Bankruptcy

Securities Investor Protection Act

November 13, 2014

The Securities Investor Protection Act (SIPA) was designed to create a new form of liquidation proceeding. SIPA created the Securities Investor Protection Corporation (SIPC), a nonprofit, private membership corporation to which most registered brokers and dealers are required to belong. The SIPC fund constitutes an insurance program. The fund is designed to protect the customers […]

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Employment of Professionals

November 13, 2014

The Bankruptcy Code governs a trustee’s or debtor in possession’s employment of attorneys, accountants, appraisers, auctioneers and other professional persons to represent or assist in carrying out duties under the Bankruptcy Code. Generally, the trustee or debtor in possession had broad latitude in the selection of professional persons to be employed. The Bankruptcy Code authorizes […]

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Chapter 7 Eligibility

November 13, 2014

A petitioner must reside in or have a domicile, a place of business, or property in the United States in order to file a Chapter 7 bankruptcy. The petitioner must not have been granted a discharge under Chapter 7 or Chapter 11 within the last eight years. or completed a Chapter 13 plan . The […]

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Chapter 13 Hardship Discharge

November 13, 2014

Although a Chapter 13 debtor generally receives a discharge only after completing all payments required by the court-approved repayment plan, there are some limited circumstances under which the debtor may request the court to grant a “hardship discharge.” After confirmation of a plan, there are limited circumstances under which the debtor may request the court […]

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Chapter 13 Eligibility

November 13, 2014

Only individuals may file for Chapter 13 bankruptcy. Corporations and partnerships may not file for Chapter 13 bankruptcy. Any individual, even if self-employed or operating an unincorporated business, is eligible for Chapter 13 relief as long as that individual has regular income greater than reasonable living expenses, has unsecured debts not exceeding a certain sum, […]

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