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It depends on whether or not you are filing a chapter 7 or a Chapter 13. The process of bankruptcy also varies in each country so it is important that you are familiar with your own bankruptcy law.
Wiki User
∙ 15y ago
Wiki User
∙ 16y agoNothing really special as an employee...the filing protects the Corporation. In fact, the BK court can require some things to be done that protect the BK that normally can't be done 9like modifying or breaking employment, even union contracts).
As an employee your payroll is given a very high priority as a claim and is almost always paid in full (at least up to a fairly high amount). Things like expense account reimbursements, bonuses, etc may be a different story.
Wiki User
∙ 15y agoThere are literally volumnes on this. Basically, it is to file and prove your claim and be treated the same as any other creditor in your class/position. You can protest the handling if you feel there is some unfairness, or other grounds.
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Can you have a catalog account after you are discharged from bankruptcy?
Yes, after bankruptcy your debt (that which was listed in the bankruptcy) is eliminated. It may, however, take some time to restore your credit rating to the point where creditors will take a risk on you.
What type of attorney protects creditors when there is a bankruptcy?
Bankruptcy trustee.
Why can a trustee take your income tax return if you are filing a chapter 7 bankruptcy which relieves you of your debt and does the trustee give the money to the creditors?
The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
When do you stop paying your creditors once you have retained a bankruptcy attorney?
The debtor should cease payment of creditors when they decide they are going to file for bankruptcy.
If you voluntarily have a chapter 13 bankruptcy dismissed will your creditors be notified of the dismissal?
Yes. If you voluntarily have a chapter 13 bankruptcy dismissed, your creditors will be notified of the dismissal.
Can you file for bankruptcy if you have a second mortgage?
Bankruptcy is of an individual or a corporation can not distinguish between creditors.
How does a person file for chapter 11 bankruptcy?
To file chapter 11 bankruptcy one must propose a plan and then must find creditors to agree with this plan. Then, the person must take the plan and creditors to bankruptcy court where the judge will decide whether the plan can work or not. As long as the judge and all the creditors agree then that person can follow through with the plan and be in chapter 11 bankruptcy.
What is the Bankruptcy Code?
The Bankruptcy Code refers to a business filing bankruptcy. If a business is unable to pay it's debt or pay it's creditors, the business or it's creditors can file bankruptcy. Upon filing bankruptcy, the business ceases operation, a trustee sells the assets, and then gives the proceeds to it's creditors.
Do you list a landlord on the list of creditors in a bankruptcy?
You do if you owe him money. You must include ALL creditors.
Will the bankruptcy trustee take all of your tax return refund?
I think it depends on when the bankruptcy is discharged, but it would be discussed at your meeting with the creditors and the trustee. If it wasn't discussed, then the refund is yours.
Is there a sample letter to notify debtors of bankruptcy?
There are letters that attorneys use to notify creditors of a debtors bankruptcy. This letter states that the individuals have filed bankruptcy and the creditors are to cease all contact and attempts to collect their debt.
If you have an IRA can they take money from it when you go into bankruptcy?
IRA's are exempted personal property. Creditors can not touch this money to pay debths.
