by wpusername9811 | Jan 6, 2025 | Uncategorized
Protection of Debtor and Creditor Interests. Bankruptcy was originally for the protection of creditors. It was a structured method for creditors to reclaim their debts instead of sending people to debtor’s prison as was the practice under the British. It has evolved...
by wpusername9811 | Dec 30, 2024 | Uncategorized
Chapter 7 is known as “liquidation” or “straight” bankruptcy. It is for individuals and businesses. The goal for individuals is to ”discharge” their debts and get a ”fresh start.” The goal for a businesses is to provide an orderly process to close-down operations. ...
by wpusername9811 | Dec 14, 2024 | Uncategorized
Debtor The individual or business entity filing for bankruptcy. Creditor Entities that have claims against against the debtor. United States Trustee Program The United States Trustee Program (“USTP”), a division of the United States Department of Justice (“USDOJ”),...
