What Does A Bankruptcy Trustee Do?

Written by SSLowery


Once you file bankruptcy, a court appointed bankruptcy trustee will oversee your case. The new law also requires thatrepparttar bankruptcy petitioner to take a debtor education course and receive credit counseling from a U.S. Trustee approved non profit credit counseling agency.

United States Trustees superviserepparttar 140169 administration ofrepparttar 140170 following cases filed underrepparttar 140171 Federal Bankruptcy Code:

Liquidation proceedings under Chapter 7 bankruptcy- Those assets that are not exempt from creditors are collected and liquidated (reduced to money). The proceeds are distributed to creditors by a private trustee appointed to administerrepparttar 140172 debtor’s estate under Chapter 7.

“Wage-earner” reorganization proceedings under Chapter 13 bankruptcy, is used primarily by individual consumers to reorganize their financial affairs under a repayment plan that must be completed within three to five years. A “standing trustee” appointed byrepparttar 140173 United States Trustee typically serves as a trustee ofrepparttar 140174 U.S. Bankruptcy Court whererepparttar 140175 case was filed.

Insurance versus assurance: what is the difference?

Written by www.bigmouthmedia.com


The world of finance is extremely complicated and there are many factors to consider when choosing any financial protection product.

When looking for a policy you need to know what you are looking for and what is on offer in order that you getrepparttar right cover for your needs.

One thing that many people find confusing isrepparttar 140144 specific use ofrepparttar 140145 term “insurance” andrepparttar 140146 use of “assurance”. What arerepparttar 140147 differences between them?

In general,repparttar 140148 term insurance refers to providing cover for an event that might happen while assurance isrepparttar 140149 provision of cover for an event that is certain to happen.

Forrepparttar 140150 purposes of financial provisions, a life insurance policy provides cover for a set period of time. Ifrepparttar 140151 worst were to happen during that time (and there are no complications), thenrepparttar 140152 insurance company will be required to pay outrepparttar 140153 agreed sum torepparttar 140154 beneficiary. The only timerepparttar 140155 policy has any real monetary value is if there is a claim made for payment as a result of an event triggering that claim, such asrepparttar 140156 death ofrepparttar 140157 person covered. Ifrepparttar 140158 person outlivesrepparttar 140159 term ofrepparttar 140160 policy, thenrepparttar 140161 insurance policy will cease and no payment will be made.

Life assurance is different from insurance, and will always result in a payment. This is achieved by combining an investment element along with and an insured sum. This means that over timerepparttar 140162 value ofrepparttar 140163 policy can increase asrepparttar 140164 investment bonuses are added. If a person covered by life assurance were to die, thenrepparttar 140165 insured sum would be paid out, alongsiderepparttar 140166 investment bonuses which would have accrued over time. If it is necessary to cancelrepparttar 140167 policy prior torepparttar 140168 end of any designated term period, orrepparttar 140169 death ofrepparttar 140170 life being covered, then once an investment bonus has been added,repparttar 140171 life assurance policy will have an encashment value. It is therefore possible to cash in a policy earlier than its usual termination date, in order to collect onrepparttar 140172 investment portion. It should be noted that many insurance companies place penalties for cashing in policies early.

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