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How would a person in working at a bank process chapter 11 bankruptcies?
Wiki User
∙ 16y ago
They don't.
The pre-petition accounts of the BK Company (C 11 is almost always a Corp), are frozen and no check can clear. Then depending on the BK, those assets are secured by the creditors and the accounts unfrozen, or new ones open...which as post petition...are not effected by the BK.
In any case, other than following the instructions of the Court, like (freezing the accounts), the bank isn't involved in the BK.
(Which is to say just because the term bankruptcy includes the word bank, doesn't mean it has anything to do with a bank, it is a Federal Court legal matter - filed with the Federal District Bankruptcy Court.)
Wiki User
∙ 16y ago
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When does a person need a trustee?
In bankruptcies a trustee is needed in all cases to administer the assets or determine that there are no assets. The court appoints the trustee in chapter 7 and 13. The creditors determine who will act as a trustee in chapter 11, usually. A trustee is needed if a person establishes a trust.
What are the types of bankruptcy?
Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code. Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code.
If you want to file chapter 7 and you are single person is there an amount of income you can only make in a year?
There is a "means test" for filing consumer bankruptcies, and if you earn more than the median family income in your state, you have to see if your deductions from the gross income make you eligible to file a Chapter 7. Otherwise, you have to file a Chapter 13. You can find the median family income for each state at the US Trustee's website, accessible from your bankruptcy court's website. ("Links")
What happens to Hindus spiritually if they commit suicide?
When a person dies, their spirit all goes thruogh the same process as a spirit of a person from any other religion. Many researchers are working to find what this process is.
When can one use unified software development process?
The Unified Software Development Process is used when a person or business is working toward developing new software. The process has four distinct phases.
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
What is a chapter?
A person who has a paper in the television
What specifically does a chapter 7 lawyer provide services in?
Chapter 7 in terms of law refers to when a person or person is filing for a certain and specific type of bankruptcy that is then referred to and known as Chapter 7.
Define the difference between individual and collaborative writing process?
Individual writing process involves a person working on writing tasks independently, making decisions and revisions on their own. Collaborative writing process involves multiple people working together to create a piece of writing, sharing ideas, responsibilities, and contributing to the final product as a team.
Can you file chapter 7 bankruptcy now after filing in July 2004?
A person can file chapter 7 after 8 years from a previous chapter 7. So the answer is NO.
What does implicit process mean in person centred therapy?
In person-centred therapy, implicit processes refer to the underlying thoughts, feelings, and experiences that may not be consciously acknowledged by the individual but still influence their behavior and interactions. The therapist seeks to help clients explore these unconscious aspects to gain insight and self-awareness. This can lead to a deeper understanding of oneself and facilitate personal growth and healing.
What is chapter 13?
It's a chapter of bankruptcy. It allows the person that is filing to keep their property. The person that has filed will pay back their debts over a three to five year period.
