New answers tagged bankruptcy
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Most creditors don’t turn up at creditors meetings
Largely because it’s a waste of their time and incurs further expense on top of the money they will likely never see again. Unsecured creditors have virtually no power to control the bankruptcy.
Almost all those who do, do so by proxy - usually nominating the trustee as their proxy. Proxy forms are ...
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No
The Bankruptcy Trustee sold the assets of Barrymore - the liabilities (including your unproven debt) remains with Barrymore. Think of it this way - if I buy your car today, I'm not responsible for the guy you ran over last week.
When all the assets of Barrymore have been liquidated the trustee will pay the creditors in the priority laid out in the ...
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The law which handles this is Title 11 of the United States Code, which has had several chapters repealed so there is no Chapter 8.
The Title covers all manner of bankruptcy, including liquidation (where the entity ceases to exist as a trading entity), which is Chapter 7, and reorganization (where the entity gains protection from their creditors while trying ...
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A US bankruptcy establishes a plan to hold off creditors and protect some of your assets, for creditors and assets within the jurisdiction of that US bankruptcy court. Your assets in another location are probably not protected. Your creditors elsewhere would be bound by US law for their actions in the US, your assets in the US would be under control of the ...
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At the time of filing it is typical to file a long form with information about the state of your finances. Weeks or months later at the time of meetings or hearings, it is plausible that someone might ask for updated information, but I think that is unusual. Generally if you have a negative change in finances it might be worthwhile to file an update, and if ...
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