Even though BK is a Federal proceeding, it is the portion of the Federal law that allows one to use the State exemptions in their petition.
This is the section of the United States Bankruptcy Code that allows you to use exemptions to protect certain properties from creditors.
A set-off is when a bank anticipates that a debtor is going to go into bankruptcy, and applies a debtor's deposits at the bank against outstanding loans. See 11 USC § 553.
USC has claimed 11 national titles and is in 3rd place.
11
USC is 22-11-1 all-time versus the SEC.
The United States Code is cited by title, code and section: this way: 11 USC 362 This means Title 11 of the United States Code Section 362. This section provides for the automatic stay in bankruptcy proceedings. Upon filing of a petition in bankruptcy all attempts (with certain exceptions) are stayed pending further order of the court.
Yes, normally I believe ch. 11 is for business bankruptcy.
Chapter 11 bankruptcy allows you to reorganize your debt so that you may pay it off. But it is not for everyone. You should contact a lawyer to see if you could even qualify for Chapter 11 bankruptcy.
ELEVEN 11
A statement of presumed abuse indicates that the bankruptcy court has determined that the bankruptcy petition has sufficient grounds to be dismissed. The statement should contain the reason why, i.e. the debtor's monthly income exceeds the amount permitted.
The chapter 11 of the bankruptcy law permits reorganization under the bankruptcy laws of the United States of America. Chapter 11 is available to every business and to individuals, although it is mostly used by businesses.
There are many places where one can find more information on Chapter 11 Bankruptcy. One can find more information on Chapter 11 Bankruptcy at popular on the web sources such as Nolo and US Courts.