| Dischargeable Debts |
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| Dischargeable debts are those debts that can be discharged through bankruptcy proceedings. A debtor is no longer personally liable to pay for dischargeable debts after the bankruptcy proceedings are concluded.More... |
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| IRA Protection in Bankruptcy |
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| Social Security benefits, company pensions, and 401(k) plans are all shielded by law and are, therefore, not lost to creditors in bankruptcy. Whether that same protection extends to an individual retirement account (IRA) is not clear. The bankruptcy law, which was drafted in the 1970's before IRAs became such an important vehicle for retirement savings, is ambiguous. This has led to contradictory rulings in federal courts around the country.More... |
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| U.S. Trustees |
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| United States Trustees supervise the administration of various aspects of cases filed under Chapters 7, 11, 12, and 13 of the Federal Bankruptcy Code.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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| Unsecured Claims |
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| Unsecured debt may be generally described as a debt where credit was granted based solely upon the promise or ability of the debtor to pay. Claims that are not secured by any collateral or subject to setoff are generally unsecured claims. For purposes of bankruptcy, unsecured claims are classified and paid based on a priority list described in the Bankruptcy Code. Each class must be paid in full before the next lower class is paid anything.More... |
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