© Copyright 2012, vLex. All Rights Reserved.
- Language
Contents in vLex United States
Explore vLex
For Professionals
For Partners
Company
bankruptcy law
8 similar searches for bankruptcy law
3 headnotes for bankruptcy law
More than 10.000 documents for bankruptcy law
-
The sweeping new consumer bankruptcy law goes into effect in just over a month - and attorneys who represent debtors tell Lawyers Weekly USA they are expecting a rush of clients wanting to file up until the last minute. The new law, which goes into effect on Oct. 17, was signed in April and is widely expected to make filing bankruptcy more complicated and more costly. In anticipation of the changes, the 3- month period ending June 30 saw the number of bankruptcy filings across the nation soar 11 percent higher than the same quarter last year, according to the Administrative Office of the U.S. Courts in Washington.
-
It is important for accountants to have a working understanding of bankruptcy law during these trying economic times. Starting in the late 1990s, massive numbers of individuals ran up huge debts and then filed for bankruptcy to discharge those debts. Congress responded to intense lobbying by passing the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. To understand bankruptcy law, it is important to distinguish between three main bankruptcy chapters: 7, 11, and 13. It is also crucial to understand the impact of the reform legislation passed in 2005. The number of individual debtors filing for bankruptcy first reached the 1 million mark in 1996. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 initially reduced the number of individual bankruptcy filing...
-
The credit card industry has been in an uproar for years complaining that they're losing billions of dollars because of the debtor's ability to file a Chapter 7 bankruptcy, thus avoiding making payments on unsecured debt. Unsecured debts are primarily credit cards and medical bills. Interesting to note that the top two reasons people file for bankruptcy protection is because of medical bills and credit card debt. Given the fact that lawmakers were unwilling to make sweeping changes to the bankruptcy law in prior years, many of the major creditors created relationships with the consumer credit counseling type of companies. In fact, to this day, many of the major creditors contribute up to 85 percent of the funding generated by consumer credit counseling type of companies. Consumer credit...
-
Bankruptcy Law Repossession
-
Four Eastern European economies joined Poland in streamlining bankruptcy procedures. Latvia passed a new insolvency law in November 2007. Now financially distressed companies can choose to continue operating by pursuing reorganization. Like Poland, Latvia also tightened the qualification standards for bankruptcy administrators. So did Bosnia and Herzegovina. The Czech Republic's Insolvency Act took effect on January 1, 2008. The law introduces reorganization as the preferred method for resolving insolvency, mandates stricter deadlines, establishes an electronic insolvency register and sets new qualification standards for trustees. Expanding creditors' rights has been the most popular reform feature over the past 5 years (figure 11.5). Seventeen economies have empowered creditors: China,...
-
Abraham Lincoln practiced law for nearly twenty-five years, and it was his full-time occupation except for part-time service in the Illinois Legislature and the US Congress. Passage of the Bankruptcy Act of 1841 (which actually took effect on February 1, 1842) was pushed through by the Whig Part which portrayed bankrupts of the time as the innocent victims of the Democratic Party's failed monetary policies. Efforts to enact a new law were unsuccessful after the Panic of 1857, but found a welcome audience in the depression which followed the Civil War. The Bankruptcy Act of 1867 was largely like its predecessor of 1841, and even somewhat more liberal. Voluntary petitions were again permitted and majority creditor approval for a discharge was eliminated if the estate paid a 50% distributi...
-
CHICAGO, Feb. 10, 2011 /PRNewswire-USNewswire/ -- As the pitch rises over the question of whether to allow states to file for bankruptcy, most turnaround professionals voicing their opinion blend together on a single note: No. Nearly 70 percent of respondents to a recent Turnaround Management Association poll think struggling states would need to sound a theme other than bankruptcy to solve fiscal problems aggravated by the recent recession. But 32 percent join a refrain in favor of enacting a U.S. bankruptcy law for states, arguing that it would deftly address onerous union contracts and debt levels and drown out any pleas for federal bailouts.
-
In July 2008, bankruptcy courts across the US prepared themselves for a busy season. As many as 5,664 companies sought to liquidate or restructure that month alone, a 57% increase from the prior year. This Note looks behind the shield of D&O insurance and examines its treatment under the Bankruptcy Code. Part I provides an overview of the duties of directors and officers of a corporation, as well as the protections they receive under the business judgment rule and indemnification contracts. Part II explains the three different "sides" of D&O insurance policies. Part III discusses basic bankruptcy concepts including directors' and officers' duties in bankruptcy, automatic stay, and property of the estate provisions of the Code, as well as the treatment of contracts in bankruptcy....
