If you have filed for Chapter 7 bankruptcy, any additional income you earn from a part-time job may be subject to seizure by the bankruptcy trustee. This is because Chapter 7 bankruptcy involves the liquidation of assets to pay off creditors. However, it's important to consult with a bankruptcy attorney for advice specific to your situation as laws and regulations can vary.

In the case of a bankruptcy of Bombay Company Inc., the company's assets would be liquidated to repay its creditors. Any remaining funds would be distributed among the shareholders based on their proportionate ownership. However, it is important to note that the value of the shares may become significantly diminished or even worthless, as the company's financial obligations are prioritized over the interests of shareholders in a bankruptcy proceeding.

PC or "P.C." stands for "Professional Corporation", a special form of corporation which retains some personal liability for the principals of the business. Ordinarily restricted to licensed professionals such as doctors, attorneys, and public accountants.

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• There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. As of 2000, the fees for seeking bankruptcy relief are $160: a filing fee of $130 and an administrative fee of $30. Attorney fees are additional.
• Chapter 13 allows persons with a steady income to keep property, like a mortgaged house or a car, that they otherwise might lose. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off a default during a three-to-five-year period, rather than surrender any property. After you have made all payments under the plan, you receive a discharge of your debts.
• Known as straight bankruptcy, Chapter 7 involves liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools and basic household furnishings. Some of your property may be sold by a court-appointed official � a trustee � or turned over to your creditors. You can receive a discharge of your debts through Chapter 7 only once every six years.
• The best books on self-filing are listed under the related links.
• You can and should do the research on filing your own Chapter 7 before the present congress steals it out from under you. These books are also available at most public libraries, and Chapter 7 courts are very friendly to self-filed cases...for now.
• The filing fee for Chapter 7 is now $209, and the filing fee for Chapter 13 is $194 (as of today's date, 4/4/05).
• The most striking difference is that a Chapter 7 lasts about 3 1/2 months, during which time you make no payments to the Court (and to qualify for Chapter 7 you must show that you have no money left over each month to make payments), whereas a Chapter 13 lasts from 3 to 5 years, and during that time you make monthly payments to the Court (because you have more income than expenses). This simplistic explanation makes it sound like everyone would want to file Chapter 7 instead of Chapter 13, but this isn't true; Chapter 13 has several complex advantages over Chapter 7, such as you can structure your Chapter 13 to let you keep property that the Court would sell in a Chapter 7, and you can get rid of certain types of debts that cannot be discharged by a Chapter 7, to name a couple. But, as of today's date (4/4/05), the U.S. House of Representatives is considering new bankruptcy reform legislation (already passed in the Senate), which if they pass it, will go to the President for approval. If it ultimately becomes law, the differences between Chapter 7 and Chapter 13 will change. 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.
• A chapter 7 is total liquidation of nonexempt assets. A Chapter 13 is a "debt consolidation", in which the debtor does not relinquish any property but is required to make a specified monthly payment to the trustee. The trustee will then pay the creditors according to priority. A 13 is generally 3-5 years. The basic rule is the creditors must receive a like amount as they would have if the debtor filed a 7. Secured and unsecured debts are treated differently in each bankruptcy.
• The short version, a chapter seven is a full liquidation bankruptcy in which the petitioner relinquishes all nonexempt property to be sold to pay creditors. This generally does not include the primary residence and one vehicle, it depends on individual circumstances. A chapter 13 is a consolidation bankruptcy in which the petitioner agrees to a payment plan which will be overseen by the assigned trustee. The petitioner keeps all their property but must repay within 3-5 years at least the same amount the creditors would have received under a chapter 7.
• Chapter 7 bankruptcy is essentially a liquidation. In a Chapter 7, your assets may be recovered to pay off some of your debt (car, furniture, home, etc, depending on state laws) A Chapter 13 bankruptcy is a consolidation. The court decides how much you can afford to pay back and you will be set up on a payment plan for several years (up to 5, I believe). The con of a Chapter 13 bankruptcy is that it is a long process. The pro is that you get to retain all of your assets.
• A Chapter 7 is a total liquidation. If you are qualified, depending on your assets and your state's exemptions, it may be potential to wipe out your unsecured debts (credit cards, medical bills, etc.) with little or no other troubles. If you have secured debts (mortgage, car payments, etc.) you would either have to agree to continue to pay these or allow the lenders to retake the collateral. Current law requires an income Means Test, whereby your total household income is determined, and then compared to the median for your state and household size. If you fall at or below the median you can file Chapter 7, if not you can only file Chapter 13. Chapter 13 is a repayment plan. If your income is below the median, you can file a 3 year plan - all your income except for acceptable deductions for living expenses goes int the Chapter 13 plan which goes to your creditors. If the court has confirmed the plan, the creditors must accept that, even if they get much less than full payment. At the end of the plan, your unsecured debts are discharged.
• If you are above the median income test, you can only suggest a 5 year plan.
• Chapter 7 will do not anything to save your home from foreclosure by a first mortgage holder. A Chapter 13 plan can stop foreclosure.
• Chapter 7 is a complete debt wipe-out. All debts that are eligible under bankruptcy laws (Child support & student loans are some debts that BK CANNOT wipe out) are wiped out and you will no longer be obligated to pay anything back.
• A Chapter 13 is not a complete debt wipe-out. You negotiate with each creditor to change the terms of the debt so you can repay them (i.e. cancel all interest, settle for a percentage of the principal balance, etc.). One you have established your repayment plan to each debtor, the BK will not be discharged until you pay back what you agrees to. In other words, you will still have to pay back each creditor, but not the full amount due.

