![]() ![]() Additionally, certain debts, such as child support and spousal support, cannot be discharged and will survive after the Chapter 7 Bankruptcy has closed.Ĭhapter 11 deals with reorganization of a business in which operations can be continued under the guidance of an appointed trustee. For individuals some property may be exempt and retained, and not subject to liquidation. As for corporations and partnerships, the Chapter 7 acts as an event that dissolves the entity. ![]() ![]() The failure of a creditor to file a claim on or before the Bar Date may restrict the creditor from being repaid, and under certain circumstances acts as a waiver of the debt.Ĭhapter 7 bankruptcy deals with the liquidation of certain non-exempt assets in order to pay outstanding debts to creditors. The final date on which creditors can file a claim against a debtor within a Bankruptcy proceeding. Papers and associated documents that are filed with the bankruptcy court to begin the process of Bankruptcy. A Bankruptcy may be a liquidating event, or may be a court structured reorganization event, whereby some debts are repaid over successive years. Bankruptcy is defined within the scope of federal law and can be voluntary or involuntary. All tangible and intangible property that provides benefit, either real or potential, to its owner or potential owner.Ī petition to place the financial affairs of an individual or a business that is having difficulties paying debts or is facing the inability to repay certain debts under the control of a bankruptcy court. ![]()
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