Bankruptcy Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to Bankruptcy.
June 29, 2015 By Stelios Americanos & Co LLC
The Insolvency Framework comprises of a package of six legislative texts which entered into force on the 07/05/2015, the date of their publication in the Official Journal of the Republic (five laws and a set of regulations). More specifically the following came into force:
June 23, 2015 By Dave Falvey
Many debtors try to sell off at least some off their assets in order to have money to pay their creditors and to live but there are risks in selling off assets too. This is because assets are supposed to be used to pay off your creditors and not favor one creditor over another unreasonably.
June 18, 2015 By Levi Solicitors LLP
The Queen’s Speech confirmed a new Conservative Enterprise Bill which, for most SMEs, cannot come into play soon enough! The bill is aimed to help small business in settling late payments and disputes.
May 15, 2015 By HG.org
Almost everyone has, at one time or another, come up just a little short when they needed to pay a bill or meet some other financial obligation. For many, services like check cashing and payday advances can be one way to deal with this dilemma, but they come with hefty fees and other considerations. So, what are the laws regarding check cashing and payday advances?
April 21, 2015 By HG.org
Most people who own a car rely on it for getting virtually everywhere they need to go. That may include school, church, the store, or to pick up the kids; but for most, it primarily includes work. Thus, when you are late on your car payments, it may seem terribly ironic that the bank wants to deprive you of the means of getting to work to pay them back faster, but that is exactly what could happen.
April 16, 2015 By HG.org
Let's face it, bankruptcy is a scary concept. It entails doing something that will erase portions of your debt, restructure other parts, and appear as a black mark on a credit report for seven to ten years. Still, there may be times when it is wisest to simply throw in the towel and get a fresh start. Thus, when it is necessary to do so, how do you declare bankruptcy?
You have performed services for or delivered products to a customer located in The Netherlands. You have invoiced your services or products, but your customer fails to pay these invoices. What can we do for you do in order to recover the debt concerned from this customer in The Netherlands?
According to RealtyTrac, there were 16,700 zombie foreclosures in New York in 2014. That number has since risen by 54 percent. These homes are often the houses that bring a neighborhood's value down; the houses with unkempt lawns and boarded-up windows that are easy to ignore and forget.
If a creditor knows that a debtor is working, one effective method for the creditor to collect on this debt is to have the debtor’s wages garnished. However, there are several laws that apply that can affect the garnishment process.
What are the alternatives to foreclosure? Falling behind on your mortgage payments is extremely stressful. You toss and turn at night, imagining losing your house. But there is hope. Even if you've defaulted on your mortgage, you may be able to find an alternative foreclosure which will allow you to keep your home should you desire to do so.
Before, the execution was performed by the King or his representative according to Article (50) of the Main Laws for the issued rule in 1412H, and the stipulations of the 2nd paragraph of the 7th Article of the Regions Law issued in 1412H, and this stipulates that the Prince of each region is to be responsible for execution of the judiciary rules in its final status, and now we conclude that the administrative ruler was the one to execute such judicial rules.
In addition to each of the defenses available in an original creditor lawsuit, debt buyer lawsuit defenses include standing, limited admissibility of documents, conditions precedent, and additional damages under the FDCPA.
Service of a Small Claims Lawsuit is often a consumers first interaction with the civil court. Here is a quick explanation of what to expect at a Florida Small Claims Pretrial.
Five Common Defenses to a Credit Card Lawsuit include reviewing consent orders, inconsistencies, contract amendments, counterclaims, and payment plans.
Credit card debt. Bills piling up. Filing for bankruptcy. Bankruptcy proceedings. Destroyed credit. Foreclosure. All of these things can take a toll on a person, not just financially, but emotionally and legally. Though some might view bankruptcy as an admission of failure, bankruptcy is actually an opportunity.
This year, Chapter 11 bankruptcy is getting an overhaul. These changes are designed to make filing for Chapter 11 bankruptcy easier for businesses.
