In a case of first impression, the Fifth Circuit, in Condor Insurance Limited v. Petroquest Resources, Inc. (In re Condor Insurance Limited),[1]held that foreign representatives in a chapter 15 proceeding can assert an avoidance action under foreign law in a United States bankruptcy court.[2] The case was initiated when a foreign insurance company’s creditors filed a winding up petition, which is similar to a U.S. chapter 7 proceeding, in Nevis, [3] a small Caribbean island that is part of the Federation of Saint Kitts and Nevis. The Nevis liquidators filed a chapter 15 bankruptcy proceeding in Mississippi and sought to recover the assets under Nevis avoidance law. [4]
6 Tips on Chapter 7 Georgia Bankruptcy Eligibility
There is actually more to Chapter 7 eligibility than you might think. Did you know you can make more than the median income you may still have a chance to file bankruptcy? This only occurs when you have too little disposable income to pay back debts right. There are many more Georgia Chapter 7 bankruptcy eligibility tips in this guide. Keep reading to get further help.
Do you make more than the median income?
The first tip is one we go over quite often on Georgia Debt Law. If you make less than the median income for our state, which changes every year, then you are eligible for Chapter 7 bankruptcy.
How Do Creditors Find Out About Your Bankruptcy
There are several stages involved in any bankruptcy petition. The first stage involves the debtor collecting all the information required and filling out all the forms. The second stage is the actual filing where all the documents are lodged at a local courthouse. The third stage is the the one that interests us in today’s post because it involves the court, through the trustee, advising all creditors of the bankruptcy petition.
The court will send a letter to all creditors listed in your petition. You could be charged with misleading the court if you knowingly enter false information such as a creditor’s address – so be sure to enter the details carefully. Depen
The Credit Card Game
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott
Credit cards. They are why many of my clients end up in bankruptcy. I compare credit card issuers to drug pushers. They always need new people to get hooked on their drug. And they want you to use, use, use–just don’t overdose. Unfortunately, many do overdose.
Credit card lenders allow borrowers to run up lines far in excess of anything they can ever repay. I routinely see folks who owe far more on credit cards than their total yearly incomes. It’s like the mob for some people–there’s no getting out. They have
Mortgage Stripping in Bankruptcy
Mortgage modification in bankruptcy is a confusing topic. Some say you can. Some say you can’t. As