PDF-CITY BAR JUSTICE CENTER BANKRUPTCY: UNDERSTANDING REAFFIR

1 Bankruptcy Understanding Reafrmation Agreements 2 BANKRUPTCY UNDERSTANDING REAFFIRMATION AGREEMENTSCITY BAR JUSTICE CENTER Updated July 2013 The City Bar Justice Center ack. I received my undergraduate degree from Marylhurst University located just outside of Portland. I obtained my Juris Doctorate from Willamette College of Law in Salem in 2007 and moved back to Portland to practice law. Chapter 11 Bankruptcy is the process created by the United States Bankruptcy Code to preserve the going concern value of operating businesses and to allow for a decision to be made by company’s creditors and equity holders or the Bankruptcy Court (if agreement cannot be reached) as to how such going concern value will be shared, distributed or reallocated. http://www.solomonlawyer.com | Robert Solomon will provide you with the best bankruptcy filing help available. He has been noted as being the best bankruptcy attorney in Long Island and New York. If you need bankruptcy help your search is over. http://www.solomonlawyer.com | Robert Solomon will provide you with the best bankruptcy filing help available. He has been noted as being the best bankruptcy attorney in Long Island and New York. If you need bankruptcy help your search is over. 3 When will I be discharged 3 How do I get my discharge 4 What is the effect of the discharge Bankruptcy More companies in bankruptcy use Chapter 11 traditionally means a reallocatiusing Chapter 11 to facilitate an orderly liquidation of assetsving “going concern” value and maximizi VOCAB. . Bankrupt. – a person or company with insufficient assets to cover their debt. Bankruptcy . – a state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets. A court’s determination of personal bankruptcy remains in a consumer’s credit record for 10 years.. IN THE UK. The legal perspective. 1. Rory . J. enkins BA . Cantab. . Solic. Purpose of this talk. To give an overview of the UK legal approach to EU nationals filing for bankruptcy in the UK:. Courts Jurisdiction to grant bankruptcy orders . Bankruptcy. Sometimes people and businesses through . no fault of their own . accumulate so much debt, they can . no longer afford to repay it. .. Businesses: suffer from bad economy. Individual: credit debt, illness, loss of job. Wenli. Li, FRB Philadelphia. Michelle J. White, UCSD and NBER. What we do: . Examine the interaction of homeowners’ decisions to default on their mortgages and file for bankruptcy. . We test: . W. Procedures and Outcomes. by. Nick . Sushkov. . Questions to Generate Discussion. . What is bankruptcy?. Bankruptcy is a federal court process that can help one eliminate legal responsibility for many of one’s debts or repay them over time under the protection of the bankruptcy court.. To discuss financial laws, policies and regulations in financial law.. To understand how company and industry policies affect industry practices.. To show major instances of noncompliance with financial laws, policies and regulations.. The statutory promise of a bankruptcy discharge of liabilities can be meaningless to middle- and lower- income people if the process requires spending a substantial money on legal fees or on developing the evidence necessary to obtain a discharge. . The Bankruptcy Code defines “consumer debt” as debt incurred by an individual primarily for a personal, family, or household purpose. 11 . U.S.C. . § 101(8). . Not business debt.. Can be chapter 7, 11, 12, or13 .