United States Bankruptcy Laws
Many clients get their information about bankruptcy from the internet. In their searches, they find resources from different countries that can give them flawed expectations about the debt relief process. One of the common mistakes is asking to file for a Chapter 11 bankruptcy or Chapter 13 bankruptcy. These two chapters are part of the United States law, and not part of the Canadian system.
Public Investment Recovery Strategies
National investment recovery strategies
Immediate fiscal responses to COVID-19 focused on supporting firms and households. Since June, many national governments have announced large economic recovery packages, focusing largely on public investment. These investment recovery packages prioritise three areas: strengthening health systems digitalisation accelerating the transition to a carbon neutral economy. The OECD and the IMF have made a strong call to scale-up public investment to address the challenges for COVID-19 recovery, and subnational governments play a key role as they are responsible for 57% of public investment in OECD countries.
Quality infrastructure investment is part of the answer to the COVID-19 crisis. National and subnational governments need to invest more by better exploiting the existing and potential fiscal resources for investment and mobilising private investment. The IMF Fiscal Monitor estimates that a 1% GDP increase in public investment in advanced economies and emerging markets has the potential to push GDP up by 2.7%, private investment by 10%, and to create between 20 and 33 million jobs, directly and indirectly . Local, regional and national governments also need to invest in a smarter way, by prioritising needs, focusing on post crisis priorities in health, digital and environment infrastructure and better managing public investment at all levels of government .
The European Union Recovery Plan
Supporting subnational public investment
Who Can Be Made Bankrupt
A bankruptcy order can be made for one of three reasons:
- you cant pay what you owe and want to declare yourself bankrupt
- your creditors apply to make you bankrupt because you owe them £5000 or more
- an insolvency practitioner makes you bankrupt because youve broken the terms of an individual voluntary arrangement
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Giving Assets To Family Members
This is a major red flag. You cant give away your good stuff cash, property, cars, jewelry, electronics to friends or relatives with the understanding they will give it back later. Its dishonest. Giving your car to a family member just before you file for bankruptcy is a clear-cut way to lose the car. If you own the car, it must be listed as an asset or if you still owe money, it must be listed as a liability. If you want to keep your car after filing for bankruptcy, there are strategies in place to help you do that.
The Court Dismissed Your Bankruptcy Within The Previous 180 Days
You can’t file for Chapter 7 bankruptcy if a previous Chapter 7 or Chapter 13 case was dismissed within the past 180 days because of one of the following reasons:
- you violated a court order
- the court ruled that your filing was fraudulent or constituted an abuse of the bankruptcy system, or
- you requested the dismissal after a creditor asked for relief from the automatic stay.
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Chapter 7 Bankruptcy Rules Overview
You may choose to file for either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. While a Chapter 13 bankruptcy reorganizes debt into a repayment plan, a Chapter 7 bankruptcy, also known as a “liquidation” bankruptcy, erases all debt that is legal to erase.
Chapter 7 bankruptcy rules determine who qualifies, how to file, and what debt is eligible for discharge.
Special Circumstances That May Allow For Credit
Once you have filed for bankruptcy, you are not typically allowed to get approved for credit unless your situation involves a special circumstance. Several special circumstances in which the court may allow you to obtain new credit during bankruptcy include:
- Medical Expenses Although you may not consider medical expenses as an incurring debt, they are a form of debt. When you visit a medical professional for services and receive a bill at a later time, the Bankruptcy Code considers this new credit.
- A New Vehicle Its common for individuals to purchase a new vehicle during their Chapter 13 bankruptcies. While getting a loan from a conventional lender can be tough, lenders who cater to individuals making Chapter 13 payments do exist. If you get approved by one of these lenders, understand that you will be paying a high interest rate.
- You may be able to get a new credit card during Chapter 13. If youd like to rebuild your credit, opening a secured credit card can help.
Although you typically need permission to incur additional debts during bankruptcy, small debts that are outlined by your Chapter 13 trustee, as well as any new tax liabilities that you incur, do not require the courts approval.
If You’re Considering Personal Bankruptcy Here Is How The Process Works
If your debts have become unmanageable or you’re facing foreclosure on your home, you might be thinking about declaring bankruptcy. While bankruptcy may be the only way out for some people, it also has serious consequences that are worth considering before you make any decisions. For example, bankruptcy will remain on your credit report for either seven or 10 years, depending on the type of bankruptcy. That can make it difficult to obtain a credit card, car loan, or mortgage in the future. It could also mean higher insurance rates and even affect your ability to get a job or rent an apartment. This article explains how bankruptcy works and also offers some alternatives to bankruptcy.