Filing for bankruptcy changes your life. As you know if you recently filed for Chapter 7 or Chapter 13 bankruptcy, filing for bankruptcy takes a toll on your credit score, your financial well being, and your emotional health.
When business owners hear that a customer is going through the process of bankruptcy, they may start to write off the debt. However, this may cause business owners to lose funds to which they are entitled. By being aware of their rights and following these steps, business owners can protect their bottom line.
The Fair Debt Collection Practices Act was enacted in 1977 in order to curtail abuses by debt collection companies. The act provides protections to consumers against harassing tactics, empty threats, telephone contact and dissemination of credit information by third-party debt collection companies. It also provides remedies to individuals who have had their rights violated regarding these matters.
Third-party debt collectors must conform to a certain set of rules that are prescribed by a variety of federal and state laws. The primary consumer protection law that debt collection agencies must adhere to is the Fair Debt Collection Act. However, the state where the debt collection agency operates or the state where the debtor resides may carry additional consumer protection laws with which the agency must also comply.
Debt happens to almost everyone at some point in their life. When one falls behind on those debts, it is natural to feel embarrassed, under fire, and alone. Many debt collectors take advantage of these feelings to unduly pressure, harass, and embarrass those with delinquent accounts.
A federal student loan is one of the most difficult items to escape. Federal student loans are usually not dischargeable in bankruptcy. Furthermore, the federal government can take dramatic steps to ensure that it receives the money that is owed.
The next foreclosure epdimic is coming from hundreds of thousands of Home Equity Lines of Credit (HELOC)s that are coming due after their 10 year term.
On the 22nd of December, 2014 the MFSA commenced a consultation process on proposed amendments to the Insurance Business Act (Cap. 403 of the Laws of Malta) and the Insurance Intermediaries Act (Cap. 487 of the Laws of Malta).
Your IRA is protected from creditors if you have to file bankruptcy, but what happens to that IRA if you die and leave it to a child? Many assumed that the inherited IRA retained that creditor protection in a child’s bankruptcy. The United States Supreme Court ruled otherwise in Clark v. Rameker, 134 S. Ct. 2242 (2014).
Chapter 7 Bankruptcy allows debtors to retain all their exempt properties although the ones that are not exempt are typically turned over to the trusties of the chapter. Such pieces of property are usually sold and the proceeds distributed to the creditors. What applies in Texas?
If you have a debtor in Poland you will probably need to face standard debt recover process with your Polish lawyer. Before doing so you may have a look at the stages and court fees that you will have to cover in order to find a way to justice.
Although debt collection proceedings in civil and employment labor law in Spain are proceedings with the same purpose they have some differences.
Debt collection is a complicated juridical procedure, especially if your debtor is in the other country. Along with the already familiar problems there are some additional aspects (like linguistic barrier, country’s specific legislation). It seems nearly impossible, but it can be solved easily. To solve the problem, a foreign businessman needs Ukrainian lawyers’ help.
A recent decision by the Georgia Court of Appeals has given homeowners loop-hole against lien claims as the lien claimant's summary judgment against the homeowner was reversed.
Contractors and suppliers, whose labor, services, equipment or materials were used to improve real estate, may be entitled to file a claim of lien under the Georgia Mechanics and Materialman's Lien Statute if they are not paid. Navigating this law, however, can be difficult so we have put together this step-by-step guide to help you understand the complexities of Georgia's Lien Laws.
By Loeb Smith
It is not possible to "pledge" registered shares under Cayman Islands law because title to the shares cannot be transferred by physical delivery. Any grant of security over registered shares that is called a "pledge" will typically be either (i) a legal mortgage or (ii) an equitable mortgage/share charge, depending on its terms. If the security purports to be something else, the chances are that it will be entirely ineffective.
The recession has two valuable lessons for credit managers: First, even the best businesses can become significant credit risks, and, second, we have all had more practical experience in extending credit and collecting on past-due receivables. This article focuses on practical tips which credit managers can implement today to reduce the likelihood of nonpayment.