One can normally sell a house as soon as they want after the Order of No Asset is issued by the Court, but most people wait until after the Discharge is entered and the case is closed to be safe. One word of caution though: I had a potential client come in to my office once (a couple of years ago) and he had filed a Chapter 7 with another attorney, and the case successfully received Discharge. Then, 2 years later, he sold a house that he had owned during his bankruptcy. Apparently he had indicated in his bankruptcy petition that the house was worth $100,000.00 or so, then he sold it 2 years later for $250,000.00. Somehow the trustee of his bankruptcy case got wind of this sale and reopened the case and filed an Adversary Proceeding against the guy, alleging that he misrepresented the value of the home during his bankruptcy case. So, I would say it is wise to be sure the home's value was accurately reflected in the bankruptcy schedules prior to selling the home!

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.

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Bankrutpcy is a Federal Court Actionand set of FEDERAL laws....your state makes little difference. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.

The economy, weather, high price of goods and services would be the main issues in Ireland. However, there are many goods features which outweigh the bad. These are typical problems most West European countries face (except the weather) and although Ireland is one of the worst hit countries by the recession, it is the media who are exacerbating the problem by reminding the country of it. They are causing a largely negative attitude which the Irish face gach uile la.

If you are facing some serious financial issues, you may consider filing for chapter 13 bankruptcy protection. If you do file keep in mind that there is no limit to the amount of times you can refile for the same protection.

It depends on who buys the property. However, you should have already made your plans to move out. If you have a lot of stuff, start earlier. When we bought a short sale house, they had three days after closing. They were busy until midnight of the last night and had to leave things behind. Plan ahead; it is not the buyer's fault that you have to move.

Renting an apt. is not an asset but the up front payment or security deposit is. Once you file that is it anything after that is your problem. If you default in the rent you can't file again for I think 7yrs. Normally they can't touch your home unless you have equity. An apt. has no equity normally unless you own it.

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ankwhitey:Any broad spectrum answer to this question gives the question too much credit. Women were "treated badly back in the day" for the same reasons they are treated badly currently.

Women are treated badly when they are weak, or vulnerable; and someone who is evil- or simply idiotic, decides to take advantage of that situation.

Women have no more or less power today than they ever did, although the way that power manifests itself has changed. The same is true for men. Either sex is a force to be reckoned with, and always has been.

Check out this site: http://www.ag.gov.au/agd/WWW/attorneygeneralHome.nsf/Page/ Speeches_2002_Speeches_4th_Biennial_Insolvency_Trustee_Service_Australia_Bankruptcy_Congress_(20_September_2002) It's a little bit dated, but probably still quite comparable. Not sure that the exact answer to your question is in there - there's a lot of very readable and interesting stuff.

The U.S. is not bankrupt.... just over-extended. ;-)

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Yes, both husband and wife are responsible for each other's debt even if one or the other does not sign any legal documents. Louisiana is a community property state. So, whats his is hers and what is hers is his.

Chapter 11 is the bankruptcy code issued to a business who files for bankruptcy. This type of bankruptcy protects a business and will allow it to get running again. If a business fails and applies for chapter 7, they must sell everything and give the proceeds to creditors. A person on chapter 11 does not have to do this.