The Single Asset Real Estate Debtor
Single asset real estate debtors are subject to special provisions of the Bankruptcy Code. The term “single asset real estate” is defined as “a single property or project, other than residential real property with fewer than four residential units, which generates substantially all of the gross income of a debtor who is not a family farmer and on which no substantial business is being conducted by a debtor other than the business of operating the real property and activities incidental.” 11 U.S.C. § 101. The Bankruptcy Code provides circumstances under which creditors of a single asset real estate debtor may obtain relief from the automatic stay which are not available to creditors in ordinary bankruptcy cases. 11 U.S.C. § 362. On request of a creditor with a claim secured by the single asset real estate and after notice and a hearing, the court will grant relief from the automatic stay to the creditor unless the debtor files a feasible plan of reorganization or begins making interest payments to the creditor within 90 days from the date of the filing of the case, or within 30 days of the court’s determination that the case is a single asset real estate case. The interest payments must be equal to the non-default contract interest rate on the value of the creditor’s interest in the real estate. 11 U.S.C. § 362.
Single asset real estate cases are ineligible for the small business or subchapter V election. 11 U.S.C. § 101, 1182.
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When You Might Get A Bro
The official receiver can ask the court to give you a BRO if it believes youve acted dishonestly or recklessly before or after you were made bankrupt.
When deciding whether to give you a BRO, the court can take any behaviour into account.
A court might give you a BRO if you chose to pay off some of your creditors before others in the 6 months before bankruptcy – or 2 years if the creditors are your associates. Your associates include your family members, business partners or employees.
If your creditors arent your associates, you might be able to argue you didnt have a choice about which creditor to pay first – for example, if they were threatening court action.
A court will also check if you gave away or sold your belongings for less than theyre worth. If you did this in the 2 years before bankruptcy, the court might give you a BRO. If you did this in the 5 years before bankruptcy, the court might give you a BRO if either:
you gave away or sold your belongings to your associates
you were insolvent at the time of the transaction
Youre insolvent if your debts are bigger than the value of your assets, or if you cant afford your liabilities – for example, your rent or bills.
The court might also give you a BRO if youve:
The Impact On Your Credit May Not Be As Severe
Like Chapter 7, Chapter 13 bankruptcy may have a very negative impact on your credit. A completed Chapter 13 bankruptcy can stay on your for up to seven years from the date you file. But some creditors could view a Chapter 13 bankruptcy more favorably than a Chapter 7 bankruptcy. It could be an indication that you repaid more of your debt.
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Alternatives To Chapter 7
Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor may seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may seek a more comprehensive reorganization. Sole proprietorships may also be eligible for relief under chapter 13 of the Bankruptcy Code.
In addition, individual debtors who have regular income may seek an adjustment of debts under chapter 13 of the Bankruptcy Code. A particular advantage of chapter 13 is that it provides individual debtors with an opportunity to save their homes from foreclosure by allowing them to “catch up” past due payments through a payment plan. Moreover, the court may dismiss a chapter 7 case filed by an individual whose debts are primarily consumer rather than business debts if the court finds that the granting of relief would be an abuse of chapter 7. 11 U.S.C. § 707.
Debtors should also be aware that out-of-court agreements with creditors or debt counseling services may provide an alternative to a bankruptcy filing.
The Chapter 12 Trustee
An impartial Chapter 12 trustee is appointed in every Chapter 12 bankruptcy case. The trustee evaluates the assets and liabilities of the farm operation, and will comment on the feasibility of the Chapter 12 plan.
For Seattle Chapter 12 bankruptcy cases, and for all of Western Washington, the Chapter 12 trustee is Virginia A. Burdette, with offices at 600 Stewart Street, Suite 1300, Seattle, Washington 98101-1212.
For Spokane Chapter 12 bankruptcy cases, and for all of Eastern Washington, the Chapter 12 trustee is Ford Elsaesser, with offices at P.O. Box 1049, Sandpoint, Idaho 83864.
The Chapter 12 trustee also serves as a disbursing agent after a repayment plan is approved. As the disbursing agent, the trustee receives payments from the farm, and distributes funds to creditors as required by the plan.
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Human Rights Abuses In The Enforcement Of Coronavirus Security Measures
This virus is no respecter of persons. Coronavirus is a pandemic of global proportions which some have termed the third world war. Due to the pandemic, quarantine measures have been put in place across the globe. While typically restriction of movement of free people would fall under a human rights violation, there is an exception for threats to a nation that pandemics fall under. Nonetheless this exception does not cover the human rights violations in the enforcement of quarantine measures which have been brought to light around the globe. This abusive policing is not new, but the media coverage in most cases is. In response, the U.N. in a resolution about the Coronavirus pandemic should include recommendations that address these abuses.
As of today, April 15, 2020, over one third of the worlds 7.8 billion people are on lockdown. In fact, more people are under lockdown today than were even alive during WWII. India has imposed a 21-day lockdown for its 1.3 billion citizens. Germany has banned meetings of more than two people. This global lockdown has included 91% of all enrolled learners in the world.
