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Source: typepad.com
Video: Three Important Facts About Bankruptcy Procedures You Need to Know – Part 1
Shenzhen Proview Enters into Bankruptcy Liquidation Procedure
Guangdong High People’s Court identified through trial that Proview’s assets had been confirmed that the value of its assets was lower than the 280 million U.S. dollars debt indentified in original trial and the fact of accounting insolvency could be assured. Fubon Insurance used to file an application to Guangzhou Intermediate People’s Court asking the financially troubled Proview Technology to be put into bankruptcy, because Proview failed to pay back the due debt. However, Proview believed the value of its “iPad” patent could afford the debt and did not agree to be liquidated. Fubon then instituted an appeal to Guangdong Provincial High People’s Court for the liquidation after Shenzhen Intermediate Court denied it from the court.
Source: szcpost.com
Hotel Whose Chapter 11 Case Was Filed in Bad Faith Can “Stay” in Bankruptcy – Part II
(A) substantial or continuing loss to or diminution of the estate and the absence of a reasonable likelihood of rehabilitation; (B) gross mismanagement of the estate; (C) failure to maintain appropriate insurance that poses a risk to the estate or to the public; (D) unauthorized use of cash collateral substantially harmful to 1 or more creditors; (E) failure to comply with an order of the court; (F) unexcused failure to satisfy timely any filing or reporting requirement established by this title or by any rule applicable to a case under this chapter; (G) failure to attend the meeting of creditors convened under section 341(a) or an examination ordered under rule 2004 of the Federal Rules of Bankruptcy Procedure without good cause shown by the debtor; (H) failure timely to provide information or attend meetings reasonably requested by the United States trustee (or the bankruptcy administrator, if any); (I) failure timely to pay taxes owed after the date of the order for relief or to file tax returns due after the date of the order for relief; (J) failure to file a disclosure statement, or to file or confirm a plan, within the time fixed by this title or by order of the court; (K) failure to pay any fees or charges required under chapter 123 of title 28; (L) revocation of an order of confirmation under section 1144; (M) inability to effectuate substantial consummation of a confirmed plan; (N) material default by the debtor with respect to a confirmed plan; (O) termination of a confirmed plan by reason of the occurrence of a condition specified in the plan; and (P) failure of the debtor to pay any domestic support obligation that first becomes payable after the date of the filing of the petition.
Source: weil.com
Here’s Assistance With Your Own A bankruptcy proceeding Demands
Be sure you spend time with all your family members. The process for personal bankruptcy can often be difficult. It will take time and many folks feel stressed out and uncomfortable throughout this procedure. Many people plan to conceal from the world until finally the process is above. Usually do not isolate oneself or else you will place yourself in danger of major depression. Keep in mind that it is not your people mistake to your fiscal struggles and make use of this time to tug collectively and also be strong.
Source: intercallmanagement.com
Bankruptcy procedure and exemptions vary from one state to another
Then, you either assign a bankruptcy attorney or you can choose to file the bankruptcy yourself. If you choose to file the bankruptcy yourself, you need to get the bankruptcy forms, you can get these forms online. You have to fill in your current financial status and recent financial transactions (within last 2 years) into the bankruptcy forms. In the mean time, you need to decide to file under what type of bankruptcy; there two commons types which are Chapter 7 and Chapter 13, chapter 7 bankruptcy is the preferred one, but not all are eligible to file under chapter 7. If you choose to file under chapter 13, you need to enclose your proposed repayment plan with your petition. Once the bankruptcy petition is completed you will need to file the petition with your local United States bankruptcy court. If you have assigned a bankruptcy attorney to handle your bankruptcy case, the attorney will help you and guide you through the above process.
Source: rapichat.com