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Under the new law, the homestead exemption, which allows bankruptcy filers in some states to exempt the value of their homes from creditors, is limited in various ways. If a filer acquired their home less than 1,215 days (40 months) before filing, or if they have been convicted of security law violations or been found guilty of certain crimes ...
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Bankruptcy is governed by federal law and overseen by the U.S. bankruptcy courts. When you file for bankruptcy, you formally declare your inability to pay outstanding debts. In return, you may be ...
Beverly Hospital files for bankruptcy, a step that hospital officials say was needed to avoid a potential closure of the Montebello facility. ... (State law gives the attorney general oversight ...
In conjunction with its filing for bankruptcy, Vintage has filed a notice for mass layoffs with California authorities after already cutting its workforce by at least 15% earlier this year and 7% ...