Chapter 11 Summary
- Bankruptcy
A chapter 11 bankruptcy is an extremely potent tool in the hands of the debtor. The filing of the chapter 11 case invokes the automatic stay under 11 U.S.C. §362. This section completely stops all actions on the part of any creditor of the estate to attempt to collect on the debt or to even […]
Overview of the Bankruptcy Process
- Bankruptcy
In today’s economic climate, basic knowledge of the Code is a valuable tool that every civil litigator and business lawyer should have in his or her toolbox. Bankruptcy is for everyone’s benefit In economist Adam Smith’s book Wealth of Nations, he uses the phrase “invisible hand” metaphorically to demonstrate how each person acting in his […]
Bankruptcy Can Happen to Anyone
- Bankruptcy
According to the United States Supreme Court, “the primary purpose of bankruptcy is to . . . relieve the honest debtor from the weight of oppressive indebtedness and permit him to start afresh free from the obligations and responsibilities consequent upon business misfortunes.” Williams v. United States Fidelity & Guaranty Co., 236 U.S. 549, 554 […]
About Credit Counseling Advertisers
- Bankruptcy
About Credit Counseling Advertisers The media bombards you with ads from debt counseling agencies telling you to consolidate or reduce your debt without resorting to bankruptcy. The FTC warns people to be wary of many of these companies that promise to remove debt for pennies on the dollar. Most cannot and the consumers are the […]
Bankruptcy (For Debtors Only)
- Bankruptcy
Bankruptcy (For Debtors Only) The decision whether to file for bankruptcy is often fraught with fear and shame. It doesn’t need to be. In fact, it shouldn’t be. Consider this: If Thomas Jefferson filed for bankruptcy protection (and he did), it might behoove you to toss out the moral guilt and consider your situation anew. […]
