| First Meeting of Creditors |
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| 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.More... |
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| Mediation in Bankruptcy |
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| Many courts authorize mediation by some sort of local rule or practice. Mediation is a negotiation process where a neutral party works with those parties that are involved in a dispute in order to reach a satisfactory agreement. A mediator helps willing parties craft an agreement that looks to the future, satisfies their needs, and meets their own standards of fairness.More... |
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| Meetings of Creditors and Equity Security Holders |
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| Section 341 of the Bankruptcy Code provides for meetings of creditors and equity security holders. The United States trustee is required to convene and preside at a meeting of creditors. In Alabama and North Carolina, where the bankruptcy system is administered by a bankruptcy administrator instead of a U.S. trustee, the bankruptcy administrator or his or her designee may preside at the meeting of creditors. The court is prohibited from presiding at or attending the creditor meetings. More... |
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| Special Issues Involving Community Property in Bankruptcy |
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| In general, each spouse owns an undivided one-half interest in community property. All property owned by a spouse is presumed to be community property. A person having a community property interest in an asset may be able to transfer the entire asset or no interest in the asset at all, depending on his or her management rights under state law. If the community property asset can be unilaterally transferred to a third party, the transferor spouse receives the proceeds of the sale as community property, and the third party receives the asset unencumbered by any interest of the spouse of the transferor. The third party does not own the asset as community property with the transferor's spouse. Only spouses can own community property.More... |
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| Allowances and Objections to Creditor Claims |
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| A claim or interest is allowed unless a party in interest, including a creditor of a general partner in a partnership that is a debtor in a case under Chapter 7, objects. More... |
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