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    Category: bankruptcy

    • The History Of Debtors’ Prisons And Why It Is Important To You (Part 1 of 3)

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      Debtors’ prisons have existed for many centuries on this planet, and in fact, many forms of bonded servitude and slavery still exist today. Bonded servitude is practiced in India, and other nations, and slavery in its most brutal forms, is practiced in various parts of Africa. Debtors’ prisons are facilities where persons are imprisoned who…

    • Origins Of Bankruptcy Law in the United States

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      The United States Constitution gives Congress the power to establish laws on the subject of Bankruptcy throughout the United States. Congress first exercised this power the Bankruptcy Act of 1800. This act, which virtually copied the existing English law, provided for involuntary bankruptcies and was only available to traders (merchants). The act was repealed three…

    • Bankruptcy in England

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      Bankruptcy law in England was once quite harsh. Bankruptcy was considered a crime and people who could not pay their debts were thrown into debtors’ prison or had their ears cut off. In fact, the first legislation dealing with bankruptcy in England was the Statute of the Bankrupts in 1542. One purpose of this law…

    • Bankruptcy in the Ancient World

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      Bankruptcy is a concept that did not always exist. For instance, in Ancient Greece there were no bankruptcy laws. If a person was unable to pay his debts, the person, as well as his immediate family, would be forced into slavery until the debt was worked off. Like the Ancient Greeks, the first known laws…

    • Chapter 13 Case Permits Cramdown Of Mortgages

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      Debtors In Bankruptcy in Tampa Area May Pay Only The Actual Value Of Their Homestead In Bankruptcy Provided Their Mortgage Terminates Before Five Years The 11th Circuit of the United States Court Of Appeals Ruled in American General Finance versus Richard W Paschen that the plain language of the Bankruptcy Code allows Debtors in Chapter…

    • What Are The Trustee Duties In Bankruptcy? (Part 3)

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      Part Three: Duties Of Trustee As Pertains To Personal Injury Lawsuits And Settlements What are the Bankruptcy Trustee’s Duties when there is an active Personal Injury Lawsuit during the pendency of a Bankruptcy? Bankruptcy Code Section 330, Section 326, Section 328, and 329, is one of the clearer and better written portions of the code,…

    • Trustee Duties In Bankruptcy (Part 2)

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      Part Two: Trustee Duties In Bankruptcy The Duties of the Chapter 7 Bankruptcy Trustee and the Chapter 13 Bankruptcy Trustee are substantially similar but there are some minor differences. The Chapter 13 Bankruptcy Trustee under Bankruptcy Section 1302(b)(4) must, in addition to his Duties enumerated in Part One of our discussion, advise, other than on…

    • What Are The Trustees Duties In Bankruptcy?

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      Part One: Trustees Duties In Chapter 7 Bankruptcy And Chapter 13 Bankruptcy The Duties of the Chapter 13 Trustee and the Chapter 7 Trustees Duties in Bankruptcy are largely similar. Bankruptcy Code Section 1302(b)(1) states that the Chapter 13 Trustee must perform the duties specified under Bankruptcy Code Sections 704(2), 704(3), 704(4), 704(5), 704(6), 704(7),…

    • Cramdown Of Mortgages On Principal Residences In Bankruptcy

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      Argument For Allowing Debtors To Pay Secured Value Of Homestead Through Chapter 13 Bankruptcy For Debtors who file Chapter 13 Bankruptcy, the Bankruptcy Code permits them to Cramdown or pay only the Secured Value of Fair Market Value of an Investment Property or Non Homestead Property through the Chapter 13 Bankruptcy Plan. However, Bankruptcy Code…