Securities Fraud Lawyers Blog
Have you recently filed for bankruptcy? Skilled Tampa Bay bankruptcy attorneys can help you navigate the process.
There are six different types of bankruptcy cases:
- Chapter 7: Liquidation or “Straight” Bankruptcy
- Chapter 9: Adjustment of Municipality Debts
- Chapter 11: Reorganization
- Chapter 12: Adjustment of Debts for Farmers or Fishermen
- Chapter 13: Wage Earner’s Adjustment of Debts
- Chapter 15: Ancillary and Other Cross Border Cases
While there are a number of different ways to categorize bankruptcy cases, there are two basic types of proceedings: core and noncore. Core proceedings are directly related to a bankruptcy case, while noncore proceedings are related, but do not come directly from the Bankruptcy code. An example of a noncore proceeding is a wrongful death claim of the debtor.
Core proceedings include the following:
- Claim allowance or disallowance;
- Estate administration;
- Preference litigation;
- Automatic stay litigation;
- Fraudulent conveyance litigation;
- Use and sale of property; and
- Plan confirmation.
In core proceedings, a bankruptcy judge has the ability to render final orders. In non-core proceedings, all parties must authorize in advance in writing for a judge to render a final order. If the authorization is not obtained, then the bankruptcy judge submits all materials to a district judge who will render a decision.
Any individual, partnership or other type of business organization may file for bankruptcy. Bankruptcy actions are either voluntary or involuntary. Voluntary actions are instigated by the person or organization in debt. Involuntary actions are started by creditors. To file for bankruptcy, the person must reside and have property or a business in the United States.
Voluntary bankruptcies may be filed under Chapter 7, Chapter 9, Chapter 11, Chapter 12, Chapter 13, and Chapter 15. However, an individual will be subject to a “means test” to see if they are eligible to file under Chapter 7.
For more information regarding filing for bankruptcy, contact Tampa Bay bankruptcy attorneys at the Law Offices of Robert Savage at 813-200-0013.