For people that are considering
bankruptcy as an option, there are two approaches to filing for consumer
bankruptcy, Chapter 7 and Chapter 13.
On Feb, 28, the Trustee filed a motion for reconsideration, The Trustee recognized that the ultimate effect of the court's order in this case was unlikely to change, but objected to certain aspects of the ruling that he characterized as setting bad precedent on the applicability of the automatic stay, The Trustee argued that a general rule exempting from the automatic stay all proceedings against a debtor in the same
bankruptcy court as the debtor's case would defeat the purpose of the automatic stay in many cases.
Changes in the
bankruptcy legislation were aimed at a substantial decrease in the costs related to launching the process.
'The
bankruptcy proceedings in Hidrogradnja has been going on for 15 months now.
National scandals, such as the massive failures of Enron and Lehman Brothers, (4) might paint a picture that
bankruptcy is a corporate tool to restructure bad debt and escape what is owed, yet the vast majority of
bankruptcy filings are personal.
This decision creates an opportunity to review the history of municipal
bankruptcy judicial selection.
"There is often a stigma associated with filing
bankruptcy. However, the facts, according to the Institute for Financial Literacy, indicate that the average
bankruptcy filer may look a lot like you.
Accordingly,
bankruptcy can be defined as a situation where a trader ceases to pay his commercial debts when due because of financial distress.
Bankruptcy law in Canada is administered under the
Bankruptcy & Insolvency Act (the Act or BIA).
One of the protections provided to a seller of goods in the event of a customer
bankruptcy is reclamation.