Chapter 7 bankruptcy liquidation

Law Office of 
Charles E. Andersen

Chapter 7 is also know as straight bankruptcy if you don't want to repay any debt, chapter 7 is an option to consider
Chapter 7 is also called a fresh start bankrutpcy
The US Trustee is a participant in a chapter 7 Hon. John C. Ninfo chief US Bankruptcy Court Judge US Bankruptcy Court
Law firm

of Charles E. Andersen

 

 

filing a chpater 7

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Trustees claim against debtors partners

 

 

 

      Deficiency of Partnership Property: Where the estate of a Chapter 7 partnership debtor lacks sufficient property to fully satisfy all claims against the partnership, the trustee is entitled to a claim for the entire deficiency against each general partner who is personally liable. [B.C. 723(a)]

 

a. Non-debtor general partners: In attempting to recover the deficiency, the trustee, where practicable, must first pursue any general partner who is not a debtor in a bankruptcy case. Under these circumstances, the court may require the partner to supply indemnity or other assurance of payment, or may enjoin the partner from disposing of property, until the amount of the deficiency is determined. [B.C. 723(b)]

 

b. General partners who are debtors:  The trustee's claim against the estate of each general partner who is it debtor in a bankruptcy case equals the total of all allowed creditors claims in the partnership's bankruptcy case. The trustee receives distribution on property with the general partner's individual unsecured creditor.

 

Disallowance of claims of partnership creditors: A creditor's claim for which both the partnership debtor and a general partner are responsible will be disallowed in the bankruptcy case of the general partner, except to the extent that the claim is secured solely by the general partner's property and not by the partnership's assets. [B.C. 723(c)]

 

2. Excess Recovery by Trustee: If the trustee in the partnership's bankruptcy case recovers from the debtor general partners an amount that exceeds a deficiency remaining after payment by the non-debtor general partners, the surplus will be returned to the debtor general partners' estates in an equitable manner. [B.C. 723(d)].

 

 New York bankruptcy lawyer in Elmira

obtaining a chpater 7 discharge the bar date has passed arriving at the office
I hope he's in

 

 

sitting down to sign

 

 

 

 

 

 

Chapter 7&13

If you qualify

 

CHAPTER 7: STOP

  • Creditor Harassment
  • Stop utility shutoffs
  • eliminate payments on unsecured debts.
  • Improve bad credit
  • Surrender car, and other secured collateral without incurring a "deficiency"

**For Chapter 13 cases with wage order and balance paid through a trustee as part of a partial re-payment plan and not paid directly to the attorney. Court filing fee is extra.

  • Emergency Petitions filed
  • Ask to see a statement of clients rights and responsibilities

 

Free Consultation

Reasonable rates

 

 

Call now

607-734-2917

(Elmira)

 

 

 

 

 

 

attorneys pen
 
 
Signing the court papers shaking hands leaving attorneys office
   

200 William St. STE 204A
Elmira, NY 14901
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receipt of filing automatic stay order for relief section 341 Notice
meeting fo the creditors court discharge order debt wipe out