Bankruptcy exemptions can make a dramatic difference in your bankruptcy proceeding whether you are filing Chapter 7 or Chapter 13. While the result for having an exemption is different for each type of bankruptcy filing, both help the consumer keep more – either property or money.
By CTM Avvocati
A general overview of the legal steps which are usually followed, under Italian law, in respect of debt collection.
A debtor proposes a repayment plan that will allow them to repay a portion of their debt. A Chapter 13 bankruptcy plan determines the amount that each creditor can expect, the duration of the plan, the value of the debtor’s property and the funds that are available to repay the debts. Several factors impact the amount of monthly repayments that the debtor will make.
Nobody said the divorce process was easy—but know life after divorce is possible. During a divorce, you’ll be faced with several important decisions that will ultimately affect your life both short- and long-term. Keeping your financial security in mind will make all the difference.
After a vendor extends credit, it is vital that the vendor continually monitor the debtor for changes in its credit profile in order to minimize the vendor's risk of nonpayment. The following list of 20 early warning indicators, will help you see the risk coming before it happens.
You should be aware that there are many loan modification scams taking place right now in the U.S. These scams target homeowners who are struggling to meet mortgage payments, as predators are taking advantage of especially financially vulnerable people.
There have been various reports in the media indicating that foreclosure rates have fallen to pre-bubble crisis levels.
By Loeb Smith
The Cayman Islands (“Cayman”) continue to be the leading offshore jurisdiction for the establishment of both hedge funds and private equity funds. Typically, private equity funds are structured in Cayman as exempted limited partnerships (“ELPs”) and the introduction of the Exempted Limited Partnership Law, 2014 (the “New ELP Law”), which came into force on 2nd July 2014, will enhance the attractiveness of Cayman as the leading offshore jurisdiction for private equity funds.
In 2013, nearly 40,700 Floridians filed for bankruptcy. An important, life-changing decision, coming to terms with the fact that you need to file could be the light at the end of a seemingly long, debt-filled tunnel—that’s why it’s imperative you get the facts, know your rights and obtain accurate, aggressive representation from a local Tampa Bay area law firm.
After several attempts including an appeal to the Constitutional Court of Romania the legislators have now adopted a new law regarding insolvency and bankruptcy. The new law is Law no. 85/2014 and was issued in June 2014 coming into force on 28th June 2014.
New Law Concerning Debt Recovery in Albania - "On Late Payments for Contractual and Commercial Obligations”
The Albanian parliament has passed on 24.04.2014 the law no. 48/2014 “On Late Payments for Contractual and Commercial Obligations”, which is partially aligned with the Directive 2011/7/EU of the European Parliament “On Combating Late Payment in Commercial Transactions”.
More and more couples are racking up excessive amounts of debt. To make matters worse, some debt, especially credit card debt, is hidden from the other spouse. Some blame this phenomenon on the fact that more marriages consist of two-income couples. Each spouse may find it difficult to relinquish control of his or her own money. But when divorce is on the horizon, how is this debt ultimately divided?
The deregulation of the telecommunications sector in 2001 led to the issuance of telecom licenses to major telecom providers in Nigeria. Unlike the pre-deregulation era which was characterized by poor services by NITEL, Nigeria’s sole telecom provider, there has been an increase in international trade and investment as a result of the telecommunication revolution. The adverse effect of this is the staggering amounts of interconnect debts in Nigeria’s telecommunication sector.
Credit Card Debt is something that is becoming a bigger problem as Americans are getting further in debt. One of the ways that you can address your mounting credit card debt is through debt relief via debt settlement. Contact a experienced bankruptcy lawyer or debt relief expert and find out what options are available to you regarding your credit card debt, other outstanding creditors, and methods of available debt relief.
When you think about filing bankruptcy you really want to understand all your options. This is the quick overview of bankruptcy vs other other options.
