Bankruptcy and the Impending Increase in Evictions
The economic crisis associated with the global pandemic is likely to result in extremely high numbers of both household and commercial evictions. As government-imposed eviction moratoriums end, and as federal unemployment benefits are curtailed, we expect to see considerable bankruptcy activity prompted by rent defaults. What will this mean for tenants contemplating bankruptcy, and for…
The Discharge: The Chapter 7 Bankruptcy Process
The Discharge is part 10 of a 10 part series on Chapter 7 bankruptcy and will provide general information regarding bankruptcy under Chapter 7. For the individual debtor, the desired result of Chapter 7 is the discharge order. Again, entities do not get a discharge. The Chapter 7 discharge, the extent of which is described…
The Creditors: The Chapter 7 Bankruptcy Process
The Creditors is part 9 of a 10 part series on Chapter 7 bankruptcy and will provide general information regarding bankruptcy under Chapter 7. A creditor may take an interest in the case, or may do nothing, depending on the situation. Here are a few examples where creditors may be active: 1. Claims. All creditors…
The Trustee’s Activities: The Chapter 7 Bankruptcy Process
The Trustee’s Activities is part 8 of a 10 part series on Chapter 7 bankruptcy and will provide general information regarding bankruptcy under Chapter 7. 1. Liquidation The trustee’s main role is to review the debtor’s schedules for nonexempt assets and, if appropriate, to liquidate those assets. If there are no nonexempt assets, the trustee…
Financial Education: The Chapter 7 Bankruptcy Process
Financial Education is part 7 of a 10 part series on Chapter 7 bankruptcy and will provide general information regarding bankruptcy under Chapter 7. Individual debtors are required to take a course in financial education subsequent to filing and prior to discharge. The discharge order will not be issued without a completion certificate on file…
The Meeting of Creditors: The Chapter 7 Bankruptcy Process
The Meeting of Creditors is part 6 of a 10 part series on Chapter 7 bankruptcy and will provide general information regarding bankruptcy under Chapter 7. The meeting of creditors, required by § 341(a) of the Code, is also known as a “341 meeting.” All debtors are required to attend, and cannot get a discharge…
Filing: The Chapter 7 Bankruptcy Process
Filing is part 5 of an 8 part series on Chapter 7 bankruptcy and will provide general information regarding bankruptcy under Chapter 7. The practical details of filing are set out below. Upon filing, the case will be assigned a case number, bankruptcy judge, and panel trustee. The first form generated following a bankruptcy filing…
Rent Relief: How To Renegotiate Your Business Rent During the Pandemic
Tips To Renegotiate Your Lease Due to COVID If you are a retail business, there is perhaps nothing more critical for reopening or continuing operations than your lease. During this time of quarantine and reopening, both landlords and tenants have been casting about trying to find solutions. No one really knows what to do or…
Credit Counseling Certificate: The Chapter 7 Bankruptcy Process
This is part 5 of a 10 part series on Chapter 7 bankruptcy and will provide general information regarding bankruptcy under Chapter 7. The individual debtor is required to obtain a certificate of completion of a course of credit counseling prior to filing. This requirement, by consensus a waste of time and money, is completed…
The Schedules: The Chapter 7 Bankruptcy Process
The Schedules is part 4 of a 10 part series on Chapter 7 bankruptcy and will provide general information regarding bankruptcy under Chapter 7. Debtor’s counsel, working with the debtor, will prepare the bankruptcy petition and all supporting schedules and statements. The information on the required court filings includes: the debtor’s property, both real and…