lawyers.com - Untitled 1

Employment of Professionals

The Bankruptcy Code governs a trustee's or debtor in possession's employment of attorneys, accountants, appraisers, auctioneers and other professional persons to represent or assist in carrying out duties under the Bankruptcy Code. Generally, the...

The "Clean Slate" of Chapter 7 Bankruptcy

What is Chapter 7 bankruptcy?

Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate their debts or repay their debts. The Bankruptcy Code is divided into...

Chapter 13 Hardship Discharge

Although a Chapter 13 debtor generally receives a discharge only after completing all payments required by the court-approved repayment plan, there are some limited circumstances under which the debtor may request the court to grant a "hardship...

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...

Unsecured Claims

Unsecured debt may be generally described as a debt where credit was granted based solely upon the promise or ability of the debtor to pay. Claims that are not secured by any collateral or subject to setoff are generally unsecured claims. For...