Much of the bankruptcy process is administrative, however, and is conducted away from the courthouse. Article 2. The case is begun by filing the official petition, schedules and statement of financial affairs. July 2020 edition. Filing a petition under chapter 7 "automatically stays" (stops) most collection actions against the debtor or the debtor's property. Roadways to the Federal Bench: Who Me? This chapter of the Bankruptcy Code provides for "liquidation" - the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. Debtors should be aware that failure to pay these fees may result in dismissal of the case. The bankruptcy judge may decide any matter connected with a bankruptcy case, such as eligibility to file or whether a debtor should receive a discharge of debts. Alloy steel and their applications 5. 11 U.S.C. If you are deciding if bankruptcy is right for you, the first step is to learn about bankruptcy. A fee is charged for converting, on request of the debtor, a case under chapter 7 to a case under chapter 11. Basic Law Full Text - index.html Printed version: available free of charge at any of the District Offices under the Home Affairs Department PDF version: click here to download HTML version: see below Important Notice. § 341(c). The number of installments is limited to four, and the debtor must make the final installment no later than 120 days after filing the petition. 2 Basic Concepts What is law? In addition, if the debtor is a business, the bankruptcy court may authorize the trustee to operate the business for a limited period of time, if such operation will benefit creditors and enhance the liquidation of the estate. THE BASIC LAW OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA . Even though most Chapter 13 filers make too much money to qualify for Chapter 7 bankruptcy, many debtors choose to file for Chapter 13 bankruptcy because it offers many benefits not available in Chapter 7 (such as the ability to catch up on missed mortgage payments or strip wholly unsecured junior liens from your house). P. 4007(c). Article 1 The People’s Republic of China is a socialist state governed by a people’s democratic dictatorship that is led by the working class and based on an alliance of workers and peasants. The Basic Law of the Hong Kong Special Administrative Region of the People’s Republic of China . 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 legally capable of expungement. Chapter 7, Formalism and Rule-Skepticism Summary and Analysis. Even if filing jointly, a husband and wife are subject to all the document filing requirements of individual debtors. Chapter VIII Interpretation and Amendments of the Basic Law . Exempt Property. Debts for money or property obtained by false pretenses, debts for fraud or defalcation while acting in a fiduciary capacity, and debts for willful and malicious injury by the debtor to another entity or to the property of another entity will be discharged unless a creditor timely files and prevails in an action to have such debts declared nondischargeable. 11 U.S.C. Chapter 8 : Control Bodies [ … Parties to Crime and Vicarious Liability. If your income is less than or equal to the median, you can file for Chapter 7 bankruptcy. During this meeting, the trustee puts the debtor under oath, and both the trustee and creditors may ask questions. Chapter VI Cultural and Social Affairs . Chapter 7 Dynamics In this chapter, we analyze the dynamic behavior of robot mechanisms. The basic principles of Hong Kong's governance under Chinese sovereignty mirror those in the Sino-British Joint Declaration, and most of them are set out in the first chapter of the Basic Law. battery. 11 terms. Buy the print book Check if you have access via personal or institutional login . Although a secured creditor does not need to file a proof of claim in a chapter 7 case to preserve its security interest or lien, there may be other reasons to file a claim. The title of the Chapter has been changed to reflect this. 11 U.S.C. Between 21 and 40 days after the petition is filed, the case trustee (described below) will hold a meeting of creditors. International agreements to which the People's Republic of China is not a party but which are implemented in Hong Kong may continue to be implemented in the Hong Kong Special Administrative Region. In addition, no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. Section 7 Swearing Allegiance . Contents . 7. Quality System, Chapter 7 of the GMP Guide has been revised in order to provide updated guidance on outsourced GMP regulated activities beyond the current scope of contract manufacture and analysis operations. Each debtor in a joint case (both husband and wife) can claim exemptions under the federal bankruptcy laws. Effective Workplace Communication Skills. Because a chapter 7 discharge is subject to many exceptions, debtors should consult competent legal counsel before filing to discuss the scope of the discharge. Commencement of a bankruptcy case creates an "estate." Instrument 7 Decision of the Standing Committee of the National People’s Congress on the Addition to the List of National Laws in Annex III to the Basic Law of the Hong Kong Special Administrative Region of the People’s Republic of China (Adopted on 27 October 2005) 123 R. Bankr. Fed. 2 Basic Concepts What is law? Fed. Qualifying for Chapter 7 Bankruptcy. Depending on individual circumstances, if a debtor wishes to keep certain secured property (such as an automobile), he or she may decide to "reaffirm" the debt. The Bankruptcy Code requires the trustee to ask the debtor questions at the meeting of creditors to ensure that the debtor is aware of the potential consequences of seeking a discharge in bankruptcy such as the effect on credit history, the ability to file a petition under a different chapter, the effect of receiving a discharge, and the effect of reaffirming a debt. 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