| Employment of Professionals |
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| The Bankruptcy Code governs a trustee's or debtor in possession's employment of attorneys, accountants, appraisers, auctioneers, and other professional persons to represent or assist in carrying out duties under the Bankruptcy Code. Generally, the trustee or debtor in possession had broad latitude in the selection of professional persons to be employed. The Bankruptcy Code authorizes the employment of professional persons only to the extent that such persons do not hold or represent an interest adverse to the estate.More... |
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| Nondischargeable Debts |
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| 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... |
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| Special Issues Involving Community Property in Bankruptcy |
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| 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... |
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| Conversion from Chapter 7 to Chapter 13 ... and Vice Versa |
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| There are two basic types of bankruptcy for an individual debtor or a consumer. The law for each type comes from "Chapters" in the federal Bankruptcy Code, which is the law that debtors and bankruptcy courts must follow. More... |
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| The Dischargeability of Marital Obligations in Bankruptcy |
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| Debts determined to be property settlements are normally dischargeable in bankruptcy cases. Disputes have largely focused on the section of the Bankruptcy Code that creates an exception to the bankruptcy discharge, applicable in all debtor relief chapters of the Bankruptcy Code, for debts that are in the nature of alimony, maintenance, or support. More... |
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