What is an installment agreement? An installment agreement is an option for those who cannot pay their entire tax bills by the due date. It allows taxpayers to pay the amount due over a period of time
By Oaktree Law
Mortgage default risk continues to plague the housing recovery. A new report issued by the American Enterprise Institute indicated that the national mortgage default risk remained high in March, even though it dropped slightly from February.
Foreign nationals are entitled to take up economic activities in Albania as self-employed persons, and to set up undertakings, in particular companies, which they effectively control. Foreign companies can also do business in Albania through setting up subsidiaries and branches.
At the time that a director or officer commits a company to an agreement, while he is reasonable aware that he cannot comply with this agreement, this director or officer can be held liable for any loss. This problem was recently addressed in the court of Maastricht (The Netherlands).
Of the professionals that you can turn to for help with IRS problems, tax attorneys can most effectively help you sort through legal issues. Hiring such an expert is the most efficient way of getting on the right track. Here are seven reasons that make them valuable and indispensable.
By Oaktree Law
Have you fallen so behind on your credit card debt that you just cannot get them paid? If so, continuing to struggle is the worst thing that you can do. Find out how you can file for Chapter 7 or Chapter 13 bankruptcy today and eliminate your credit card debts.
Sometimes the problem with “food for thought” is that it can almost choke you with its stark simplicity. Take our tax system, for example. The federal government prints our money, regulates the places where we keep it and has vast powers to take it away from us if we don’t give them their cut.
The Detroit bankruptcy court in recent years has been inundated with a large number of "pro se" bankruptcy filings. In many of these cases, the debtors have been helped with the preparation of their petition and schedules by individuals whom the court has prohibited from assisting people for failure to abide by the rules that bankruptcy petition preparers must follow.
The Texas Debt Collection Act and the Federal Fair Debt Collection Practices Act prohibit debt collectors from taking certain actions when dealing with alleged debtors. They also provide remedies for people when collectors fail to comply with the statutes. This article is to help you determine whether a debt collector has violated the law and what you can do about it.
Bankruptcy is when you lawfully proclaim that you can no longer repay your debts. Individuals have the option of either proclaiming chapter 7 or chapter 13 bankruptcies, depending on the intensities of their debts and the incomes being made.
Bankruptcy takes place when a procedure is started where a debtor obtains court bought relief from needing to settle his/her debts.
Molly had squatted on the damp parquet flooring of the forbidding old cabin a long time before contacting our office. Indeed she stared at the cobwebs festooned on the walls until white dust completely covered her eyelids prior to summoning the courage to call: her energies were exhausted.
There's one bankruptcy. I think I’ll remember for a long time. Nobody at my office could understand why the man bobbed his head in at first. It was about a year or so ago. Most clients schedule an appointment. But this man just knocked on the door wearing his round felt hat. He was much older than most of my clients and had a solemn voice. He took off his hat and asked my secretary Kathleen to speak with a “straight-talking lawyer.”
Fighting The Post-Bankruptcy Survival Of Federal Tax Liens On Property Excluded From The Bankruptcy Estate
The federal tax collection system is founded on the concept of voluntary compliance. The United States government expects taxpayers to compute and timely pay all taxes owed. Most taxpayers fulfill this obligation. However, a minority refuse to comply. Those falling within the latter category are subject to forced collection and various penalties.
Some times individuals get to a point where they have taken on too much credit and become overpowered by the weight of too much debt, simply keep in mind though that there are Murrieta Bankruptcy Attorney laws that can protect us. There are some creditors that will think absolutely nothing of bullying and harassing individuals who do not pay on time, this isn't really such a bad thing when there are people that are simply plain reckless.
Just about everyone who gets a little behind on their bills will get a friendly reminder call from a creditor. But once in awhile, those calls turn out to be not so friendly. While there are certain laws to protect the consumer from harassing calls at home and at work, not every debt collector plays by the rules.
Filing bankruptcy ought to just be thought about after the other options have been tired. Bear in mind the fact that a number of services for debt consolidation are in fact illegal and will cause you more issues. Keep the suggestions from this post in mind in order to make ideal financial decisions and keep away from debt.
