Bankruptcy has been designed to do one thing – enable those that are honestly unable to service their debts, make a new life. While many feel the bankruptcy process is cumbersome, and often unfair to debtors, there are just as many who feel that the bankruptcy process is unfair to creditors. In fairness to the [...]
An adversary procedure is a law suit that is taken out against parts of a bankruptcy petition. While it is a lawsuit, it is heard in the bankruptcy court as part of the bankruptcy process. The most common adversary procedures are those taken out by creditors who feel their debts shouldn’t be included for discharge, [...]
In the majority of cases, bankruptcy petitions are handled with only minor issues. These are generally worked through with the trustee, and the bankruptcy petition works its way to a satisfactory conclusion. Occasionally, the bankruptcy process can be disrupted by what is known as an Adversary Proceeding. For those who have filled in all their [...]
Planning for bankruptcy has two connotations – one, you are planning a fraudulent means of obtaining goods by overspending then filing for bankruptcy; and two, finding yourself overburdened by debt and considering bankruptcy. In the first instance, don’t bother. The trustee together with the creditors will soon dig out fraudulent bankruptcy cases. In the second [...]
