Bankruptcy-- What it can and can't accomplish

Written by Joe L.Golson

The following is an outline of select areas of bankruptcy law which are significant as you contemplate a filing under Chapter 7. Often, someone who considers bankruptcy is unaware ofrepparttar nuances of bankruptcy or certain creditors' rights in bankruptcy. You should be familiar with some ofrepparttar 136373 applicable provisions as you prepare for filing. What follows is not, by any means, an exhaustive review of bankruptcy law; nor does it fully explain each provision ofrepparttar 136374 bankruptcy code or rules which might apply because each individual's situation is unique and sometimes unanticipated events occur; however, this overview will provide you with broad guidelines so that you may be comfortable with your decision. I will begin with an outline of basic procedures in Chapter 7 case and conclude with a discussion of various Chapter 7 pitfalls.

Basic Procedure A. Upon filing, you will be required to file a sworn list of creditors, a schedule of assets and liabilities, a list of exempt property, a schedule of current income and expenditures, a statement of your financial affairs and a statement of intent regarding consumer debts secured by property ofrepparttar 136375 estate. You will also be required to surrender torepparttar 136376 trustee all property ofrepparttar 136377 estate. 11 U.S.C. 521. The order of relief is granted when you file. What this means, among other things, is that an automatic stay is triggered, prohibiting creditors from pursuing you or your property outside ofrepparttar 136378 bankruptcy proceeding.

B. The clerk of court will give notice ofrepparttar 136379 bankruptcy to your creditors. 11 U.S.C. 342.

C. There will be a meeting of creditors called to question you about your debts and ability to pay. The U.S. Trustee calls this meeting and you are required to attend. The judge may not question you at this time. Other creditors andrepparttar 136380 trustee may question you. Unlike a trial, your attorney may not "object" to questions in a formal sense. It is an open opportunity for creditors to question you and you are required to respond in good faith. 11 U.S.C. 341.

D. A creditor ofrepparttar 136381 trustee assigned to your case may object to your listed exemptions within 30 days afterrepparttar 136382 meeting of creditors.

E. A creditor must file a proof of claim within 90 days afterrepparttar 136383 first date set forrepparttar 136384 meeting of creditors. Atrepparttar 136385 end ofrepparttar 136386 case, if a surplus remains after all ofrepparttar 136387 claims are paid in full,repparttar 136388 court may grant an extension of time for filing of claims not filed duringrepparttar 136389 initial 90 day period.

The trustee may object to any claim.

F. An objection to your receiving a general discharge of all of your debts must be filed by thetrustee or a creditor within 60 days followingrepparttar 136390 first date set forrepparttar 136391 creditors meeting If no objections are filed, and if no motion to dismiss is pending,repparttar 136392 court will ordinarily grant a discharge upon expiration ofrepparttar 136393 60 day period. Bankruptcy Rules 4004 and 1017; 11 U.S.C. 727.

G. A creditor may object torepparttar 136394 dischargeability of a particular debt at any time ifrepparttar 136395 debt: (1) is for a tax or customs duty; (2) is not listed inrepparttar 136396 schedules so that a creditor could file a proof of claim; (3) is related to alimony or child support; (4) is a government fine or penalty; or (4) is a government insured student loan. Any student loans guaranteed or insured byrepparttar 136397 government will not be dischargeable. This means that you will continue to be liable forrepparttar 136398 payment even if you file bankruptcy.

A creditor may object torepparttar 136399 dischargeability of a particular debt only within 60 days ofrepparttar 136400 first date set forrepparttar 136401 meeting of creditors, ifrepparttar 136402 debt: (1) is a consumer debt created close to filing; (2) is a result of fraud; (3) is a result of a wilful and malicious injury to a person or property of another. Bankruptcy Rule 4007; 11 U.S.C. 523.

Debtor Pitfalls The debtor's goal in any Chapter 7 is to have as many debts discharged as possible. The general rule is that all debts created beforerepparttar 136403 bankruptcy filing are discharged. Discharge destroys any person liability you may have on a claim or debt. (Discharge will not destroy liens; liens surviverepparttar 136404 bankruptcy.)

There are some very significant exceptions torepparttar 136405 general rule that all debts will be discharged. As stated above, a creditor can try to have his claim excepted from discharge pursuant torepparttar 136406 provisions of 11 U.S.C. 523. Ifrepparttar 136407 claim is not discharged,repparttar 136408 debtor continues to be responsible for its payment; obviously, this could have severe consequences torepparttar 136409 debtor seeking a "fresh start" which isrepparttar 136410 very purpose ofrepparttar 136411 Chapter 7 filing.

Depression Glass Patterns

Written by Murray Hughes

Collectors of Depression Glass find not only its beautiful colors fascinating, but its patterns, as well. With many glass producers making this type of glass, as you can imagine, many patterns resulted, creating a wide array of pretty, practical, and inexpensive glassware affordable to every American household in that lean era of history and making Depression Glass one ofrepparttar most collectible items today.

Ofrepparttar 136309 many glass manufacturers that produced Depression Glass, seven of them became major players inrepparttar 136310 field, creating a total of 92 designs. Below you’ll find some history, some trivia, some folklore, and some interesting characteristics about several of these designs.

Pattern: Cameo

This Depression Glass design, sometimes referred to as Ballerina or Dancing Girl, gets its name fromrepparttar 136311 tiny dancer found on all its pieces. Some claimrepparttar 136312 Hocking Glass Company that manufactured Cameo glass createdrepparttar 136313 pattern to honorrepparttar 136314 legendary modern dancer ofrepparttar 136315 1920s, Isadora Duncan, who tragically died when her long trailing scarf, of which she’d made her personal trademark, choked her to death when it wrapped aroundrepparttar 136316 wheel of her moving Bugatti roadster.

Duncan died in 1927, andrepparttar 136317 Cameo pattern came into being in 1930, continuing to be produced until 1934, sorepparttar 136318 story could very well be true. Regardless ofrepparttar 136319 inspiration for this pattern of Depression Glass, it continues as a much sought-after design. Hocking made most Cameo glass in green, but pink, yellow, and – more rarely – crystal, which can occasionally still be found.

Pattern: Avocado

First produced in 1923,repparttar 136320 Avocado or “Sweet Pear” pattern claims its fame for beingrepparttar 136321 very first 'true' Depression Glass design. Made byrepparttar 136322 Indiana Glass Company, Avocado pieces inrepparttar 136323 form of pitchers prove to berepparttar 136324 most difficult to find, possibly because of this pattern’s age. Indiana continued manufacturing Avocado for 10 years, untilrepparttar 136325 company retired this Art Nouveau-type design in 1933.

Cont'd on page 2 ==> © 2005
Terms of Use