| IRA Protection in Bankruptcy |
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| 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... |
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| Meetings of Creditors and Equity Security Holders |
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| 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... |
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| Overview of Chapter 12 "Family Farmer" Bankruptcy |
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| Chapter 12 is a part of a federal law called the Bankruptcy Code. Debtors and the United States Bankruptcy Courts must follow its provisions. Each Chapter applies to a different type of debtor. For example, Chapter 13 applies to consumers or individual debtors, with regular income who want to repay their debts under a bankruptcy plan. Chapter 12 applies to certain family farmers. More... |
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| Allowances and Objections to Creditor Claims |
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| A claim or interest is allowed unless a party in interest, including a creditor of a general partner in a partnership that is a debtor in a case under Chapter 7, objects. More... |
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| First Meeting of Creditors |
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| Under the Bankruptcy Code, the United States trustee must convene and preside at a meeting of creditors, which is often referred to as the section 341 meeting. This must occur within a reasonable time after the order for relief in a case.More... |
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