A bitter family feud behind the legendary Palm restaurant just took a sharp turn — proper into bankruptcy court. An important feature relevant to all types of bankruptcy filings is the automatic stay 41 The automatic stay means that the mere request for bankruptcy safety routinely halts most lawsuits, repossessions, foreclosures, evictions, garnishments, attachments, utility shut-offs, and debt assortment exercise.
In uncommon circumstances, individuals file Chapter eleven bankruptcy. Some of these embrace tax claims, anything that was not listed by the debtor, little one support or alimony payments, personal harm money owed, money owed to the government, and many others. Chances are you’ll file for a Chapter thirteen plan repeatedly, although every submitting seems on your credit report.
Bankruptcy in the United Kingdom (in a strict legal sense) relates solely to individuals (including sole proprietors ) and partnerships Corporations and other firms enter into in a different way named authorized insolvency procedures: liquidation and administration ( administration order and administrative receivership ). However, the term ‘bankruptcy’ is commonly used when referring to corporations within the media and usually dialog.
Till the late Nineteen Seventies, People unable to pay off schooling loans have been permitted to eliminate them with a Chapter 7 bankruptcy petition. You may still be obligated to pay a few of your debts, akin to a mortgage lien , even after bankruptcy proceedings are completed.