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February 06, 2012

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Bankruptcy News

Applicability Of Chapters

(a) Except as provided in section 1161 of this title, chapters 1, 3, and 5 of this title apply in a case under chapter 7, 11, 12, or 13 of this title.
(b) Subchapters I and II of chapter 7 of this title apply only in a case under such chapter.
(c) Subchapter III of chapter 7 of this title applies only in a case under such chapter concerning a stockbroker.
(d) Subchapter IV of chapter 7 of this title applies only in a case under such chapter concerning a commodity broker.
(e) Scope of Application.— Subchapter V of chapter 7 of this title shall apply only in a case under such chapter concerning the liquidation of an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 of the Federal Deposit Insurance Corporation Improvement Act of 1991.
(f) Except as provided in section 901 of this title, only chapters 1 and 9 of this title apply in a case under such chapter 9.
(g) Except as provided in section 901 of this title, subchapters I, II, and III of chapter 11 of this title apply only in a case under such chapter.
(h) Subchapter IV of chapter 11 of this title applies only in a case under such chapter concerning a railroad.
(i) Chapter 13 of this title applies only in a case under such chapter.
(j) Chapter 12 of this title applies only in a case under such chapter.

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Did You Know?

Chapter thirteen is common for individuals with regular income
Chapter 13 is designed for individuals with regular income who are temporarily unable to pay their debts but would like to pay them in installments over a period of time. You are only eligible for chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.

	Newsroom
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Bankruptcy Terms

Today's Terms

Deed in Lieu of Foreclosure

Definition:
If you will be unable to cure the default, and a private sale does not appear realistic, VA will consider accepting a deed in lieu of foreclosure. If there are no liens on the property, and VA agrees to accept a deed, you will have to sign legal papers making VA the owner of the property.

Trustee

Definition:
An agent of the court who manages the property of the debtor for the benefit of the creditors. The court appoints a trustee in most Chapter 7 cases and in Chapter 11 cases when it determines that the debtor's management should not remain in control.

Period of exclusivity

Definition:
Personal bankruptcy - filed by an individual; also called a household bankruptcy, consumer bankruptcy or wage-earner bankruptcy. (see Chapter 13 and also Chapter 12).

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Bankruptcy Resources

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Bankruptcy Hot Topics

Topics Related to Bankruptcy:

Chapter 7
Chapter 13
Chapter 11
Chapter 12
Chapter 9

Honolulu Bankruptcy Attorney

If you live in the following cities and need a Bankruptcy attorney you should contact our Bankruptcy Attorney as soon as possible:

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Hilo
Honolulu
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Kaneohe
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Kihei

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Makakilo City
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Pearl City
Schofield
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Waianae
Wailuku
Waimalu
Waipahu
Waipio

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