| Setoffs in Bankruptcy |
| Setoff is an equitable right of a creditor to deduct a debt it owes to the debtor from a claim it has against the debtor arising out of a separate transaction. The Bankruptcy Code is not an independent source of law that authorizes a setoff; it recognizes and preserves rights that exist under non-bankruptcy law.More... |
| Nondischargeable Debts |
| Dischargeable debts are those debts that can be discharged through bankruptcy proceedings. Certain debts cannot be discharged through a bankruptcy proceeding. In a Chapter 7 bankruptcy, nondischargeable debts cannot be discharged at all, and in a Chapter 13 bankruptcy, these debts remain even after the repayment plan is completed.More... |
| Special Issues Involving Community Property in Bankruptcy |
| In general, each spouse owns an undivided one-half interest in community property. All property owned by a spouse is presumed to be community property. A person having a community property interest in an asset may be able to transfer the entire asset or no interest in the asset at all, depending on his or her management rights under state law. If the community property asset can be unilaterally transferred to a third party, the transferor spouse receives the proceeds of the sale as community property, and the third party receives the asset unencumbered by any interest of the spouse of the transferor. The third party does not own the asset as community property with the transferor's spouse. Only spouses can own community property.More... |
| Dischargeability of Debt |
| Discharging a debt in bankruptcy means that the debt is eliminated or wiped out. However, not all types of debts can be discharged in a bankruptcy proceeding. More... |
| Introduction to Chapter 7 "Straight" Bankruptcy |
| Chapter 7 is a chapter or a group of sections of the federal Bankruptcy Code. These sections set forth the law that the United States Bankruptcy Courts and Chapter 7 debtors must follow. Chapter 7 includes provisions that are designed to protect both debtors and secured creditors. More... |
Gartelos, Wagner & Ament
