the single-debtor case runs into viability problems, then you can always

More information

2011 Divorce and Bankruptcy Update by Eric L. Bolves, Esq. 2110 E. Robinson St. Orlando, FL 32803 (407) 894-1002

2011 Divorce and Bankruptcy Update by Eric L. Bolves, Esq. 2110 E. Robinson St. Orlando, FL 32803 (407) 894-1002 2011 Divorce and Bankruptcy Update by Eric L. Bolves, Esq. 2110 E. Robinson St. Orlando, FL 32803 (407) 894-1002 Bankruptcy Basics Chapter 7 -Liquidation of debts and assets. -Joint Debtors not protected.

More information

BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY

BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY by Roy F. Kiplinger Kiplinger Law Firm, P.C. August 5, 2010 We pride ourselves in providing quality legal services

More information

5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About.

5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About. Lewis Adams & Associates Utah Bankruptcy Attorneys Personal Reliable Professional (801) 396-0856 www.utah-bankruptcy.org 5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About.

More information

Five Things. 1. BK Chapters 9/8/2015 5 THINGS EVERY LAWYER SHOULD KNOW ABOUT BANKRUPTCY

Five Things. 1. BK Chapters 9/8/2015 5 THINGS EVERY LAWYER SHOULD KNOW ABOUT BANKRUPTCY 5 THINGS EVERY LAWYER SHOULD KNOW ABOUT BANKRUPTCY Laura A. Deeter, Esq. Five Things 1. What do the different BK chapters mean? 2. Do I need to file a Proof of Claim? 3. What does the BK Trustee do? 4.

More information

Presented by Gina Silvestri, Esq.

Presented by Gina Silvestri, Esq. Why file for a Bankruptcy? Loss of job? Medical bills? Foreclosure? Divorce? Just a run of bad luck? A fundamental goal of the federal bankruptcy laws is to give debtors a financial fresh start from burdensome

More information

United States Bankruptcy Court District of

United States Bankruptcy Court District of United States Bankruptcy Court District of In re: Case No: Debtor(s) Official Form XXXX Chapter 13 Plan Date: You should read these papers carefully and discuss them with your attorney, if you have one

More information

Federal Tax Issues in Bankruptcy A View From Your Friends at the IRS and DOJ

Federal Tax Issues in Bankruptcy A View From Your Friends at the IRS and DOJ Federal Tax Issues in Bankruptcy A View From Your Friends at the IRS and DOJ Richard Charles Grosenick Office of Chief Counsel IRS Special Assistant United States Attorney 211 W. Wisconsin Ave. Suite 807

More information

CAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET

CAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET CAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET Please provide us with the following information to help us serve you better (please print). Name: Social Security Number: Date: DOB: Address: City, State,

More information

THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY

THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY OFFICIAL TRUSTEE PRACTICE STATEMENT 4 THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY Date issued March 2013 Date last updated 2 March 2016 If you have any comments, suggestions or queries about an issue

More information

BANKRUPTCY. What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?

BANKRUPTCY. What is the difference between a Chapter 7 and a Chapter 13 bankruptcy? BANKRUPTCY Bankruptcy means you ask the court to excuse you from your duty to repay your creditors. A person or business you owe money to is called a creditor. Bankruptcy allows you to discharge (get rid

More information

CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP

CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP BANKRUPTCY 101 BASICS & CONTEXT 1. Guiding Policies a. Equality of Distribution b. Adequate

More information

BANKRUPTCY F.A.Q. S WHAT IS CHAPTER 7?

BANKRUPTCY F.A.Q. S WHAT IS CHAPTER 7? BANKRUPTCY F.A.Q. S While the information presented below is accurate as of the date of publication, it should not be cited or relied upon as legal authority. It should not be used as a substitute for

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION

IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION DUTIES AND RESPONSIBILITIES OF A DEBTOR UNDER CHAPTER 7 AND ATTENDANCE AT THE 341 MEETING OF CREDITORS In either

More information

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE PUT YOUR CASE NUMBER ON ALL PAYMENTS AND CORRESPONDENCE SENT TO THE CHAPTER 13 TRUSTEE OR THE COURT.

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE PUT YOUR CASE NUMBER ON ALL PAYMENTS AND CORRESPONDENCE SENT TO THE CHAPTER 13 TRUSTEE OR THE COURT. YOUR CASE NUMBER: WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE Brief answers to most questions that come up while under a Chapter 13 Plan. Read this pamphlet completely to understand your obligations

More information

CHAPTER 25. Bankruptcy, Reorganization, and Liquidation

CHAPTER 25. Bankruptcy, Reorganization, and Liquidation CHAPTER 25 Bankruptcy, Reorganization, and Liquidation 1 Topics in Chapter Financial distress process Federal bankruptcy law Reorganization Liquidation 2 What are the major causes of business failure?