If your Polish debtor went bankrupted you must submit your claim before a Polish insolvency court within the period prescribed in the bankruptcy ruling. If you fail to do this you will lose the possibility of recovery it in the future. Our lawyers assist to foreign creditors in the process of drafting, filling and supporting the claim before the insolvency court.
To determine who can file for bankruptcy the court uses what is called the Means Test. The Means test determines who is qualified to file chapter 7 bankruptcy, and who needs to file chapter 13 bankruptcy.
The procedure for the liquidation of an Albanian Company is described and specified in Albanian commerce law. The law provides the standard procedure for the liquidation of an Albanian Company.
How to correctly file a chapter 7 bankruptcy complete with some less than well-known tricks of the trade.
Nearly every year, the rules of procedure for various types of courts change. Bankruptcy courts are no exception. Bankruptcy courts are governed by the Federal Rules of Bankruptcy Procedure. Often these changes are relatively small and technical, and only of interest to bankruptcy attorneys, but this year the rules changes primarily affect cases filed by individuals. So, what new bankruptcy rules came into effect on December 1, 2013?
Anyone who has ever fallen behind on their bills knows just how troubling that experience can be. Harassing phone calls, letters, and emails are the usual tricks of the trade, or for secured debts, repossession or foreclosure. But, America abolished debtors prisons. So, debt collectors are not supposed to be able to put you in jail because you owe money. However, a few have discovered a way to do just that.
Even amounts that cannot be registered when an insolvency plan is finally confirmed can still be claimed.
The Superior Court (OLG) of Oldenburg in its judgment of October 11, 2012 (File number: 1 U 71/11) ruled that the trustee in bankruptcy must also take into account the possibility of a more favorable disposal for the totality of assets.
Predatory lending encompasses a wide range of deceptive and unfair practices. Learn how you can avoid the lending scams that will put your home at risk of foreclosure.
Bankruptcy debtors in Georgia are frequently faced with the difficult decision of what to do about the debt on their residence. Discharge and release of the lien of the second mortgage debt is possible in a Chapter 7 Bankruptcy case. Stripping of the lien of a second mortgage requires filing a separate proceeding within the bankruptcy case, and the use of a qualified attorney is recommended.
Medical debt is a leading reason for filing bankruptcy. Most debtors assume that chapter 7 bankruptcy provides the best solution to deal with medical debt. However; a little know feature of chapter 13 can provide substantial benefit to debtors with continuing medical issues. Chapter 13 helps debtors by reducing their debt obligations to an affordable monthly payment. The debtor can later convert the case to chapter 7 and wipe out any new debt incurred since the case was originally filed.
The European Commission has recently proposed to introduce an EU-wide freezing order known as a European Account Preservation Order (EAPO) to ease the recovery of cross-border debts for both citizens and businesses.
Nowadays, always more and more companies cannot avoid facing the threat of unpaid invoices which obliges them to spend time and energy in long procedures in order to recover the due payment. Thus, since its start, our law firm has been developing an increasing experience in the field of bad debt collection. We currently represent our clients throughout the procedural steps required to obtain their payment, giving them the most appropriate legal support.
Every year, millions of students are convinced to take on student loans with promises of huge salaries upon graduation, but often the reality is a bit different and these same students are left with an enormous debt and little or no means of repayment. Indeed, these debts can last for decades.
Different Types of Bankruptcies in America and the Bankruptcy Abuse Prevention and Consumer Protection Act
The recent economic downturn put many in a difficult financial position, unable to repay all of their obligations. This has been true for not just individuals, but businesses and cities, as well. When this occurs, the law provides a mechanism for getting out of control debts back under control, either by restructuring debt or wiping out certain types of obligations. This is bankruptcy.
Detroit was one of the most heavily hit cities during the recent economic downturn. Although it has started to rebound, based in large part upon federal subsidies provided by the Obama Administration which many credit with saving the American auto industry, the city continues to deal with financial woes as it struggles through the larges Chapter 9 municipal bankruptcy in US history.
