| Chapter 12 Debtor and Trustee Powers |
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| Chapter 12 provides that a standing trustee will be appointed in each case, but in the ordinary course, actual operation of the farm will remain with the debtor. Additionally, the debtor, as debtor in possession, has all rights, responsibilities, and powers, as would a debtor in possession under Chapter 11. Chapter 12 does not provide for the appointment of creditors' committees. More... |
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| Bankruptcy Crimes |
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| Bankruptcy crimes exist to protect the goals of civil bankruptcy, which is a fresh start for consumers, the reorganization of businesses, and the equitable distribution of a debtor's assets amongst creditors. Almost every bankruptcy crime is preceded by a prior civil bankruptcy case. Consequently, courts have had to organize the coordination of several cases arising out of one bankruptcy. More... |
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| Chapter 12 Hardship Discharge |
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| A Chapter 12 hardship discharge may only be granted if the unsecured creditors have received at least as much as they would have received through a Chapter 7 liquidation and if modification of the plan is not feasible. More... |
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| Bankruptcy Case Administration |
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| All bankruptcy proceedings are referred to a bankruptcy judge and all related papers, including the original petition, are filed with the Clerk of the Bankruptcy Court. The United States Bankruptcy Court has its own local rules governing procedures within that court. More... |
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| Preferential Transfers |
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| A trustee in bankruptcy may avoid certain statutory liens, fraudulent transfers, as well as preferences. The Bankruptcy Code provides that certain transfers made by a debtor within close proximity of bankruptcy are preferential to the recipient and violate the Bankruptcy Code's policy of equal treatment of creditors. The elements of a so-called "preference" or "preferential transfer" are easy for a trustee in bankruptcy to prove. The defenses available to the creditor are limited and the cost to litigate can be high. More... |
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