More information

Bankruptcy And Its Effect On Collecting Association Assesments

Bankruptcy And Its Effect On Collecting Association Assesments Bankruptcy And Its Effect On Collecting Association Assesments Bankruptcy and Its Effect On Collecting Association Assessments AN OVERVIEW These materials concern themselves mainly with the effect of a

More information

MANDATORY BANKRUPTCY DISCLOSURE

MANDATORY BANKRUPTCY DISCLOSURE 2418 Main St. Vancouver, WA 98660 www.mcaleerlaw.net Telephone: (360) 334-6277 Facsimile: (360) 356-1920 MANDATORY BANKRUPTCY DISCLOSURE IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM

More information

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT ACCRUAL BASIS JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT MONTH ENDING: MONTH YEAR IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED

More information

UNITED STATES BANKRUPTCY COURT DISTRICT OF UTAH, DIVISION In re CASE NO. 09-00000 SSN: xxx-xx-1234 CHAPTER 13

UNITED STATES BANKRUPTCY COURT DISTRICT OF UTAH, DIVISION In re CASE NO. 09-00000 SSN: xxx-xx-1234 CHAPTER 13 APPENDIX G CHAPTER 13 MODEL PLAN UNITED STATES BANKRUPTCY COURT DISTRICT OF UTAH, DIVISION In re CASE NO. 09-00000 SSN: xxx-xx-1234 CHAPTER 13 CHAPTER 13 PLAN MOTION TO VALUE COLLATERAL AND AVOID LIENS

More information

SEND ALL PAYMENTS TO: Chapter 13 Trustee 191 Peachtree Street, N.E. Suite 2200 Atlanta, GA 30303

SEND ALL PAYMENTS TO: Chapter 13 Trustee 191 Peachtree Street, N.E. Suite 2200 Atlanta, GA 30303 PUT YOUR CHAPTER 13 CASE NUMBER ON ALL PAYMENTS AND CORRESPONDENCE SENT TO YOUR TRUSTEE SEND ALL PAYMENTS TO: Chapter 13 Trustee 191 Peachtree Street, N.E. Suite 2200 Atlanta, GA 30303 This booklet was

More information

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 YOUR TRUSTEE S NAME, ADDRESS, AND TELEPHONE NUMBER: Nancy J. Whaley Standing Chapter 13 Trustee 303 Peachtree Center Avenue SunTrust Plaza Garden Offices, Suite

More information

TOP THINGS TO REMEMBER ABOUT THE TRUSTEE S OFFICE AND YOUR CHAPTER 13 CASE

TOP THINGS TO REMEMBER ABOUT THE TRUSTEE S OFFICE AND YOUR CHAPTER 13 CASE TOP THINGS TO REMEMBER ABOUT THE TRUSTEE S OFFICE AND YOUR CHAPTER 13 CASE 1. Know your case number. 2. Make your payments. Send your payments in time for the payments to reach the Trustee s office by

More information

Important Information for Chapter 13 Participants

Important Information for Chapter 13 Participants Important Information for Chapter 13 Participants Keep this book for reference thoughout your plan. INTRODUCTION. Chapter 13 is one way under the Bankruptcy Code to obtain relief from your creditors while

More information

ENGLISH BANKRUPTCY PROCEDURE GUIDE. A bankruptcy is deemed to commence on the date of the bankruptcy order.

ENGLISH BANKRUPTCY PROCEDURE GUIDE. A bankruptcy is deemed to commence on the date of the bankruptcy order. ENGLISH BANKRUPTCY PROCEDURE GUIDE A bankruptcy is deemed to commence on the date of the bankruptcy order. The advantages of a bankruptcy to a debtor are: automatic discharge after 1 year; vast majority

More information

Representing Creditors in Consumer Bankruptcy Cases

Representing Creditors in Consumer Bankruptcy Cases 4 Representing Creditors in Consumer Bankruptcy Cases Michael P. Hogan Craig B. Rule Marcy J. Ford John P. Kapitan I. Overview 4.1 II. General Considerations A. Filing Proofs of Claim 4.2 B. The Automatic

More information

IMPORTANT INFORMATION PLEASE READ

IMPORTANT INFORMATION PLEASE READ WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE IMPORTANT INFORMATION PLEASE READ ANSWERS TO MOST OF THE QUESTIONS THAT COME UP WHILE UNDER CHAPTER 13. READ IN FULL WHEN YOU START YOUR CASE, THEN REFER

More information

Consumer Bankruptcy in Florida

Consumer Bankruptcy in Florida Consumer Bankruptcy in Florida SOME INFORMATION ABOUT BANKRUPTCY People who are having trouble paying their debts sometimes consider bankruptcy as a strategy for resolving this situation. An individual,

More information

This Chief Counsel Advice responds to your request for assistance. This advice may not be used or cited as precedent.

