What is the new mortgage settlement? Are you included?

Law office of Malik Ahmad is helping filing bankruptcy for ordinary folks, small business who have been victims of this ongoing economic crisis which was not their choice, We like to educate clients, debtors, wives, husbands, families and small business before they make important financial decisions. They need some compassionate hearing which we provide in deciding both Chapter 7, Chapter 13, debt consolidation, short sale and other allied matters in turning points of their lives. Meet us and then decide, that is our motto. No pressure, and no strong tactics, we are a friendly small law office, and prefer to meet one on one basis.

How to File Proof of Claims?

This is our part two here. In the first post, we had defined various actors like debtor, creditor, unsecured creditor, priority of claims. In this post, we would address how to file proof of claims. It is important if you need to get some money from the estate, and the bankruptcy has been transformed to [...]

What happens when Trustee finds Assets in Bankruptcy?

That is a good question when trustee finds assets, the first thing the trustee would do is to change it from No Assets to Find Assets. The trustee would give a notice under Bankruptcy Rule 3002(c)(5), that the trustee has found assets in this bankruptcy estate from which a payment of a dividend appears possible. [...]

What are the typical Trustee’s questions in 341 Meeting?

As we stated previously, a 341 meeting is a semi-formal meeting which is recorded also, but no need to be very tense as this is usually done in a very friendly manner. This also may not last longer than few minutes. It is an open and public meeting and everyone can watch you. Also, just [...]

Chapter 11–A preview.

Chapter 11 is specially enacted for businesses. However, certain individuals may also be entitled if they are not qualified both under chapter 7 or 13. Chapter 11 helps a business toward reorganization and in certain cases debt relief. In chapter 11 bankruptcy, the business owners continue their day to day operation and keeps the revenue [...]

What is the role of US Trustee in Ch. 11?

-The U.S. trustee plays a major role in monitoring the progress of a chapter 11 case and supervising its administration. -The U.S. trustee is responsible for monitoring the debtor in possession’s operation of the business and the submission of operating reports and fees. -Additionally, the U.S. trustee monitors applications for compensation and reimbursement by professionals, [...]

What Exactly is a Creditors Committee in Ch. 11?

Creditors’ committees can play a major role in chapter 11 cases. The committee is appointed by the U.S. trustee and ordinarily consists of unsecured creditors who hold the seven largest unsecured claims against the debtor. 11 U.S.C. § 1102. Among other things, the committee: consults with the debtor in possession on administration of the case; [...]

What is Debtor-In-Possession?

Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership. A corporation exists separate and apart from its owners, the stockholders. The chapter 11 bankruptcy case of a corporation (corporation as debtor) does not put the personal assets of the stockholders at risk other than the value [...]

How Chapter 11 Works?

- A chapter 11 case begins with the filing of a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain [...]

Does filing of chapter 7 stays collection activities?

Inherent in the filing of chapter 7 is an automatic stay which comes into life right after the filing of chapter 7 petition. Creditors are notified officially of the automatic stay in the notice of meeting of the creditors. However, this notice is not mailed sometime many days after and meanwhile the collection activities continues. [...]