Bankruptcy

This is FindLaw's collection of Bankruptcy articles, part of the Finance section of the Corporate Counsel Center. Bankruptcy law is federal statutory law contained in Title 11 of the United States Code. Congress passed the Bankruptcy Code under its constitutional grant of authority to "establish... uniform laws on the subject of Bankruptcy throughout the United States." Bankruptcy proceedings are supervised by and litigated in the United States Bankruptcy Courts. Find information about bankruptcy laws, including answers to some of the most frequently asked questions. Law articles in this archive are predominantly written by lawyers for a professional audience seeking business solutions to legal issues. Start your free research with FindLaw.

Bankruptcy Articles
    • Legal Insurance Plans
      Although not new, legal insurance plans are gaining acceptance at an ever increasing rate. Legal insurance plans most closely resemble medical HMO's or PPO's which have already become common, affordable and cost effective means of obtaining health ...

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    • You Have the Right to Work. Don't Let Anyone Take It Away.
      You Have The Right To Work. Don't Let Anyone Take It Away. Real Life Stories That Can Help You. --- Real Life Stories That Can Help You. This brochure will tell the stories of four people. These individuals applied for jobs but were turned away ...

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    • Bankruptcy: Appointment/Modification of Creditor Committees
      This case involved the bankruptcy of a debtor corporation caused by the filing of thousands of individual tort claims. The U.S. Trustee appointed as members of the Official Committee of Tort Claimants ("OCTC") a number of attorneys who each ...

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    • Bankruptcy Case Properly Reopened; Complaint Opposing Discharge Improperly Dismissed
      Defendant filed for Chapter 7 bankruptcy in 1982, and her debts were discharged. Plaintiff, who was not listed as a creditor, sued Defendant in Oakland County Circuit Court in 1984 for medical malpractice and obtained a default judgment for $300,000 ...

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    • Bankruptcy: Chapter 7
      Chapter 7 consumer bankruptcy is designed for individuals, married couples and small business owners wishing to make a fresh start, but who are substantially unable to pay debts from current income. While an enterprise debtor in a business ...

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    • Bankruptcy: Chapter 7 vs. Chapter 13
      Good FaithThe conduct of Debtors in Bankruptcy Court is judged by the standard of "good faith". A Chapter 7 case may be dismissed by the Court if it is not filed in good faith or a substantial abuse of the bankruptcy system. Any Plan proposed under ...

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    • Bankruptcy Code Sections 106(a) and (b) Unconstitutional Under Eleventh Amendment
      A bankruptcy trustee brought a preference action against the Michigan Employment Security Agency ("MESA"), contending that certain payments of outstanding taxes on the debtor's employer account were made pursuant to an invalid lien and within the ...

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    • Bankruptcy: Court Has Power to Restructure Student Loan Obligation
      Plaintiff was a Chapter 7 debtor who filed an adversary proceeding to obtain discharge of his student loan, or alternatively, to restructure the obligation. The bankruptcy court held that the debtor was not entitled to a total discharge, and that ...

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    • Bankruptcy for Individuals
      Yes, the two main types of bankruptcy cases for individuals are Chapter 7 liquidation cases and Chapter 13 debt adjustments. Individuals are also eligible to file Chapter 11 reorganizations, but because of the complexity and expense of Chapter 11 ...

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    • Bankruptcy In Brief
      Bankruptcy is governed by the federal law found at Title 11 of the United States Code. As federal law, it supercedes any conflicting state law by reason of the Supremacy Clause of the Constitution. With the exception of exemptions, it is the same ...

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