This Chief Counsel Advice responds to your request for assistance. This advice may not be used or cited as precedent. Office of Chief Counsel Internal Revenue Service memorandum Number: 201005029 Release Date: 2/5/2010 CC:PA:Br5 POSTN-137568-09 UILC: 09.00.00-00 date: October 21, 2009 to: from: Michael Skeen, Associate

More information

BANKRUPTCY WHAT IS BANKRUPTCY?

BANKRUPTCY WHAT IS BANKRUPTCY? BANKRUPTCY Most military personnel and their families handle their financial affairs in a responsible and timely manner. Those who have problems usually seek timely assistance from financial counselors.

More information

LIENS. Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt.

LIENS. Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt. LIENS Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt. Mechanic s Lien: A lien on real property to ensure payment for work performed and materials furnished

More information

Understanding Bankruptcy

Understanding Bankruptcy Understanding Bankruptcy What is Bankruptcy? Bankruptcy is a legal process where an individual or organizational debtor is able to seek some financial relief. A fundamental goal of the federal bankruptcy

More information

Bankruptcy A Resource Guide for Child Support Professionals

Bankruptcy A Resource Guide for Child Support Professionals Bankruptcy A Resource Guide for Child Support Professionals Tex Ritter, Regional Director Sierra Nevada Regional Department of Child Support Services 530 271 5400 Tex.Ritter@co.nevada.ca.us Bankruptcy

More information

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 10, PROOF OF CLAIM I. INTRODUCTION The principal response of a creditor to the filing of a bankruptcy case is to file a proof of claim (Official Form 10). Specifically,

More information

Chapter 13 Handbook. David Burchard Chapter 13 Trustee Santa Rosa Division. (707) 544-5500 * Fax (707) 544-0475 www.burchardtrustee.

Chapter 13 Handbook. David Burchard Chapter 13 Trustee Santa Rosa Division. (707) 544-5500 * Fax (707) 544-0475 www.burchardtrustee. Chapter 13 Handbook David Burchard Chapter 13 Trustee Santa Rosa Division (707) 544-5500 * Fax (707) 544-0475 www.burchardtrustee.com TABLE OF CONTENTS I. Disclaimer.....1 II. Introduction.......2 III.

More information

Take a few moments to review this overview of the ramifications

Take a few moments to review this overview of the ramifications BANKRUPTCY PRIMER The Last Resort: What Happens When Your Borrower Files Bankruptcy? by J. Tol Broome Jr. Take a few moments to review this overview of the ramifications of bankruptcy, the procedures to

More information

BANKRUPTCY. Information Provided by Financial Credit Network October, 2011

BANKRUPTCY. Information Provided by Financial Credit Network October, 2011 BANKRUPTCY Information Provided by Financial Credit Network October, 2011 Disclaimer: The information provided by Financial Credit Network is not to be construed as legal advice. Although we go to great

More information

CHAPTER 10 TRUSTEES, EXAMINERS AND CREDITORS COMMITTEES

CHAPTER 10 TRUSTEES, EXAMINERS AND CREDITORS COMMITTEES CHAPTER 10 TRUSTEES, EXAMINERS AND CREDITORS COMMITTEES THE US TRUSTEES PROGRAM A BRIEF HISTORY LESSON: was an experiment in some districts when the Bankruptcy Code first became effective in 1979. is a

More information

IMPACT OF BANKRUPTCY ON DOMESTIC RELATIONS CASES. Honorable K. Rodney May United States Bankruptcy Judge Tampa, Florida.

