| Chapter 12 Plans |
| A debtor is required to file a Chapter 12 plan within 90 days of the petition date, unless an extension is granted by the court. Once the plan is filed, the court is required to hold a hearing on confirmation within 45 days. However, in practice, the date for filing a plan is often extended. Plans range from three to five years. Creditors are to have at least 20 days notice prior to the confirmation hearing. A unique feature of the Chapter 12 plan is that plan payments are often due seasonally as the debtor receives income, such as after the harvesting of crops. More... |
| Meetings of Creditors and Equity Security Holders |
| Section 341 of the Bankruptcy Code provides for meetings of creditors and equity security holders. The United States trustee is required to convene and preside at a meeting of creditors. In Alabama and North Carolina, where the bankruptcy system is administered by a bankruptcy administrator instead of a U.S. trustee, the bankruptcy administrator or his or her designee may preside at the meeting of creditors. The court is prohibited from presiding at or attending the creditor meetings. More... |
| IRA Protection in Bankruptcy |
| Social Security benefits, company pensions, and 401(k) plans are all shielded by law and are, therefore, not lost to creditors in bankruptcy. Whether that same protection extends to an individual retirement account (IRA) is not clear. The bankruptcy law, which was drafted in the 1970's before IRAs became such an important vehicle for retirement savings, is ambiguous. This has led to contradictory rulings in federal courts around the country.More... |
| 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 trustee or debtor in possession had broad latitude in the selection of professional persons to be employed. The Bankruptcy Code authorizes the employment of professional persons only to the extent that such persons do not hold or represent an interest adverse to the estate.More... |
| Student Loans |
| In a proceeding under Chapter 7 of the Bankruptcy Code, it is presumed that many debts, including most loans, will be discharged or "wiped out." Section 523(a)(8) of the Bankruptcy Code, however, provides that student loans cannot, for the most part, discharged in a bankruptcy proceeding under Chapter 7. Student loans can be included within a Chapter 13 debtor's bankruptcy estate, as are other debts such as a mortgage and credit card debts.More... |
Carl M. IppolitoServing the legal needs of Mercer County and Hunterton County, New Jersey, and Bucks County, Pennsylvania.
