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Topic: Bankruptcy Code

	Liquidation under the bankruptcy code
		Federal bankruptcy law provides that an individual debtor footnote 2can protect some property from the claims of creditors either because it is exempt under federal bankruptcy law or because it is exempt under the laws of the debtor's home state.
		The Bankruptcy Code requires that reaffirmation agreements contain an explicit statement advising the debtor that the agreement is not required by bankruptcy or non- bankruptcy law.
		United States trustees and bankruptcy administrators are responsible for establishing a panel of private trustees to serve as trustee in chapter 7 cases and for supervising the administration of cases and trustees under chapters 7, 11, 12, and 13 of the Bankruptcy Code.
	www.legal-forms-kit.com /freelegaladvice/bankruptcy/24.html (2526 words)

	Bankruptcy - Wex
		Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors.
		Bankruptcy proceedings are supervised by and litigated in the United States Bankruptcy Courts (http://www.uscourts.gov/bankruptcycourts.html).
		Bankruptcy proceedings under Chapters 11, 12, and 13 involve the rehabilitation of the debtor to allow him or her to use future earnings to pay off creditors.
	www.law.cornell.edu /topics/bankruptcy.html (654 words)

	Bankruptcy - dKosopedia
		Bankruptcy permits someone who otherwise would give up being productive because his or her situation is hopeless, sending most of the fruits of his or her labors to creditors to get a fresh start that makes working make sense again.
		A Bush lead bankruptcy reform is likely to focus on making it harder for consumer debtors to receive discharges of their debts in bankruptcy, while leaving abuses such as the unlimited homestead exemptions found in Republican controlled Florida and Texas unaltered.
		Bankruptcy reform is not a simple issue, even when the goal is simply to carry out a progressive agenda (which, of course, is not the goal of bankruptcy reform under a conservative administration).
	www.dkosopedia.com /index.php/Bankruptcy (3799 words)

	United States Bankruptcy Courts
		Each of the 94 federal judicial districts handles bankruptcy matters, and in almost all districts, bankruptcy cases are filed in the bankruptcy court.
		Bankruptcy cases cannot be filed in state court.
		Bankruptcy Basics provides basic information to debtors, creditors, court personnel, the media, and the general public on different aspects of the federal bankruptcy laws.
	www.uscourts.gov /bankruptcycourts.html (317 words)

	Acceleration clause
		Adversary proceeding - An action brought in the bankruptcy court primarily to determine the dischargeability of a specific debt, or objecting to the discharge of all debts.
		Bankruptcy - A condition where a debtor cannot pay debts now or as they become due, and uses the protection of the law to reorganize their financial affairs by liquidating certain property or formulating a repayment plan.
		Bankruptcy estate - the property of a debtor which comes under the jurisdiction of the bankruptcy court and trustee when filing for protection under the Bankruptcy Code.
	mywebpages.comcast.net /wmetzen130031/glossaryofterms.htm (969 words)

	Liquidation Under The Bankruptcy Code - Chapter 7 (Site not responding. Last check: 2007-11-05)
		Lawyers sometimes refer to it as a "straight bankruptcy." It is used primarily by individuals who wish to free themselves of debt simply and inexpensively, but may also be used by businesses that wish to liquidate and terminate their business.
		The Bankruptcy Code requires that reaffirmation agreements contain an explicit statement advising the debtor that the agreement is not required by bankruptcy or non-bankruptcy law.
		United States trustees and bankruptcy administrators are responsible for establishing a panel of private trustees to serve as trustees in chapter 7 cases and for supervising the administration of cases and trustees in cases under chapters 7, 11, 12, and 13 of the Bankruptcy Code.
	www.ilnb.uscourts.gov /BankruptcyChptMenu/Chapter7.htm (2730 words)

	Reorganization Under The Bankruptcy Code - Chapter 11 (Site not responding. Last check: 2007-11-05)
		The chapter 11 bankruptcy case of a corporation does not put the personal assets of the stockholders at risk, although they may lose the value of their investment in the company's stock.
		Section 1106 of the Code requires the trustee to file a plan "as soon as practicable" or, alternatively, to file a report explaining why a plan will not be filed or to recommend that the case be converted to another chapter or dismissed.
		One exception is that, unless the debtor requests the conversion, section 1112(c) of the Code prohibits the court from converting a case involving a farmer or charitable institution to a liquidation case under chapter 7.
	www.ilnb.uscourts.gov /BankruptcyChptMenu/Chapter11.htm (5833 words)

