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US Bankruptcy Law
In the United States, bankruptcy is largely governed by federal law, commonly referred to as the "Bankruptcy Code" ("Code"). The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has exercised this authority several times since 1801, including through adoption of the Bankruptcy Reform Act of 1978, as amended, codified in Title 11 of the United States Code and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Some laws relevant to bankruptcy are found in other parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code (Crimes). Tax implications of bankruptcy are found in Title 26 of the United States Code ( Internal Revenue Code), and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code (Judiciary and Judicial procedure). Ban ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcies Filed By Type Per Year
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 7, Title 11, United States Code
Chapter 7 of Title 11 of the United States Code (Bankruptcy Code) governs the process of liquidation under the bankruptcy laws of the United States, in contrast to Chapters 11 and 13, which govern the process of ''reorganization'' of a debtor. Chapter 7 is the most common form of bankruptcy in the United States. For businesses When a troubled business is unable to pay its creditors, it may file (or be forced by its creditors to file) for bankruptcy in a federal court under Chapter 7. A Chapter 7 filing means that the business ceases operations unless those operations are continued by the Chapter 7 trustee. A Chapter 7 trustee is appointed almost immediately, with broad powers to examine the business's financial affairs. The trustee generally liquidates the assets and distributes the proceeds to the creditors. This may or may not mean that all employees will lose their jobs. When a large company enters Chapter 7 bankruptcy, entire divisions of the company may be sold intac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estate (law)
An estate, in common law, is the net worth of a person at any point in time, alive or dead. It is the sum of a person's assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of the person. (See inheritance.) Depending on the particular context, the term is also used in reference to an estate in land or of a particular kind of property (such as real estate or personal estate). The term is also used to refer to the sum of a person's assets only. The equivalent in civil law legal systems is patrimony. Bankruptcy Under United States bankruptcy law, a person's estate consists of all assets or property of any kind available for distribution to creditors. However, some assets are recognized as exempt to allow a person significant resources to restart his or her financial life. In the United States, asset exemptions depend on various ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Involuntary Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cross-border Insolvency
Cross-border insolvency (sometimes called international insolvency) regulates the treatment of financially distressed debtors where such debtors have assets or creditors in more than one country. Typically, cross-border insolvency is more concerned with the insolvency of companies that operate in more than one country rather than bankruptcy of individuals. Like traditional conflict of laws rules, cross-border insolvency focuses upon three areas: choice of law rules, jurisdiction rules and enforcement of judgment rules. However, in relation to insolvency, the principal focus tends to be the recognition of foreign insolvency officials and their powers. Theories of cross-border insolvency There are, broadly, three approaches to the administration of cross-border insolvency: * The territorial approach, whereby each country exercises its own domestic insolvency laws in relation to all the debtor's property and all of the creditors located within its jurisdiction. This approach does ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 15, Title 11, United States Code
{{USBankruptcy Chapter 15, Title 11, United States Code United States bankruptcy code that deals with jurisdiction in certain bankruptcy cases. Under Chapter 15, a representative of a corporate bankruptcy proceeding outside the United States can obtain access to the U.S. courts. This allows cooperation between the United States courts and the foreign courts, as well as other authorities of foreign countries involved in cross-border insolvency cases. Jurisdiction issues It happens with increasing frequency that a bankruptcy proceeding in one country has a connection to assets or information located in another. Because of the involvement of multiple jurisdictions, unique problems arise, and in response, the United States enacted Section 304 of the U.S. Bankruptcy Code in 1978. Section 304 was repealed in 2005 and replaced with Chapter 15, titled "Ancillary and Other Cross Border Cases". This section has increased the range of options available in the United States in support of fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 13, Title 11, United States Code
Title 11 of the United States Code sets forth the statutes governing the various types of relief for bankruptcy in the United States. Chapter 13 of the United States Bankruptcy Code provides an individual with the opportunity to propose a plan of reorganization to reorganize their financial affairs while under the bankruptcy court's protection. The purpose of chapter 13 is to enable an individual with a regular source of income to propose a chapter 13 plan that provides for their various classes of creditors. Under chapter 13, the Bankruptcy Court has the power to approve a chapter 13 plan without the approval of creditors as long as it meets the statutory requirements under chapter 13. Chapter 13 plans are usually three to five years in length and may not exceed five years. Chapter 13 is in contrast to the purpose of Chapter 7, which does not provide for a plan of reorganization, but provides for the discharge of certain debt and the liquidation of non-exempt property. A Chapte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 12, Title 11, United States Code
Chapter 12 of Title 11 of the United States Code, or simply chapter 12, is a chapter of the Bankruptcy Code. It is similar to Chapter 13 in structure, but it offers additional benefits to farmers and fishermen in certain circumstances, beyond those available to ordinary wage earners. Chapter 12 is applicable only to family farmers and fishermen. History Background For much of the history of bankruptcy law in the United States, there was no provision applicable specifically to farmers. The 1898 Bankruptcy Act contained no special provisions, with one exception that farmers were immune from an involuntary bankruptcy petition. Section 75 was enacted by the Bankruptcy Act of 1933 and provided specific provisions for farmers. However, many of these provisions were limited in scope, and ultimately required the voluntary cooperation of mortgagors and creditors. In addition, section 75, as it was originally conceived, was a temporary measure. It was scheduled to expire on March 3, 193 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11, Title 11, United States Code
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Detroit Bankruptcy
The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. Detroit is also the largest city by population in U.S. history to file for Chapter 9 bankruptcy, more than twice as large as Stockton, California, which filed in 2012. While Detroit's population had declined from a peak of 1.8 million in 1950, its July 2013 population was reported by ''The New York Times'' as a city of 700,000. Detroit's bankruptcy filing followed a declaration of financial emergency in March 2013 that resulted in Kevyn Orr being appointed as "emergency manager" of the city by Michigan Governor Rick Snyder. Orr's subsequent negotiations sought to get creditors to willingly " take a haircut" on Detroit's debt, and were ultimately unsuccessful. On July 19, 2013, Judge Rosemarie Aquilina of the Thirtieth Judicial Circu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Orange County, California
Orange County is located in the Los Angeles metropolitan area in Southern California. As of the 2020 census, the population was 3,186,989, making it the third-most-populous county in California, the sixth-most-populous in the United States, and more populous than 19 American states and Washington, D.C. Although largely suburban, it is the second-most-densely-populated county in the state behind San Francisco County. The county's three most-populous cities are Anaheim, Santa Ana, and Irvine, each of which has a population exceeding 300,000. Santa Ana is also the county seat. Six cities in Orange County are on the Pacific coast: Seal Beach, Huntington Beach, Newport Beach, Laguna Beach, Dana Point, and San Clemente. Orange County is included in the Los Angeles-Long Beach- Anaheim Metropolitan Statistical Area. The county has 34 incorporated cities. Older cities like Old Town Tustin, Santa Ana, Anaheim, Orange, and Fullerton have traditional downtowns dating back to the 19th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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