| Setoffs in Bankruptcy |
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| Setoff is an equitable right of a creditor to deduct a debt it owes to the debtor from a claim it has against the debtor arising out of a separate transaction. The Bankruptcy Code is not an independent source of law that authorizes a setoff; it recognizes and preserves rights that exist under non-bankruptcy law.More... |
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| Meetings of Creditors and Equity Security Holders |
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| Section 341 of the Bankruptcy Code provides for meetings of creditors and equity security holders. The United States trustee is required to convene and preside at a meeting of creditors. In Alabama and North Carolina, where the bankruptcy system is administered by a bankruptcy administrator instead of a U.S. trustee, the bankruptcy administrator or his or her designee may preside at the meeting of creditors. The court is prohibited from presiding at or attending the creditor meetings. More... |
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| How Credit is Affected by Bankruptcy |
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| Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate their debts or repay their debts. Generally, the fact that a debtor filed for bankruptcy remains on the debtor's credit history for 10 years.More... |
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| Conversion and Dismissal of a Chapter 12 Case |
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| Chapter 12 specifically provides that a debtor may voluntarily convert a Chapter 12 bankruptcy case to a Chapter 7 bankruptcy or dismiss the case at any time. Creditors, however, may not seek the involuntary conversion of a debtor's Chapter 12 bankruptcy to a Chapter 7 bankruptcy unless fraud is shown in connection with the case. More... |
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| An Overview of Bankruptcy |
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| Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate or repay their debts. Federal law, rather than state law, governs bankruptcy proceedings, which take place in United States Bankruptcy Courts.
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