	Taxation and the Bankruptcy Code
		Several tax claims that are identified in the Bankruptcy Code as priority claims or as claims that are nondischargeable are tied to certain time limits, for example, tax claims assessed within 240 days of the filing of the petition are priority claims under § 507(a)(8) and nondischargeable under § 523(a)(1).
		Bankruptcy Code § 109(g) prevents serial filings only if (1) a prior case was dismissed by the court for "willful failure" to abide by court orders or to appear before the court in prosecution of the case, or (2) the debtor voluntarily dismissed the case after a creditor's filing of a request for stay relief.
		As originally proposed by the Commission on the Bankruptcy Laws of the United States, the prompt determination procedure was not intended to relieve the debtor or successor corporation in a reorganization or rehabilitation case of taxes incurred during administration.
	govinfo.library.unt.edu /nbrc/report/21cdata.html (14675 words)

	Bankruptcy Terminology (Site not responding. Last check: 2007-11-05)
		This pamphlet on bankruptcy terminology explains, in layman's terms, many of the legal terms that are used in cases filed under the Bankruptcy Code.
		Bankruptcy Administrator An officer of the judiciary serving in the judicial districts of Alabama and North Carolina who, like the United States trustee, is responsible for supervising the administration of bankruptcy cases, estates, and trustees, monitoring plans and disclosure statements, monitoring creditors' committees, monitoring fee applications, and performing other statutory duties.
		bankruptcy trustee A private individual or corporation appointed in all chapter 7, chapter 12, and chapter 13 cases to represent the interests of the bankruptcy estate and the debtor's creditors.
	www.ndb.uscourts.gov /forms/BankruptcyTerminology.htm (2486 words)

	Internal Revenue Manual - 5.9.2 The Bankruptcy Code and Collection
		The Bankruptcy Code establishes the law under which bankruptcy proceedings are commenced, administered, and closed.
		A bankruptcy filed by a municipality, generally authorized to be a debtor by state law, which is insolvent or unable to meet its debts as they mature, and desires to effect a plan to adjust those debts.
		A proceeding to object to or revoke a discharge, and to determine the dischargeability of a debt, is known as an Adversary Proceeding.
	www.irs.ustreas.gov /irm/part5/ch09s02.html (5224 words)

	Bankruptcy (Site not responding. Last check: 2007-11-05)
		Under the bill, subordination of ad valorem tax liens under Bankruptcy Code §724 are limited to the payment of: (1) claims for wages, salaries, and commissions entitled to priority under Bankruptcy Code §507(a)(4), and (2) claims for contributions to employee benefit plans entitled to priority under Bankruptcy Code §507(a)(5).
		The bill also amends the Bankruptcy Code to prevent a bankruptcy court from determining the amount or legality of an ad valorem tax on real or personal property when the time for contesting the amount of the claim under nonbankruptcy law has expired.
		The bill amends the Bankruptcy Code to state that the automatic stay is limited to an individual debtor's prepetition taxes, and does not apply to postpetition taxes.
	www.bna.com /tm/bankruptcy_tm_summary.htm (1374 words)

	Bankruptcy in the United States - Wikipedia, the free encyclopedia
		Bankruptcy in the United States is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States".
		While bankruptcy cases are always filed in United States bankruptcy court (which are units of the United States district courts), bankruptcy cases, particularly those regarding the validity of claims and exemptions, are often highly dependent on state law.
		Also, the Bankruptcy Trustee may reject certain executory contracts and unexpired leases (see 11 U.S.C. For bankruptcy purposes, a contract is generally considered "executory" where both parties to the contract have not yet fully performed a material obligation.
	en.wikipedia.org /wiki/Bankruptcy_Code (2974 words)

	New Bankruptcy Code Amendments
		The House version of §522(o) reduces the exemption to the extent that it comes from property that the debtor disposed of within 7 years before filing bankruptcy if the debtor could not have exempted the property and there was intent to hinder, delay, or defraud a creditor.
		The household goods on which the debtor may avoid the fixing of a nonpossessory, nonpurchase-money lien are specified by §522(f)(4).
		(II) the retirement fund fails to be in substantial compliance with the applicable requirements of the Internal Revenue Code of 1986 and the debtor is not materially responsible for that failure.
	www.blakebrewerlaw.com /new_bankruptcy_law_522.html (2775 words)

