Chapter 11 - Bankruptcy Basics - United States Courts
WEBChapter 11 - Bankruptcy Basics. This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.
Bankruptcy Basics - United States Courts
WEBThe local rules of practice and procedure adopted by each bankruptcy court are available on each court website or in person at their clerk’s office. Chapter 7. Liquidation Under the Bankruptcy Code. Chapter 9. Municipality Bankruptcy. Chapter 11. Reorganization Under the Bankruptcy Code. Chapter 12. Family Farmer Bankruptcy or Family ...
Chapter 13 - Bankruptcy Basics - United States Courts
WEBA chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state ...
Bankruptcy - United States Courts
WEBAbout Bankruptcy Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity. All bankruptcy cases are handled in federal courts under …
Process - Bankruptcy Basics - United States Courts
WEBMuch of the bankruptcy process is administrative, however, and is conducted away from the courthouse. In cases under chapters 7, 12, or 13, and sometimes in chapter 11 cases, this administrative process is carried out by a trustee who is appointed to oversee the case. A debtor's involvement with the bankruptcy judge is usually very limited.
Chapter 7 - Bankruptcy Basics - United States Courts
WEBOne of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727 (a) (1).
Chapter 9 - Bankruptcy Basics - United States Courts
WEBChapter 9 - Bankruptcy Basics. This chapter of the Bankruptcy Code provides for reorganization of municipalities, which includes cities and towns, as well as villages, counties, taxing districts, municipal utilities, and school districts. The first municipal bankruptcy legislation was enacted in 1934 during the Great Depression.
Bankruptcy Basics Glossary - United States Courts
WEBThe chapter of the Bankruptcy Code dealing with cases of cross-border insolvency. claim. A creditor's assertion of a right to payment from the debtor or the debtor's property. confirmation. Bankruptcy judges's approval of a plan of reorganization or liquidation in chapter 11, or payment plan in chapter 12 or 13. consumer debtor
Bankruptcy Forms - United States Courts
WEBSchedule H: Your Codebtors (non-individuals) Non-Individual Debtors. B 207. Statement of Financial Affairs for Non-Individuals Filing for Bankruptcy. Non-Individual Debtors. B 309A. Notice of Chapter 7 Bankruptcy Case – No Proof of Claim Deadline (For Individuals or Joint Debtors) Meeting of Creditors Notices. B 309B.
Chapter 12 - Bankruptcy Basics - United States Courts
WEBThe Bankruptcy Code provides that only a family farmer or family fisherman with "regular annual income" may file a petition for relief under chapter 12. 11 U.S.C. §§ 101(18), 101(19A), 109(f). The purpose of this requirement is to ensure that the debtor's annual income is sufficiently stable and regular to permit the debtor to make payments ...