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Bankruptcy

Creditor Attempts to Collect Discharged Debt

A debt no longer exists after it is discharged in bankruptcy. The court enters an order prohibiting the debtor's creditors from later attempting to collect any discharged debt from the debtor. More...

Secured Claims and Liens

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...

Compensation for Professionals

The Bankruptcy Code provides the statutory authority for compensating the services and reimbursing the expenses of officers of the estate. These claims are afforded first priority in the distribution of an estate. The Bankruptcy Code prescribes the standards according to which the amount of compensation is to be determined. More...

Creditor Claims

A "claim" is a right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. A "claim" may also be the right to an equitable remedy for breach of performance if the breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured. A "debt" is a liability on a claim. More...

Voluntary and Involuntary Bankruptcy

A voluntary case is commenced by filing a petition with the bankruptcy court. The commencement of a voluntary case constitutes an order for relief under the relevant chapter. An involuntary case is commenced by filing a petition with the bankruptcy court under Chapter 7 or 11. More...

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Bankruptcy

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