	Corporate Bankruptcy
		Although a company may emerge from bankruptcy as a viable entity, generally, the creditors and the bondholders become the new owners of the shares.
		One is the old common stock (the stock that was on the market when the company went into bankruptcy), and the second is the new common stock that the company issued as part of its reorganization plan.
		Under the Bankruptcy Code, two-thirds of the stockholders who vote must accept the plan before it can be implemented, and dissenters will have to go along with the majority.
	www.sec.gov /investor/pubs/bankrupt.htm (2518 words)

	[No title] (Site not responding. Last check: 2007-11-05)
		Bankruptcy Code The informal name for title 11 of the United States Code (11 U.S.C. 101 - 1330), the federal bankruptcy law.
		Bankruptcy Court The bankruptcy judges in regular active service in each district; a unit of the district court.
		It includes the proceeds, products, offspring, rents, or profits of property and the fees, charges, accounts or payments for the use or occupancy of rooms and other public facilities in hotels, motels, or other lodging properties subject to a creditor's security interest.
	www.ca-bankruptcy-attorneys.com /bankruptcydictionary.html (2895 words)

	U. S. Bankruptcy Code
		A voluntary case under a chapter of this title is commenced by the filing with the bankruptcy court of a petition under such chapter by an entity that may be a debtor under such chapter.
		(a) A joint case under a chapter of this title is commenced by the filing with the bankruptcy court of a single petition under such chapter by an individual that may be a debtor under such chapter and such individual's spouse.
		(a) A case ancillary to a foreign proceeding is commenced by the filing with the bankruptcy court of a petition under this section by a foreign representative.
	www.doney.net /code_text.htm (10950 words)

	Bankruptcy Code, IRS and Tax
		If there is tax fraud involved, a tax return was not filed, or the tax was not listed as a liability in the bankruptcy filing, then the tax cannot be discharged in bankruptcy.
		As a result of Bankruptcy Code Sections 523 and 527, the following IRS tax is generally dischargeable:
		Income tax, excise tax, and gift tax which is over three years old, has been filed at least two years prior to the bankruptcy petition, and/or has been assessed as an IRS tax audit deficiency for at least 240 days.
	www.wwwebtax.com /audits/bankruptcy_code.htm (438 words)

	Bankruptcy
		Bankruptcy resources including popular governmental and non-governmental internet links and the US Code Title 11 Bankruptcy Code.
		The IBL includes six subject areas related to large-scale business restructurings targeted to the bankruptcy professional seeking information on the Internet.
		You can subscribe to their online periodicals, browse their book collection, identify bankrutpcy confereneces, read local bankruptcy rules, read the latest bankruptcy news and join some bankruptcy law mailing lists.
	www.washlaw.edu /doclaw/subject/bankruptcy.html (246 words)

	U.S. Bankruptcy Code - Federal & State Personal Bankruptcy Exemptions
		FAQs examining the debt itself, personal issues and many resolution options including workouts, payment and bankruptcy.
		Links to residential lenders and mortgage brokers throughout the United States offering loans to borrowers with credit problems, bankruptcy or foreclosures on their credit report.
		Links to lenders and finance companies throughout the United States offering refinancing, new or used car loans to borrowers with credit problems, bankruptcy or foreclosures on their credit report.
	www.berkshire.net /~mkb/bc522d.html (735 words)

	bankruptcy law,foreclosure,garnishment,repossession,debt,financial control
		using the BANKRUPTCY CODE to stop foreclosures, garnishments, repossessions and reducing debt while helping you regain financial control.
		Former Bankruptcy Attorney to the Kansas City UAW: Ford and GM workers, now assisting the general public in Missouri and Kansas with regaining financial control using the Bankruptcy Code!
		There is no attorney-client priviledge until such time as a contract is signed.
	www.kcbankruptcy.com (188 words)

	Office of the Law Revision Counsel (Site not responding. Last check: 2007-11-05)
		The Office of the Law Revision Counsel prepares and publishes the United States Code, which is a consolidation and codification by subject matter of the general and permanent laws of the United States.
		About the Office and the U.S. Code database
		Classification Tables listing sections of the U.S. Code affected by recently enacted laws
	uscode.house.gov (76 words)

	US CODE--TITLE 11--APPENDIX (Site not responding. Last check: 2007-11-05)
		FEDERAL RULES OF BANKRUPTCY PROCEDURE AND OFFICIAL BANKRUPTCY FORMS
		PART VIII--APPEALS TO DISTRICT COURT OR BANKRUPTCY APPELLATE PANEL
		GPO Access User Support Team by Internet e-mail at gpoaccess@gpo.gov ;
	www.access.gpo.gov /uscode/title11a/11a_1_.html (106 words)

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