| Introduction to Chapter 11 Bankruptcy |
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| The Bankruptcy Code is a collection of federal laws that apply in bankruptcy cases or proceedings. The Code is made up of various "Chapters" that each apply to a different type of debtor or bankruptcy. One purpose of Chapter 11 is to "rehabilitate" or "reorganize" a business so that it can continue without folding or closing. More... |
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| Creditor Attempts to Collect Discharged Debt |
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| A debt no longer exists after it is discharged in bankruptcy. The court enters an order prohibiting the debtor's creditors from later attempting to collect any discharged debt from the debtor. 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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| Dischargeability of Taxes in Bankruptcy |
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| Debtors may be able to discharge some or all of their older income tax obligations in bankruptcy. Dischargeability of these taxes turns on the question whether or not they are "priority" claims. Tax obligations that are non-priority are dischargeable. More... |
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| Reconsideration of Claims |
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| The Federal Rules of Bankruptcy Procedure provide that a party in interest may move for reconsideration of an order allowing or disallowing a claim against the estate and that the court after a hearing on notice should enter an appropriate order. The reconsideration of a claim cannot upset proper distributions already made to holders of other allowed claims. More... |
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