| Chapter 12 Plans |
| A debtor is required to file a Chapter 12 plan within 90 days of the petition date, unless an extension is granted by the court. Once the plan is filed, the court is required to hold a hearing on confirmation within 45 days. However, in practice, the date for filing a plan is often extended. Plans range from three to five years. Creditors are to have at least 20 days notice prior to the confirmation hearing. A unique feature of the Chapter 12 plan is that plan payments are often due seasonally as the debtor receives income, such as after the harvesting of crops. More... |
| Employment of Professionals |
| The Bankruptcy Code governs a trustee's or debtor in possession's employment of attorneys, accountants, appraisers, auctioneers, and other professional persons to represent or assist in carrying out duties under the Bankruptcy Code. Generally, the trustee or debtor in possession had broad latitude in the selection of professional persons to be employed. The Bankruptcy Code authorizes the employment of professional persons only to the extent that such persons do not hold or represent an interest adverse to the estate.More... |
| Adversary Proceedings |
| Under Bankruptcy Rules, an adversary proceeding may be filed in a debtor's bankruptcy action for certain specific reasons. Creditors may initiate adversary proceedings to determine the validity or priority of a lien, to determine the validity of a debt, to obtain an injunction, or to subordinate a claim of another creditor.More... |
| Discharge of Indebtedness |
| Discharge of indebtedness is the process by which a Chapter 7 debtor eliminates a debt during bankruptcy proceedings. A creditor or lender cannot collect a debt that has been discharged. More... |
| Bankruptcy Crimes |
| Bankruptcy crimes exist to protect the goals of civil bankruptcy, which is a fresh start for consumers, the reorganization of businesses, and the equitable distribution of a debtor's assets amongst creditors. Almost every bankruptcy crime is preceded by a prior civil bankruptcy case. Consequently, courts have had to organize the coordination of several cases arising out of one bankruptcy. More... |
Henry M. Toles A Law Corporation
Bankruptcy Newsletter
