| Case Commencement |
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| Under the Bankruptcy Code, a voluntary or involuntary case is commenced by filing a petition with the bankruptcy court. A Chapter 7 or 11 bankruptcy case may be initiated by a voluntary filing by the debtor or by an involuntary filing by the debtor's creditors. Cases under all other chapters may be initiated only by a voluntary petition. More... |
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| Secured Claims and Liens |
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| Secured claims include liens, security interests, security agreements, and secured claims. An allowed claim secured by a lien on property in which the estate has an interest, or that is subject to setoff, is a secured claim to the extent of the value of the creditor's interest in the estate's interest in the property or the amount subject to setoff. A secured claim carries the right to adequate protection of collateral. Unavoided liens survive bankruptcy but circumstances may demand action by a secured creditor to protect the lien. More... |
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| Property Interests of Debtor and Other Family Members Affected by Bankruptcy Case |
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| Analysis of the extent and nature of the bankruptcy estate is essential to determining what will happen to a debtor's property in bankruptcy, a subject that is often of enormous importance to the debtor's spouse or former spouse and to other members of the debtor's family. More... |
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| Bankruptcy Discharge |
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| Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate their debts or repay their debts. Chapter 7 "liquidation" is the process by which debtors wipe out or "discharge" many of their debts. More... |
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| Disposable Income in Chapter 12 |
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| If a trustee or a holder of an unsecured claim objects to the plan, the court cannot approve the plan unless the plan provides that all of the debtor's projected disposable income to be received during the plan will be applied to make payments under the plan. It is significant to understand that an objection by the mentioned parties must be made for the court to consider this requirement. More... |
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