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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]
If for any reason all panel and/or standing trustees are disqualified or unable to perform, the U.S. Trustee may serve as trustee for a particular case under Chapter 7, 12 or 13. This very rarely happens. The U.S. Trustee's office conducts the first meeting of creditors in a Chapter 11 case. Most Chapter 11's do not require the appointment of a ...
Chapter 7 trustees are selected by the U.S. Trustee from a "panel" of individuals residing or having offices in the judicial district where the bankruptcy case is filed. Federal law prohibits the U.S. Trustee from requiring the trustee to be licensed as an attorney. Because trustees must be knowledgeable about bankruptcy law and procedure in ...
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Filing Chapter 7 after Chapter 7: Eight years. Filing Chapter 13 immediately after Chapter 7 is also referred to as Chapter 20 bankruptcy. You won’t receive a discharge when filing Chapter 20 ...
Bankruptcy courts appoint a trustee to represent the interests of the creditors and administer the cases. The U.S. Trustee [3] appoints Chapter 7 trustees for a renewable period of 1 year, Chapter 13 trustees are "standing trustees" who administer cases in a specific geographic region.
Additionally, the UTC incorporated provisions from smaller, more specific uniform acts related to trusts while also superseding some outdated ones (including Article VII of the Uniform Probate Code, the Uniform Prudent Investor Act of 1994, the Uniform Trustee and Powers Act of 1964, and the Uniform Trusts Act of 1937). [2]
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