Filipino president Duterte told the country in a public address that lockdown violators could be shot. While there have not been any reports of anyone being shot, reports have alleged that police have put people in public animal cages, and subjected others to physical punishments which the police video and then post online to shame the violators.
Are You Getting A Refund
Refunds that are issued as a result of returns for years prior to the year of bankruptcy are considered to be the property of the estate in bankruptcy. As a result, these refunds will be sent to the trustee. Any refunds issued in relation to returns for years subsequent to the year of bankruptcy will be sent to you, unless the trustee has obtained a court order.
For the year of bankruptcy, any issued refund related to the pre-bankruptcy return will be sent to the trustee. Issued refunds related to the post-bankruptcy return will also be sent to the trustee if your bankruptcy assignment date is July 7, 2008, or later. Post-bankruptcy refunds that are issued for bankruptcies with an assignment date prior to that will be sent to you, unless the trustee has obtained a court order or has provided us with an Authorization and Direction letter.
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Who Deals With Your Bankruptcy
An Official Receiver is appointed to protect your assets. They act as trustee of your bankruptcy affairs if you have no assets.
If you have assets, an Insolvency Practitioner will be appointed to act as trustee and sell your assets to pay your creditors. To read more, go to:
Once a bankruptcy order has been made against you, your creditors cannot pursue you for payment. The trustee is responsible for payments.
I Told My Supervisor That I Need Saturday Off For Religious Reasons But He Doesnt Believe Me And Started Asking All Kinds Of Personal Questions About My Religious Beliefs Do I Have To Answer Him
In most cases whether or not a practice or belief is religious is not at issue. If it is an issue, your employer has some room to ask you about your beliefs, to determine that they are sincere and religious beliefs.
Religious practices are not just those required by church or other religious group, but include moral or ethical beliefs as to what is right and wrong that are sincerely held with the strength of traditional religious views. The fact that no religious group holds such beliefs or that religious groups to which others in the workplace belong may not accept such beliefs will not determine whether the beliefs are religious in nature. Although this is very subjective, your employer has the right to try to figure out if the employees beliefs are religious by gathering information about your beliefs and their role in your life.
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The Individual Insolvency Register On Annulment
Once notice of the annulment is received your bankruptcy will be removed from the Individual Insolvency Register after:
- 28 days if the bankruptcy order shouldnt have been made
- 3 months if the debts were paid in full or an IVA has been agreed
If an IVA has been agreed, details of this will appear on the register.
The Potential For The Eu
EU efforts to implement a structured post-pandemic recovery strategy are important to Australia in the context of the forthcoming EU-Australia free trade agreement. In 201819, Australia exported more than $33 billion in goods and services to the EU, and Europe is Australias biggest two-way services trade partner. Even without the UK, the EU will still be the second-largest economic bloc in the world , comprising more than 440 million consumers.
As the EU-Australia FTA is finalised, the rapid recovery of European consumer, business and financial markets will be critical to realising its full potential.
If the UKs post-Brexit economic performance remains consistently below average, this is likely to impact Britains outward investment position in Australia considerably.
This becomes clear when looking at investment flows. In 2019, the EUs and UKs outward investment stocks in Australia were roughly equal and ranked second only to the US with such foreign capital flows having both direct and indirect effects upon levels of domestic investment. In April this year, UK GDP plummeted a record 20%, a 20-fold increase on any monthly economic contraction the UK experienced throughout the 200809 global financial crisis.
Inside the European Council building
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It Can Help You Repay Your Debt
Chapter 13 can also provide a more convenient and cost-effective way to repay your debt. Through Chapter 13, youll make a plan to repay all or some of your debts. You can make one consolidated monthly payment toward your debts based on your repayment plan. This lump payment will then be distributed to your creditors. Your monthly payments may also be reduced for certain types of debts, so you can repay them over the course of your three- to five-year plan.
Protection Is Limited When You Are Seeking New Employment
The bankruptcy laws also provide some protection for bankruptcy filers when they are being considered for new employment but it does not apply to all employers.
Government Employers May Not Refuse to Hire You
Like the prohibitions against termination and discrimination, a government employer cannot refuse to hire you, or any person associated with you, solely because you have filed for bankruptcy, you had been insolvent before receiving a discharge in bankruptcy, or you have not paid a debt that is dischargeable in your bankruptcy or has been discharged in bankruptcy.
Private Employers May Refuse to Hire You
In contrast, there is no similar restriction for private employers. Private employers do have the right to deny you employment based on your bankruptcy filing.
Many private employers require credit or background checks prior to hiring. Your bankruptcy will likely show up in these reports and a private employer can refuse to hire you because you have filed for bankruptcy, even if that is the only reason they are refusing to hire you.
And you may not be protected during an employment evaluation period. At least one appellate court has permitted a private employer to deny employment after a two-day paid evaluation period, solely because it found that the employee had previously filed for bankruptcy. In that case, the bankruptcy was discovered as a result of a background check authorized by the prospective employee.
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