| Conversion from Chapter 7 to Chapter 13 ... and Vice Versa |
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| There are two basic types of bankruptcy for an individual debtor or a consumer. The law for each type comes from "Chapters" in the federal Bankruptcy Code, which is the law that debtors and bankruptcy courts must follow. More... |
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| Exempt Property in Chapter 7 Bankruptcy |
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| Because Chapter 7 is a "liquidation" process, as opposed to a "reorganization," all of a debtor's "non-exempt" assets or property can be sold by a bankruptcy trustee, who then distributes the sale proceeds to the creditors. More... |
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| Treatment of Property Settlement Claims |
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| Certain property settlements are not dischargeable in a Chapter 7, 11 or 12 bankruptcy case, but remain dischargeable in Chapter 13 cases. Support, alimony or maintenance that is incurred by the debtor in the course of a divorce or separation or in connection with a separation agreement, divorce decree or other order of a court are generally not dischargeable.More... |
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| Bankruptcy Crimes |
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| Bankruptcy crimes exist to protect the goals of civil bankruptcy, which is a fresh start for consumers, the reorganization of businesses, and the equitable distribution of a debtor's assets amongst creditors. Almost every bankruptcy crime is preceded by a prior civil bankruptcy case. Consequently, courts have had to organize the coordination of several cases arising out of one bankruptcy. More... |
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| Unsecured Claims |
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| Unsecured debt may be generally described as a debt where credit was granted based solely upon the promise or ability of the debtor to pay. Claims that are not secured by any collateral or subject to setoff are generally unsecured claims. For purposes of bankruptcy, unsecured claims are classified and paid based on a priority list described in the Bankruptcy Code. Each class must be paid in full before the next lower class is paid anything.More... |
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