A bankruptcy judge in New York has endorsed a plan to merge American Airlines and US Airways. That approval, however, is contingent upon the outcome of an anti-trust lawsuit filed by the US Department of Justice which asserts that such a merger would deprive the marketplace of choice and competition.
Negative credit can have many far reaching consequences. Although you may not realize it, the health of your credit history will determine whether or not you are suitable for all sorts of things, including basic needs like renting an apartment or getting a job.
A collection assignment authorizes the assignee to claim the assigned accounts receivable as his own and therefore in his own name.
Are you an Arizona resident that has fallen behind on credit card debt? Is the credit card company harassing you with phone calls, letters, or worse, filed a lawsuit against you? If you find yourself in this situation, you have several options, and some are better than others. So what are your options?
Bankruptcy is a legal proceeding that helps some people who cannot pay their bills get a fresh financial start by temporarily, or permanently, preventing creditors from collecting debts from you. Bankruptcy is generally considered the debt management tool of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, making it difficult to acquire credit, buy a home, get life insurance, or sometimes get a job.
Debt collection is a legal procedure whereby the creditor fails to enable by the debtor a payment of a monetary obligation, which the latter has failed to perform wholly or partly on a defined deadline.
When we talk about discharging debts in bankruptcy, we are usually referring to a Chapter 7 bankruptcy. Typically, a Chapter 13 bankruptcy involves a restructuring of debt rather than a discharge, or forgiveness of debt. For that reason, for most people the main goal of filing for Chapter 7 bankruptcy is to discharge / wipe out their debts. For example, while there are many other types of debt that Chapter 7 will discharge, credit card debt is one of the most commonly discharged debts.
Bankruptcy can be a complicated process with many technical requirements and provisions. Understanding the basic steps for a bankruptcy in Arizona will help you know how to prepare and what to look out for as you move forward.
Mortgage foreclosure is the process by which the bank takes your home for not paying your loan. It can be a long, difficult, and confusing process for many homeowners, and if you are facing a foreclosure you should contact a local, qualified attorney for advice on how to respond. In the meantime, here are 10 common mistakes people make during a mortgage foreclosure:
When preparing to file for bankruptcy, there are often many things on your mind. How will this affect my credit? Will I be able to pay for this? What will I lose? What will I gain? But one question that many people do not even know to ask is “what is the difference between a Chapter 7 and a Chapter 13 bankruptcy?” The answer can have profound repercussions on your case.
A short sale allows the lender to avoid the work involved in foreclosing and then trying to sell a property. It allows the homeowner to avoid foreclosure. However, a short sale can also be challenging to all involved.
Federal Fiscal Court: Prohibition of Set-Off Payments in Bankruptcy and Insolvency Proceedings - Germany
The German Federal Fiscal Court, Bundesfinanzhof (BFH), has changed its opinion on allowing set-off payments in bankruptcy proceedings in its judgment from July 25th 2012.
Chapter 7 bankruptcy, also known as "debt liquidation," allows people to wipe out most kinds of debt and achieve a financial fresh start.
Reproduced with permission from Law Business Research Ltd. This article was first published in Getting the Deal Through – Restructuring & Insolvency 2014, (published in November 2013; contributing editor:Bruce Leonard).
The protection of consumer rights is one of the great responsibility of UAE Government. By availing these services the consumers can save their money and time through long court litigations while having cost effective and prompt justice for them through dispute resolution proceedings.
It’s a reality that bankruptcy and divorce often coincide, but the question is, which should come first, bankruptcy or divorce? The answer to that question will depend on your individual set of circumstances and if you want to take the risk and wait.
Imagine getting a letter in the mail informing you that your mortgage payment has been rejected by your bank for insufficient funds. This may be because your bank account has been levied by another creditor whom you owed money.
This article is an overview of Debt Recovery Procedure in Turkey
The foreclosure law provides creditors a lot of ways to enforce their claims against the debtor. Garnishment (the seizure of assets) is one of the most popular among them.