| 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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| Effect of Dismissal |
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| In general, the dismissal of a case prior to discharge is without prejudice and the debtor is not barred from receiving a discharge in a subsequent case of those debts that were dischargeable in the dismissed case. The Bankruptcy Code gives the court discretion, for a certain period of time and when there is cause, to deny the debtor the benefits of the general rule to dismiss the case with prejudice thereby preventing the debtor from obtaining a discharge with regard to the debts existing at the time of the dismissed case. More... |
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| Chapter 12 Hardship Discharge |
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| A Chapter 12 hardship discharge may only be granted if the unsecured creditors have received at least as much as they would have received through a Chapter 7 liquidation and if modification of the plan is not feasible.More... |
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| Mediation in Bankruptcy |
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| Many courts authorize mediation by some sort of local rule or practice. Mediation is a negotiation process where a neutral party works with those parties that are involved in a dispute in order to reach a satisfactory agreement. A mediator helps willing parties craft an agreement that looks to the future, satisfies their needs, and meets their own standards of fairness.More... |
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| Introduction to Chapter 9 "Municipality" Bankruptcy |
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| Some individuals, companies, or businesses consider filing for bankruptcy, usually as a last resort, when they are unable to pay their debts. About 1.5 million Americans filed for bankruptcy in 2002. That same year, nearly 40,000 businesses in the United States sought the protection of the bankruptcy laws in 2002. More... |
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