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How does the automatic stay protect creditors and debtors?

Roths Child Law

Filing for bankruptcy is a significant decision that can be simultaneously stressful and a source of relief for those who choose this path. When someone files for bankruptcy, an essential provision called the automatic stay comes into play. This turn of events is fundamental to the bankruptcy process.

Debtor 96
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Amendments To The Federal Rules Of Bankruptcy Procedure Take Effect December 1, 2020

In the Red

Each year amendments are made to the rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The amendments address issues identified by an Advisory Committee made up of federal judges, bankruptcy attorneys, and others. The rule amendments are ultimately adopted by the U.S.

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Obtaining a Judgment Against a Client Who Kept Insurance Funds May Prevent the Debt From Being Discharged Following Bankruptcy

FFGN COLLECT NY

What happens if a client who kept insurance funds proceeds later files for bankruptcy? Will a bankruptcy court allow the debtor to keep monies intended for you? The bankruptcy court refused to grant a discharge to a debtor who failed to turn over insurance checks to the provider. 523 (a)(2), (4), or (6).

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As Chapter 11 Bankruptcy Filings Surge, Here’s What Creditors Need to Know to Protect and Enforce Their Rights

Fraser

It should come as no surprise, therefore, that the economic downturn has led to a surge in corporate bankruptcy filings. According to data from Epiq Global, 722 companies sought bankruptcy protection around the U.S. For creditors to maximize their recoveries, they must stay informed and take action during a bankruptcy proceeding.

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Filing Taxes After Filing for Bankruptcy

Sawin & Shea

Filing your taxes and filing for bankruptcy are two things that can be confusing and challenging on their own. When you put the two together, it can cause debtors even more stress. Bankruptcy lawyers are important to work with when you file for bankruptcy, but they can be helpful and offer guidance even after you’ve filed.

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Recent Amendments Place Creditors in a Stronger Position to Defend Against Chapter 11 Bankruptcy Preference Lawsuits

Fraser

As the bankruptcy wave continues to build, more businesses are being forced to deal with bankrupt customers. What’s worse—and which often comes as a big surprise—is when a business gets sued by the debtor or bankruptcy trustee seeking to recover payments made by the debtor before the bankruptcy.

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The Dangers of Hiding Assets in a No Asset Bankruptcy

Sawin & Shea

There are two primary types of bankruptcies that a person might file when struggling to pay their debts: Chapter 7 and Chapter 13. In a Chapter 13 bankruptcy , the debtor agrees to a payment plan instead of having their property taken to pay creditors. Nonexempt assets can still be used to pay creditors.