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How do you file a petition under Section 522 of the Bankruptcy Code?
Wiki User
∙ 15y ago
How do you file a petion under Section 522 (f) 0f the Bankruptcy Code?
Wiki User
∙ 15y ago
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What is a motion for insolvency?
Such a motion is made to a United States Bankruptcy Court, and Article I court under one of the 94 Article III federal District Courts. It is called a Petition for Bankruptcy. Title 11, United States Code, section 301, headed "§ 301. Voluntary cases.": "(a) A voluntary case under a chapter of this title is commenced by the filing with the bankruptcy court of a petition under such chapter by an entity that may be a debtor under such chapter. (b)The commencement of a voluntary case under a chapter of this title constitutes an order for relief under such chapter." Such a petition may only be made by a debtor, described in Title 11, United States Code, section 109, headed "§ 109. Who may be a debtor." A debtor who is either "balance-sheet bankrupt" (where its liabilties are greater than its assets) or who is "not-meeting-its-debts-as-they-come-due bankrupt" can file a voluntary petition. Title 11, United States Code, section 303, headed "§ 303. Involuntary cases." specify the circumstances under which a creditor can file an involuntary petition, in effect, "forcing" the debtor into bankruptcy administration.
Section 522b of the US bankruptcy code Need to know if 401K is exempt of a petition of bankruptcy 7?
Generally, but the extent to which funds will be exempt depends on your jurisdiction. Check your local state bankruptcy exemptions.
How do you cite the United States Code?
The United States Code is cited by title, code and section: this way: 11 USC 362 This means Title 11 of the United States Code Section 362. This section provides for the automatic stay in bankruptcy proceedings. Upon filing of a petition in bankruptcy all attempts (with certain exceptions) are stayed pending further order of the court.
Can you enforce technical bankruptcy?
Yes. It is possible to get together with other creditors and file an involuntary petition on a debtor. You must meet the applicable criteria set forth in the Bankruptcy Code, Title 11, United States Code, section 101 et seq., and the rules promulgated thereunder.
What is 11 us c 707 b 2?
some law under us code section 11 (I think that is bankruptcy)
What happened to World Religious Travel Association?
The World Religious Travel Association filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Colorado on Jan. 7, 2011.
What do you need to know about filing your tax return if you have filed bankruptcy during that year.?
No, you still owe the government. Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate, which generally consists of all the assets of the person filing the bankruptcy petition. A separate taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the Bankruptcy Code. The tax obligations of the person filing a bankruptcy petition (the debtor) vary depending on the bankruptcy chapter under which the petition was filed. Generally, when a debt owed to another is canceled the amount canceled or forgiven is considered income that is taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. However, the canceled debt reduces the amount of other tax benefits the debtor would otherwise be entitled to. This information is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide. See http://www.irs.gov/publications/p908/index.html
What is Bankruptcy Code Section 523?
Section 523 of the Bankruptcy Code outlines certain debts that may not be dischargable through bankruptcy and remain as a person debts once the bankruptcy estate is closed. Examples of these types of debts are educational loans, tax liens, criminal fines, and money or property obtained through false pretenses or fraud. The actual code section provide a more complete list. If you are thinking of filing for bankruptcy, I urge you to contact a attorney in your area who specializes in bankruptcy filing.
The section of the US Code which deals with the rules and procedures of bankruptcy?
Title 11
Can a small claims court judgment be discharged in a chapter 7 bankruptcy?
Yes, unless the judgment was a result of fraud. If the judgment creditor has filed a judgment lien against any of your property, you will need to take the additional step of filing a petition under Section 522(f) of the Bankruptcy Code to remove the lien. Be sure to tell your attorney about any liens that you might have against you.
Can you emancipate yourself in California if your 17?
{| |- | Yes you can. The age of majority in California is 18. You can petition the court under the Family Law Code section 7120 at the age of 14. |}
If a bankruptcy was discharged in June 1999 must you wait 6 years from the discharge date or 6 years from the original file date?
I disagree with Nikki. My reading of the Bankruptcy Code indicates that you can file a new Chapter 7 six years after the FILING date of the prior case. 11 U.S.C. 727 (of the Bankruptcy Code) states that a person cannot file a Chapter 7 if "(8) the debtor has been granted a discharge under this section, under section 1141 of this title, or under section 14, 371, or 476 of the Bankruptcy Act, in a case commenced within six years before the date of the filing of the petition; [or] (9) the debtor has been granted a discharge under section 1228 or 1328 of this title, or under section 660 or 661 of the Bankruptcy Act, in a case commenced within six years before the date of the filing of the petition, unless payments under the plan in such case totaled at least- (A) 100 percent of the allowed unsecured claims in such case; or (B) (i) 70 percent of such claims; and (ii) the plan was proposed by the debtor in good faith, and was the debtor's best effort...." Since the Bankruptcy Code says you have to wait six years from when the prior case was COMMENCED rather than when it was COMPLETED, this implies the filing date rather than the discharge date is the operative date from which the six years runs. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Six years from the actual discharge date of the BK.
