| Chapter 11 Automatic Stay |
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| A Chapter 11 automatic stay comes into effect immediately upon the debtor's bankruptcy filing without the need for any court order. The stay helps to assure equality of distribution by preventing one creditor from seizing assets before others have had an opportunity to do the same. More... |
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| IRA Protection in Bankruptcy |
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| Social Security benefits, company pensions, and 401(k) plans are all shielded by law and are, therefore, not lost to creditors in bankruptcy. Whether that same protection extends to an individual retirement account (IRA) is not clear. The bankruptcy law, which was drafted in the 1970's before IRAs became such an important vehicle for retirement savings, is ambiguous. This has led to contradictory rulings in federal courts around the country.More... |
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| The "Clean Slate" of Chapter 7 Bankruptcy |
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| What is Chapter 7 bankruptcy? More... |
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| 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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| Equity Security Holders |
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| An equity security holder is a holder of an equity security of the debtor in a bankruptcy case. Examples of an equity security are a share in a corporation; an interest of a limited partner in a limited partnership; or a right to purchase, sell, or subscribe to a share, security, or interest of a share in a corporation or an interest in a limited partnership. More... |
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