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Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Chapter 11 of the United States Bankruptcy Code permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals.
A paralegal, also known as a legal assistant or paralegal specialist, is a legal professional who performs tasks that require knowledge of legal concepts but not the full expertise of a lawyer with an admission to practice law. The market for paralegals is broad, including consultancies, companies that have legal departments or that perform legislative and regulatory compliance activities in areas such as environment, labor, intellectual property, zoning, and tax. Legal offices and public bodies also have many paralegals in support activities using other titles outside of the standard titles used in the profession. There is a diverse array of work experiences attainable within the paralegal field, ranging between internship, entry-level, associate, junior, mid-senior, and senior level positions.
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977, is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act. The statute's stated purposes are: to eliminate abusive practices in the collection of consumer debts, to promote fair debt collection, and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. The Act creates guidelines under which debt collectors may conduct business, defines rights of consumers involved with debt collectors, and prescribes penalties and remedies for violations of the Act. It is sometimes used in conjunction with the Fair Credit Reporting Act.
A means test is a determination of whether an individual or family is eligible for government benefits, assistance or welfare, based upon whether the individual or family possesses the means to do with less or none of that help.
In the United States, bankruptcy is largely governed by federal law, commonly referred to as the "Bankruptcy Code" ("Code"). The United States Constitution authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has exercised this authority several times since 1801, including through adoption of the Bankruptcy Reform Act of 1978, as amended, codified in Title 11 of the United States Code and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.
The humanitarian response to the 2004 Indian Ocean earthquake of a magnitude of 9.1 was prompted by one of the worst natural disasters of modern times. On December 26, 2004, the earthquake, which struck off the northwest coast of the Indonesian island of Sumatra, generated a tsunami that wreaked havoc along much of the rim of the Indian Ocean. Particularly hard-hit were the countries of Indonesia, India, Sri Lanka and Thailand. About 230,000 people were killed, tens of thousands more were injured, and 1.7 million became homeless and displaced.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) is a legislative act that made several significant changes to the United States Bankruptcy Code.
A bankruptcy discharge is a court order that releases an individual or business from specific debts and obligations they owe to creditors. In other words, it's a legal process that eliminates the debtor's liability to pay certain types of debts they owe before filing the bankruptcy case.
The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11, 2001 attacks. It has ten titles, each containing numerous sections. Title IV: Protecting the Border aims to prevent terrorism in the USA through immigration regulations. The provisions of the title generally increase the difficulty of entering the country for those known to have, or suspected of having, terrorist intent.
Debt settlement is a settlement negotiated with a debtor's unsecured creditor. Commonly, creditors agree to forgive a large part of the debt: perhaps around half, though results can vary widely. When settlements are finalized, the terms are put in writing. It is common that the debtor makes one lump-sum payment in exchange for the creditor agreeing that the debt is now cancelled and the matter closed. Some settlements are paid out over a number of months. In either case, as long as the debtor does what is agreed in the negotiation, no outstanding debt will appear on the former debtor's credit report.
An unfair preference is a legal term arising in bankruptcy law where a person or company transfers assets or pays a debt to a creditor shortly before going into bankruptcy, that payment or transfer can be set aside on the application of the liquidator or trustee in bankruptcy as an unfair preference or simply a preference.
Attachment of earnings is a legal process in civil litigation by which a defendant's wages or other earnings are taken to pay for a debt. This collections process is used in the common law system, especially Britain and the United States, but in other legal regimes as well.
Chapter 9, Title 11, United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assisting them in the restructuring of their debt. On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection. Jefferson County, Alabama, in 2011, and Orange County, California, in 1994, are also notable examples. The term 'municipality' denotes "a political subdivision or public agency or instrumentality of a State," but does not include a state itself. States are therefore unable to file for bankruptcy even though they have defaulted in their obligations.
Toibb v. Radloff, 501 U.S. 157 (1991), was a case in which the United States Supreme Court held that individuals are eligible to file for relief under the reorganization provisions of chapter 11 of the United States Bankruptcy Code, even if they are not engaged in a business. The case overturned the lower courts ruling which restricted individuals to chapter 7.
Aiding and abetting is a legal doctrine related to the guilt of someone who aids or abets another person in the commission of a crime. It exists in a number of different countries and generally allows a court to pronounce someone guilty for aiding and abetting in a crime even if he or she is not the principal offender. The words aiding, abetting and accessory are closely used but have differences. While aiding means providing support or assistance to someone, abetting means encouraging someone else to commit a crime. Accessory is someone who in fact assists "commission of a crime committed primarily by someone else". However, some jurisdictions have merged being an accessory before the fact with aiding and abetting.
According to the Office for National Statistics, sole proprietors represented 23.8% of all UK enterprise in 2010. Of that number, more than half a million sole traders were operating via the PAYE or VAT system alone. Sole traders are a distinct legal entity, operating as one type of UK business structure. In the event of financial problems affecting the business, they are subject to different rules to those that govern companies.
John Anthony Edwards Pottow is the John Philip Dawson Collegiate Professor of Law at the University of Michigan Law School, specializing in international commercial law, bankruptcy and consumer finance. In addition to scholarship, Pottow is known for pro bono work and has argued pro bono cases before the United States Supreme Court and several United States Courts of Appeals, winning an award for pro bono service. His public service in international trade law includes service on the United States Delegation to the United Nations Commission on International Trade Law (UNCITRAL) and the State Department's Advisory Committee on Private International Law.
Bankruptcy in Florida is made under title 11 of the United States Code, which is referred to as the Bankruptcy Code. Although bankruptcy is a federal procedure, in certain regards, it looks to state law, such as to exemptions and to define property rights. The Bankruptcy Code provides that each state has the choice whether to "opt in" and use the federal exemptions or to "opt out" and to apply the state law exemptions. Florida is an "opt out" state in regard to exemptions. Bankruptcy in the United States is provided for under federal law as provided in the United States Constitution. Under the federal constitution, there are no state bankruptcy courts. The bankruptcy laws are primarily contained in 11 U.S.C. 101, et seq. The Bankruptcy Code underwent a substantial amendment in 2005 with the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005", often referred to as "BAPCPA". The Bankruptcy Code provides for a set of federal bankruptcy exemptions, but each states is allowed is choose whether it will "opt in" or "opt out" of the federal exemptions. In the event that a state opts out of the federal exemptions, the exemptions are provided for the particular exemption laws of the state with the application with certain federal exemptions.
References
- ↑ English legal web site Archived February 21, 2007, at the Wayback Machine
- ↑ Legal Aid Act Archived May 18, 2007, at the Wayback Machine
- ↑ private law firm site Archived 2007-10-12 at the Wayback Machine , citing Legal Aid (Scotland) Act 1986.
- ↑ 11 U.S.C. § 526 (a) Bankruptcy law site
- ↑ Bovitz & Spitzer - a “debt relief agency” web site.
- ↑ Bovitz & Spitzer site, citing 11 U.S.C. § 526(a)(1); 11 U.S.C. § 526(a)(2); 11 U.S.C. § 526(a)(3)(A); 11 U.S.C. § 526(a)(3)(B); and 11 U.S.C. § 526(a)(4).
- ↑ "The Bankruptcy Code requires a debt relief agency to provide the information set forth in 11 U.S.C. § 527," Id.
- ↑ See also [ permanent dead link ][ permanent dead link ][ permanent dead link ] Library of Congress web site, quoting section 11 U.S.C. § 111.][ permanent dead link ]
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