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Bankruptcy

SCRA. Servicemembers’ Civil Relief Act

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The Servicemembers’ Civil Relief Act applies in bankruptcy cases. It provides protection to members of the military against the entry of default judgments and gives the court the ability to stay proceedings against military debtors.

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Chapter 12 Family Farmer or Family Fisherman Bankruptcy

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Chapter 12 is designed for “family farmers” or “family fishermen” with “regular annual income.” It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts.

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Chapter 13 Individual Debt Adjustment

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The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)

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Chapter 7 Liquidation Under the Bankruptcy Code

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A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.

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The Discharge in Bankruptcy – Basic Questions

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The bankruptcy discharge varies depending on the type of case a debtor files: chapter 7, 11, 12, or 13. Here, we’ll attempt to answer some basic questions about the discharge available to individual debtors under all four chapters.

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Alternatives to Chapter 7

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Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation.

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Overview of the Bankruptcy Process

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A fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial “fresh start” from burdensome debts. The Supreme Court made this point about the purpose of the bankruptcy law in a 1934 decision.

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