| Case Closing and Reopening |
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| Bankruptcy Case Closing Defined More... |
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| Chapter 13 Eligibility |
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| Only individuals may file for Chapter 13 bankruptcy. Corporations and partnerships may not file for Chapter 13 bankruptcy. Any individual, even if self-employed or operating an unincorporated business, is eligible for Chapter 13 relief as long as that individual has regular income greater than reasonable living expenses, has unsecured debts not exceeding a certain sum, and has secured debts not exceeding a certain sum. More... |
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| Bankruptcy During Divorce |
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| Problems may result from the conflict of interests between domestic relations courts and bankruptcy courts when a couple files for bankruptcy during a divorce. The conflict arises because of the differing policies between the courts. Bankruptcy courts have a policy of providing a fresh start and distributing the debtors' assets equally among all of their creditors. Family courts have a policy of equitably dividing the property between the spouses. More... |
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| Chapter 9 Eligibility |
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| Only a "municipality" can file for relief under chapter 9. The term "municipality" is defined in the Bankruptcy Code to mean a political subdivision or public agency or instrumentality of a State. The definition is broad enough to include cities, counties, townships, school districts, and public improvement districts. It also includes revenue-producing bodies that provide services that are paid for by users rather than by general taxes, such as bridge authorities, highway authorities, and gas authorities. 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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