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From there, two potential consequences could occur: a case dismissal or conversion to Chapter 7 bankruptcy. Case dismissal. After one or more missed Chapter 13 payments, the trustee may file a ...
Even in cases where there is no presumption of abuse, it is still possible for a Chapter 7 case to be dismissed or converted. If the debtor's "current monthly income" is below the median income, as discussed above, only the court or the United States trustee (or bankruptcy administrator) can seek dismissal or conversion of the debtor's case. If ...
The length of the automatic stay depends on the type of bankruptcy and debts. For Chapter 7 bankruptcy, the automatic stay generally remains in effect until the bankruptcy case is discharged or ...
A federal court dismissed a home development company's bankruptcy case because the owners failed to submit necessary financial documents, leaving the future of properties in several Iowa cities ...
In United States bankruptcy law, an automatic stay is an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code , [ 1 ] the stay begins at the moment the bankruptcy petition is filed.
Creditworthiness and the likelihood of receiving a Chapter 7 discharge are some of the issues to be considered in determining whether to file bankruptcy. The effect of bankruptcy on creditworthiness in many cases might not be significant, because by the time many debtors are ready to file for bankruptcy, their credit score is already extremely ...
Conventional loans typically require borrowers to wait four years after a Chapter 7 discharge or dismissal to apply for a new mortgage. If you’ve filed for Chapter 13, you can apply two years ...
This is a list of Supreme Court of the United States cases in the area of bankruptcy. This list is a list solely of United States Supreme Court decisions about applying law related to bankruptcy. Not all Supreme Court decisions are ultimately influential and, as in other fields, not all important decisions are made at the Supreme Court level.