Bankruptcy

Extracted Attributes

• Chapter 7

  Liquidation of assets to pay creditors; most common for individuals

• Chapter 11

  Reorganization of a business or individual's debts while continuing operations

• Chapter 13

  Debt adjustment for individuals with regular income; wage earner cases

• Key Courthouse

  Conrad B. Duberstein United States Bankruptcy Courthouse, Brooklyn, NY

• Legal Authority

  United States Constitution, Article 1, Section 8, Clause 4

• Primary Statute

  Title 11 of the United States Code (Bankruptcy Code)

• FTX Asset Valuation Rule

  Crypto assets valued at the market price at the time of the filing (crash price)

Timeline

• The U.S. Constitution is signed, granting Congress the power to establish uniform bankruptcy laws across the United States. (Source: undefined)

  1787-09-17

• The Bankruptcy Reform Act of 1978 is enacted, establishing the modern Bankruptcy Code under Title 11. (Source: undefined)

  1978-11-06

• FTX files for bankruptcy, leading to a legal dispute over the valuation of crypto assets like Solana at crash-level prices. (Source: undefined)

  2022-11-11

• The All-In Podcast issues a correction clarifying that FTX depositors are not being made whole due to specific bankruptcy valuation terms. (Source: undefined)

  2024-04-05

Web Search Results

• Bankruptcy

  In Sweden, bankruptcy (Swedish: konkurs) is a formal process that may involve a company or individual. A creditor or the company itself can apply for bankruptcy. An external bankruptcy manager takes over the company or the assets of the person, and tries to sell as much as possible. A person or a company in bankruptcy cannot access its assets (with some exceptions). [...] 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. Bankrupt is not the only legal status that an insolvent person may have, meaning the term bankruptcy is not a synonym for insolvency. ## Etymology [edit] [...] ### United States [edit] Main article: Bankruptcy in the United States Bankruptcy in the United States is a matter placed under federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which empowers Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has enacted statutes governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code.

• Bankruptcy: How It Works, Types and Consequences - Experian

  Bankruptcy is a legal process designed to help consumers obtain relief from debt they can't afford to repay while also ensuring that creditors receive some payment based on the borrower's financial situation and assets. Once you file for bankruptcy, your creditors must halt all collection attempts, including things like foreclosure, repossession and wage garnishment. That said, only certain types of debt can be included in bankruptcy—more on that in a minute. [...] Bankruptcy is a legal process that eliminates all or part of your debt, though not without serious consequences. Understanding the bankruptcy process, including the different options and their ramifications, can help you determine whether the benefits are worth the drawbacks. Here's what you need to know about how bankruptcy works and what it takes to rebuild your credit afterward, as well as some alternatives to consider first. ## How Does Bankruptcy Work? [...] Bankruptcy can provide financial relief in the form of a restructured debt repayment plan or a liquidation of certain assets to pay off a portion of your debt. Although bankruptcy may be unavoidable for some, it can severely damage your credit score, so it's crucial to pursue all alternatives before considering it. Miserable young couple having financial problems due to bankruptcy.

• Bankruptcy | California Courts | Self Help Guide

  Bankruptcy is a legal process to help people who owe money, or debtors, get relief from debts they cannot pay and, at the same time, help people who are owed money, or creditors, get paid from assets property the debtor has. After a bankruptcy, the debtor is no longer legally required to pay any debts that are eliminated, or discharged, in bankruptcy court. [...] Judicial Branch of California California Courts | Self Help Guide # A guide to bankruptcy Bankruptcy is a process in federal court that helps people who owe money get relief from debts they cannot pay. This guide can help you: Understand the basics of bankruptcy Find resources to help you take the next step ## What is bankruptcy? [...] Chapter 7 is the most common form of bankruptcy for individuals. The court sells all your assets (except assets that are exempt) for cash and then pays your creditors. You must make less than a certain amount of money to qualify. Chapter 11 bankruptcy is usually for corporations because of its complexity, but individuals can file too. The debtor usually keeps their assets and continues to operate the business while working on a plan to pay off the creditors.

• Your Guide to Bankruptcy for Individuals

  ## For the public menu # Your Guide to Bankruptcy for Individuals ## What is bankruptcy? Bankruptcy is a court proceeding that is governed by the federal law known as the "Bankruptcy Code." The Bankruptcy Code is aimed at providing people or other entities in financial distress with relief from some or all of their debt. Bankruptcies are administered through a separate federal court division called the United States Bankruptcy Court. ## Is there more than one kind of bankruptcy? [...] A bankruptcy proceeding is initiated by filing a petition with the bankruptcy court. When you file for Chapter 7 liquidation, the petition operates as an automatic stay, which generally prevents creditors from pursuing debt collection actions against you unless the bankruptcy judge approves it first. The automatic stay goes into effect immediately upon filing the petition; no court hearing or approval by a judge is necessary. When the case is filed, the United States trustee for your judicial [...] Yes. For individuals, there are two main types of bankruptcies that can be filed: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 cases are also referred to as "liquidation" cases, while Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals may also be eligible for a Chapter 11 bankruptcy, which allows the debtor to propose a plan for reorganization to pay creditors overtime, but Chapter 11 is normally used to reorganize a business. Farmers

• Bankruptcy - United States Courts

  Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity. All bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code. [...] Bankruptcy helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses. This section explains the bankruptcy process and laws. ## About Bankruptcy [...] Individuals may file Chapter 7 or Chapter 13 bankruptcy, depending on the specifics of their situation. Municipalities—cities, towns, villages, taxing districts, municipal utilities, and school districts may file under Chapter 9 to reorganize. Businesses may file bankruptcy under Chapter 7 to liquidate or Chapter 11 to reorganize. Chapter 12 provides debt relief to family farmers and fishermen. Bankruptcy filings that involve parties from more than one country are filed under Chapter 15.

• Instance Of

  Q55850593