IMPACT OF BANKRUPTCY ON DOMESTIC RELATIONS CASES. Honorable K. Rodney May United States Bankruptcy Judge Tampa, Florida. IMPACT OF BANKRUPTCY ON DOMESTIC RELATIONS CASES Honorable K. Rodney May United States Bankruptcy Judge Tampa, Florida September 2012 1. Bankruptcy -- Overview. A bankruptcy case begins with the filing

More information

Important Information About... Provided By: Ellen W. Cosby, Trustee Baltimore, MD

Important Information About... Provided By: Ellen W. Cosby, Trustee Baltimore, MD Important Information About... Provided By: Ellen W. Cosby, Trustee Baltimore, MD What is Chapter 13? 2 Important Dates 3 Important Parties 6 Contacting the Trustee's Office 10 Plan Payments 12 Some Notes

More information

Bankruptcy. published by AAA Fair Credit Foundation

Bankruptcy. published by AAA Fair Credit Foundation Bankruptcy published by AAA Fair Credit Foundation Bankruptcy 1. What is Bankruptcy?..............................................................3 2. Chapters of Bankruptcy...........................................................4

More information

RIGHTS AND RESPONSIBILITIES OF CHAPTER 13 DEBTORS AND ATTORNEYS

RIGHTS AND RESPONSIBILITIES OF CHAPTER 13 DEBTORS AND ATTORNEYS Filer s Name, Address, Phone, Fax, Email: UNITED STATES BANKRUPTCY COURT DISTRICT OF HAWAII 1132 Bishop Street, Suite 250 Honolulu, Hawaii 96813 hib_2016-1g1 (12/09) Debtor: Case No.: Joint Debtor: (if

More information

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE THIS BOOKLET CONTAINS ANSWERS TO MOST OF THE QUESTIONS YOU WILL HAVE WHILE UNDER CHAPTER 13. READ IT COMPLETELY WHEN YOU BEGIN YOUR CASE AND REFER TO IT

More information

CHAPTER 13 BANKRUPTCY EASTERN DISTRICT OF KENTUCKY

CHAPTER 13 BANKRUPTCY EASTERN DISTRICT OF KENTUCKY CHAPTER 13 BANKRUPTCY IN THE EASTERN DISTRICT OF KENTUCKY [PHOTO] THE DEBTOR S CHAPTER 13 HANDBOOK A Publication of the Chapter 13 Trustee for the Eastern District of Kentucky 2011 Beverly M. Burden, Trustee

More information

CHAPTER 13 PLAN CONFIRMATION

CHAPTER 13 PLAN CONFIRMATION THE TRUSTEE S ROLE CHAPTER 13 PLAN CONFIRMATION The Chapter 13 Trustee s role in the confirmation procedure is to recommend confirmation of debtor s plans where the debtors and their plan comply with all

More information

Rule 3023-1 Special Procedures in Chapter 13 Matters. This Local Rule shall govern all cases filed under chapter 13 of the Code.

Rule 3023-1 Special Procedures in Chapter 13 Matters. This Local Rule shall govern all cases filed under chapter 13 of the Code. Rule 3023-1 Special Procedures in Chapter 13 Matters. This Local Rule shall govern all cases filed under chapter 13 of the Code. (a) Section 1326 Payments. (i) (ii) The debtor shall, after commencing timely

More information

Tax returns or a driver s license are not acceptable proof of your social security number.

Tax returns or a driver s license are not acceptable proof of your social security number. la version en español de la carta está disponible en Documents en aztrustee.com It is critical to the success of your case that you do each of the following: Attend Notice of Chapter 7 Bankruptcy Case

More information

UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEVADA (SOUTHERN DIVISION OF NEVADA)

UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEVADA (SOUTHERN DIVISION OF NEVADA) UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEVADA (SOUTHERN DIVISION OF NEVADA) CHAPTER 13 GUIDELINES (LAS VEGAS) (FOURTH EDITION: August 2000) This form may periodically be revised. The Office

More information

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES 1. What is a chapter 13 bankruptcy case and how does it work? A chapter 13 bankruptcy case is a proceeding under federal

More information

Ron Holmes Bankruptcy Attorney Realtor and Qualifying Broker for Stetson Realty

Ron Holmes Bankruptcy Attorney Realtor and Qualifying Broker for Stetson Realty Ron Holmes Bankruptcy Attorney Realtor and Qualifying Broker for Stetson Realty University of New Mexico B.S. in Economics and Political Science double major 1991 University of New Mexico School of Law

More information

Frequently Asked Questions

Frequently Asked Questions Frequently Asked Questions 1. Q: What is a 341 Meeting of Creditors? A: It is an informal hearing, where you as the debtor are placed under oath. The Trustee will then question you about your financial

More information

QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES 1

QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES 1 QUESTIONS AND ANSWERS ABOUT CHAPTER 7 BANKRUPTCIES What is a Chapter 7 bankruptcy and how does it work? A Chapter 7 bankruptcy case is a proceeding under federal law in which the Debtor seeks relief under

