bankruptcy notice
The role of creditors in a bankruptcy case
Bankruptcy is one option among many people who are used to with the inability of their debts Deal is to be paid. It is usually legally declared by the court after a hearing. This can be voluntary or involuntary. When this is done voluntarily, the debtor goes to court to file a petition. In involuntary bankruptcy, the creditors go to court to file a petition against the debtor. Once this is done, the Court will hold a hearing in which a trustee appointed to monitor the bankruptcy case.
This case can not go on, if the debtor has committed fraud or has not shown in court after he summoned. There are several chapters in which a bankruptcy can be filed. Chapter 7 and 13 are for the individual, Chapter 9 is for the municipal bonds, is Chapter 12 deals with the family farmers and family fishermen and Chapter 15 for debtors of the other countries. Finally there is the reorganization chapter as a chapter called 11th These deals with individuals and corporations. All these have their rules and regulations.
A creditor is a person or a company that a debtor owes money or claims to be owed money by the debtor. He may, before go to court after a failed payment plan with the debtor has completely failed to petition against the debtor file. assemble a group of creditors, to file a joint petition against the debtor.
However, their claim can not be regarded as valid if they have not met in the case of the debtor a notice before the move. Three weeks after the creditors of the debtor served with a notice also announced the legal requirement, he may petition, if there is no response from the debtor.
About the Author
Peter Gitundu Researches and Reports on Bankruptcy. For More Information On Creditors In Bankruptcy, Read More Of His Articles Here CREDITORS IN BANKRUPTCYYou Can Also Add Your Views About Creditors In Bankruptcy On His Blog Here CREDITORS IN BANKRUPTCY
Rod Petricevic is missing
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