Here comes the revised Means Test Figures

Revised Means Test Figures, effective May 1st, 2012 The Census Bureau figures, IRS Data and Administrative Expenses Multipliers for Form 22 are revised effective May 1st, 2012. After updating Best Case Bankruptcy, users can view the new figures in the program by changing the expected filing date to May 1st, 2012 or later on the [...]

The automatic stay and its wider implications.

We have been asked many times from our clients about automatic stay, and we had discussed this matter in our blog also, But the questions are coming so often and the law has been changing, that we feel obligations to revisit this issue again. The filing of a petition either voluntary or involuntary invokes the [...]

What a Bankruptcy Discharge Means under Chapter 7?

The bankruptcy court grants a discharge to the person named as debtor. However, it should not be treated as dismissal which has entirely different meaning. The collection of discharged debts are prohibited. The discharge prohibits any attempt to collect from the debtor a debt that has been discharged. For example, a creditor is not permitted [...]

What is the role of a Bankruptcy Trustee?

As we know that in every case of chapter 7 or chapter 13, a trustee is appointed by the US trustee. If there is an estate, there shall be a trustee. The trustee’s basic role is to represent the interests of the unsecured creditors. The trustee’s duties in carrying out this role are provided in [...]

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 [...]