| Unsecured Claims |
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| Unsecured debt may be generally described as a debt where credit was granted based solely upon the promise or ability of the debtor to pay. Claims that are not secured by any collateral or subject to setoff are generally unsecured claims. For purposes of bankruptcy, unsecured claims are classified and paid based on a priority list described in the Bankruptcy Code. Each class must be paid in full before the next lower class is paid anything.More... |
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| Turnover to the Trustee |
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| The Bankruptcy Code requires an entity in possession, custody, or control of property of the estate, including exempt property, to deliver that property to the trustee, unless the property is of inconsequential value to the estate. More... |
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| Lien and Transfer Avoidance in Connection with Marital or Family Obligations |
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| The Bankruptcy Code contains a number of provisions empowering the trustee, the debtor, or both to avoid various types of liens and other prebankruptcy transfers of the debtor's property. The Bankruptcy Code definition of ''transfer'' includes creation of a lien. The Bankruptcy Code allows the trustee or debtor to nullify or undo prior transactions in order to promote the dual bankruptcy policies of equity among creditors and a fresh start for debtors.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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| The Bankruptcy Estate |
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| The filing of a bankruptcy petition for an individual debtor under Chapter 7 or Chapter 11 of the bankruptcy code creates a separate taxable bankruptcy estate. The bankruptcy estate consists of all of the debtor's legal or equitable interests in property as of the filing date.More... |
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