Tag Archives: Bankruptcy
Voluntary Proceedings and Involuntary Proceedings
Voluntary Proceedings Most bankruptcy petitions are voluntary. Any individual whom is eligible can be a debtor under a chapter. Said individual may file under it. The debtor does not need to be insolvent, and no minimum debt or number of credit…
Bankruptcy Administration
The U.S. Constitution (Article I) gives Congress the exclusive power to establish “uniform Laws on the subject of Bankruptcies throughout the United States.” The Federal statute is the Bankruptcy Reform Act of 1978. Significant amendments have b…
Enforcement of a Statutory Lien
A statutory lien is enforceable only to items which the lien is legally attached. Statutes may allow the lienholder to foreclose the lien judicially and sell the property if the owner fails to pay the debt. However, the lienholder must give proper noti…
Liens
A lien is a legal claim on property, either real or persona, as security for payment or performance of a debt or obligation. There are different type of liens. The level of severity for each lien is judged by the order of their acquisition. Howeve…
Bankruptcy Chapter 7
How Chapter 7 Works A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets. (3) In addition to the petition, the debtor must also file with […]
