Bankruptcy Information





Bankruptcy Law Reform New Bankruptcy Code Mar ' Senate Passes Bill Apr ' Congress Passes Bill Apr ' The President signs the Bill Filing Procedures under the New Bankruptcy Code Major Intent of Bankruptcy Reform The major intent of bankruptcy reform is to require people who can afford to make some payments towards their debt to make these payments while still affording them the right to have the rest of their debt erased These people must file Chapter Status of the Bills The Senate passed the Bill on March and the Congress on April When will this be Law The bill was signed into law by the president on April Sections and all concerning the homestead exemption take effect immediately This is law now The exemption is limited to if the property was acquired within the previous day The cap is not applicable to any interest transferred from a debtor's previous principal residence The rest of the provisions of the law will come into effect days after the Bill is signed or on October Major Changes Means Test This will identify debtors who have the financial capacity to pay some money to their creditors The test will work as

raquo raquo raquo raquo Q A Browse Bankruptcy Law Resources Articles FAQs raquo raquo raquo raquo Bankruptcy Law General Bankruptcy Law Questions Page of What is Chapter bankruptcy? Chapter is the bankruptcy provision most frequently used by individuals It involves the complete liquidation of a debtor's property to pay creditors and wipes out the remaining debts giving the debtor what's known as a fresh start However the debtor can retain certain property that is specifically exempt under his choice of Federal law or her State's law such as tools of one's trade limited equity in a car and house and some personal effects If you use Chapter you may lose your home but it does enable you to get out from under the burden of debt more quickly The post October Bankruptcy Code made major changes in this chapter making the process longer and more expensive and undeniability harder for consumers to shed debts than under the old law Under one of the key changes a determines whether a debtor can use a Chapter filing or be forced to file a Chapter and repay some of their debts over five years Click for a laquo raquo laquo raquo Need

Bankruptcy Basics Chapter Chapter Liquidation Under the Bankruptcy Code The chapter of the Bankruptcy Code providing for liquidation < i e the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors a b c d e f Alternatives to Chapter Debtors should be aware that there are several alternatives to chapter relief For example debtors who are engaged in business including corporations partnerships and sole proprietorships may prefer to remain in business and avoid liquidation Such debtors should consider filing a petition under chapter of the Bankruptcy Code Under chapter the debtor may seek an adjustment of debts either by reducing the debt or by extending the time for repayment or may seek a more comprehensive reorganization Sole proprietorships may also be eligible for relief under chapter of the Bankruptcy Code In addition individual debtors who have regular income may seek an adjustment of debts under chapter of the Bankruptcy Code A particular advantage of chapter is that it provides individual debtors with an opportunity to save their homes from foreclosure by allowing them to catch up past due payments through a payment plan Moreover the court may dismiss a chapter case filed by

Filing Chapter Louis E Lee Madere Jr Attorney and Counselor at Law August The following is an outline of select areas of bankruptcy law which are significant as you contemplate a filing under Chapter It gives an overview of the procedures involved with a Chapter and the rights creditors or the trustee can assert Please NO telephone calls and NO E MAIL unless you live in the New Orleans Area and wish to hire me as your attorney to file your bankruptcy I am not allowed to answer questions from outside Louisiana I practice only in Louisiana DO NOT try to file bankruptcy without counsel hire an attorney And check for updates or changes made since the Fall of the last time this document was updated Lee Madere Often someone who considers bankruptcy is unaware of the nuances of bankruptcy or certain creditors' rights in bankruptcy You should be familiar with some of the applicable provisions as you prepare for filing What follows is not by any means an exhaustive review of bankruptcy law nor does it fully explain each provision of the bankruptcy code or rules which might apply because each individual's situation is unique and sometimes unanticipated

March Selecting an attorney for your legal case is a very important decision Please enter a zip code to find an attorney in your area Information Overview Resource Center Search Bankruptcy Law Firms resources in our exclusive resource center Chapter Bankruptcy Law Chapter bankruptcy law Under the Bankruptcy Code Chapter of the United States Bankruptcy Code is the Bankruptcy Codes liquidation chapter Lawyers sometimes refer to it as a straight bankruptcy It is used primarily by individuals who wish to free themselves of debt Under Chapter ndash A trustee is appointed to take over your property Any property of value will be sold or turned into money to pay your creditors You may be able to keep some personal items and possibly real estate depending on the law of the State where you live and applicable federal laws Under the new Bankruptcy Act of credit counseling may be required or other options may be required to find out all your legal options and rights Bankruptcy Law Is A Federal Law This Sheet Gives You Some General Information About What Happens In A Bankruptcy Case The Information Here Is Not Complete You May Need Legal Advice Content Related to Topic





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