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By how many points did the Dow Jones fall when Lehman Brothers announced that they were filing for Bankruptcy?
Wiki User
∙ 15y ago
The Dow fell 504 points the day that Lehman Brothers announced their bankruptcy. To be fair the 500 plus point drop can be attributed to the ever worsening credit crisis that is effecting the financial industry. Merrill Lynch was bought out by Bank of America on the same day as the Lehman announcement. It is becoming apparent that AIG and Washington Mutual are on the brink of collapse as well.
Wiki User
∙ 15y ago
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How often do bankruptcy attempts fail and why?
Bankruptcy laws are being tightened up. Although overall bankruptcy reform is still tied up in Congress. The honest consumer who has fallen on hardtimes for whatever reason will not have a problem getting a bankruptcy discharge. The majority of filings are simple and done in a timely manner. Those that are dismissed are due to the result of use of fraudulent information, faults in documentation, etc. Sometimes the trustee will decide the debtor has the ability to repay at least a portion of the debt and will deny a Chapt. 7 filing in lieu of a 13. Any dismissal by a trustee can be appealed.
Does bankruptcy affect immigration to Australia?
Yes. If you are filing to sponsor someone you will need to fill out an Affidavit of Support stating you can support this person in the US without being on public assistance. You have to meet 125% of the poverty line, as stated on the forms you can download at www.uscis.gov. If you filed bankruptcy you are not an eligible sponsor and you will need a co-sponsor (mother, father, someone who makes 12% of the poverty line).
How long does the bankruptcy process take?
Chapter 7: about six months from filing to closing. The first meeting of creditors ("341 meeting") is about a month after filing, then 45 days to take the financial management class and file the certificate. Discharge shortly after. Chapter 13: anywhere from a month to five years (60 months). Both timelines assume no problems that extend the time needed to complete.
Where do most court cases begin?
Most federal cases begin in the district courts.
Can an inheritance be taken by the courts or creditors if the will has not been executed and most likely will not be until after filing for Chapter 7?
Some received before the discharge are collectable by the trustee. Whether an inheritance can be included depends on the the type of BK (Federal or State) and the laws that are applicable. If however, the BK has been discharged, no monies are subject to seizure by the truste/court. I'm a little confused by the answer above. There is no such thing as "State bankruptcy," though there are state receiverships which are similar but rare. The only bankruptcy that exists in the U.S. is federal bankruptcy, which is codified in Title 11 of the U.S. Code (though State law does affect the federal bankruptcy laws in each State to a certain extent). It is also not true that once the bankruptcy has been discharged the court can't come after inheritance proceeds. If the inheritance occurs within 180 days after the discharge, the court can still come after the money (see 11 U.S.C. 541 (a)(5)). If the inheritance occurs before or during the case, the debtor has an obligation to notify the court by listing the inheritance on their Schedule B, and the court can then go after the money assuming the State in which the bankruptcy is pending does not allow the debtor to exempt that type of property. Also, actual receipt of the inheritance funds is not necessary, a debtor has to list the inheritance if the debtor knows it is coming even if the debtor hasn't actually received it yet. In some states, one can "disclaim" an inheritance, which means the person can say they don't want it, and the inheritance is protected from the bankruptcy court, but this is complicated and rule-specific and one definitely needs to consult with their attorney about this. 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.
What is the largest bankruptcy in American history?
Lehman Brothers HoldingsDate of bankruptcy filing: 09/15/08Assets: $691 billion
Will your credit rating be affected by your partner filing bankruptcy?
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Should a Christian file bankruptcy?
Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.
In order to file bankruptcy must you have a bankruptcy attorney?
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
How can you find out if a garnishment has been stopped by filing bankruptcy?
Bankruptcy will not stop a garnishment. You cannot set aside civil judgments by filing bankruptcy.
Does having a car in repo effect filing for bankruptcy?
No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.
In a Chapter 7 bankruptcy a person filing for relief is called a?
In a Chapter 7 bankruptcy, a person filing for relief is called a
Can you avoid criminal charges by filing bankruptcy?
No. Bankruptcy is a civil act.
Is Monrovia Nursery filing bankruptcy?
Nope. Monrovia has not filed for bankruptcy
Can you get a series 65 after filing bankruptcy?
NO
What happens if you wreck your car after filing for Chapter 13 bankruptcy?
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
Are you a bankruptcy?
Bankruptcy is when a person or a firm thinks that they are in financial crisis, they go out for filing bankruptcy in related court.
