| Bankruptcy During Divorce |
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| Problems may result from the conflict of interests between domestic relations courts and bankruptcy courts when a couple files for bankruptcy during a divorce. The conflict arises because of the differing policies between the courts. Bankruptcy courts have a policy of providing a fresh start and distributing the debtors' assets equally among all of their creditors. Family courts have a policy of equitably dividing the property between the spouses. More... |
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| Effect of Dismissal |
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| In general, the dismissal of a case prior to discharge is without prejudice and the debtor is not barred from receiving a discharge in a subsequent case of those debts that were dischargeable in the dismissed case. The Bankruptcy Code gives the court discretion, for a certain period of time and when there is cause, to deny the debtor the benefits of the general rule to dismiss the case with prejudice thereby preventing the debtor from obtaining a discharge with regard to the debts existing at the time of the dismissed case. More... |
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| Disclosure Statements |
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| Debtors must report assets, liabilities, contested claims, and other business affairs. The purpose of these disclosures is to allow creditors an opportunity to evaluate proposed plans. Disclosure statements must contain "adequate information." The specific information required is determined on a case by case basis by the court and may include any information which the court deems reasonable and necessary for parties in interest to reach informed decisions before voting on plan confirmation.More... |
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| An Overview of Bankruptcy |
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| Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate or repay their debts. Federal law, rather than state law, governs bankruptcy proceedings, which take place in United States Bankruptcy Courts.
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| Bankruptcy Discharge |
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| Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate their debts or repay their debts. Chapter 7 "liquidation" is the process by which debtors wipe out or "discharge" many of their debts. More... |
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