More information

: In re: : : Chapter 13 MICHAEL D. CARLIN, : : Case No. 11-11784 (ALG) : Debtor. : :

: In re: : : Chapter 13 MICHAEL D. CARLIN, : : Case No. 11-11784 (ALG) : Debtor. : : UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK : In re: : : Chapter 13 MICHAEL D. CARLIN, : : Case No. 11-11784 (ALG) : Debtor. : : APPEARANCES: DECISION DENYING DEBTOR S MOTION FOR A DISCHARGE

More information

Bankruptcy - An Overview

Bankruptcy - An Overview Bankruptcy - An Overview Goals of the Bankruptcy System A fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial " fresh start" from burdensome debts. The Supreme

More information

CHAPTER 7 BANKRUPTCY BOOKLET

CHAPTER 7 BANKRUPTCY BOOKLET CHAPTER 7 BANKRUPTCY BOOKLET By Gerardo M. DelGado, Esq. AMABLE LAW PLLC gdelgado@amablelaw.com INTRODUCTION This information is intended as general information ONLY. It is NOT legal advice. You should

More information

AUTOMATIC STAY LITIGATION IN A NUTSHELL

AUTOMATIC STAY LITIGATION IN A NUTSHELL AUTOMATIC STAY LITIGATION IN A NUTSHELL I. The Real Purpose of the Automatic Stay. Prepared by Benjamin Payne Hanson & Payne, LLC bpayne@hansonpayne.com www.hansonpayne.com A. The purpose of the automatic

More information

Michigan Association of County Treasurers 2013 Summer Conference Crystal Mountain August 11-14, 2013 BANKRUPTCY

Michigan Association of County Treasurers 2013 Summer Conference Crystal Mountain August 11-14, 2013 BANKRUPTCY Michigan Association of County Treasurers 2013 Summer Conference Crystal Mountain August 11-14, 2013 BANKRUPTCY Monday, August 12, 2013 9:30 a.m. 10:30 a.m. Presented by: John R. Axe of Axe & Ecklund,

More information

Bankruptcy & Local Tax Collection

Bankruptcy & Local Tax Collection Bankruptcy & Local Tax Collection September 2011 Chris McLaughlin mclaughlin@sog.unc.edu Our Expert Panel David Warren, Poyner Spruill LLP dmwarren@poynerspruill.com Jim Lanik, Roberson Haworth & Reese,

More information

Chapter 7 Liquidation Under the Bankruptcy Code

Chapter 7 Liquidation Under the Bankruptcy Code From Administrative Office of the United States Courts, Bankruptcy Basics, Public Information Series. Chapter 7 Liquidation Under the Bankruptcy Code The chapter of the Bankruptcy Code providing for "liquidation,"

More information

SURVEY OF SELECTED BANKRUPTCY ISSUES APPLICABLE TO HOMEOWNERS ASSOCIATIONS

SURVEY OF SELECTED BANKRUPTCY ISSUES APPLICABLE TO HOMEOWNERS ASSOCIATIONS SURVEY OF SELECTED BANKRUPTCY ISSUES APPLICABLE TO HOMEOWNERS ASSOCIATIONS DISCLAIMER The information provided in this survey of bankruptcy issues is for informational purposes only. It does not constitute

More information

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization Agricultural Business Management FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization Phillip L. Kunkel, Jeffrey A. Peterson Attorneys, Gray Plant Mooty INTRODUCTION Chapter 12 was added to

More information

Receivership: a guide for creditors

Receivership: a guide for creditors INFORMATION SHEET 54 Receivership: a guide for creditors If a company is in financial difficulty, a secured creditor or the court may put the company into receivership. This information sheet provides

More information

Bankruptcy. a guide for unsecured creditors. Association of Business Recovery Professionals

Bankruptcy. a guide for unsecured creditors. Association of Business Recovery Professionals Bankruptcy a guide for unsecured creditors Association of Business Recovery Professionals Bankruptcy An individual is made bankrupt as a result of a petition presented to the court, usually because he

More information

Bankruptcy 101 for Bankers

Bankruptcy 101 for Bankers Bankruptcy 101 for Bankers BAKKE NORMAN L A W O F F I C E S Presentedby: Thomas R. Schumacher & Deanne M. Koll Thisoutlineisdesignedtoprovidebasicinformationaboutbankruptcy. Italsocontainsspecificinformationabouttheuniquechallengesand

More information