First Meeting of Creditors

Under the Bankruptcy Code, the United States trustee must convene and preside at a meeting of creditors, which is often referred to as the section 341 meeting. This must occur within a reasonable time after the order for relief in a case.

Bankruptcy Reform - Will It Affect Eligibility?

The battle over bankruptcy reform seems to be an ongoing struggle between the would-be reformers and those who feel that debtors' rights would be adversely affected by reform of the bankruptcy laws. Despite the differences in opinion, many lawmakers agree with creditors that loopholes in the law need to be closed.

Bankruptcy Discharge

Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate their debts or repay their debts. Chapter 7 "liquidation" is the process by which debtors wipe out or "discharge" many of their debts.

Converting a Chapter 13 to Chapter 7

A Chapter 13 bankruptcy filing may be converted into a Chapter 7 bankruptcy filing. One common reason for converting from Chapter 13 to Chapter 7 is a petitioner's inability to stay current in the Chapter 13 repayment plan. A petitioner may not convert a Chapter 13 to a Chapter 7 if the petitioner has already received a Chapter 7 discharge within the previous 6 years.

Creditor Claims

A "claim" is a right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. A "claim" may also be the right to an equitable remedy for breach of performance if the breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured. A "debt" is a liability on a claim.