Illinois

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February 06, 2012

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Bankruptcy News

Applicability Of Chapters

(a) Except as provided in section 1161 of this title, chapters 1, 3, and 5 of this title apply in a case under chapter 7, 11, 12, or 13 of this title.
(b) Subchapters I and II of chapter 7 of this title apply only in a case under such chapter.
(c) Subchapter III of chapter 7 of this title applies only in a case under such chapter concerning a stockbroker.
(d) Subchapter IV of chapter 7 of this title applies only in a case under such chapter concerning a commodity broker.
(e) Scope of Application.— Subchapter V of chapter 7 of this title shall apply only in a case under such chapter concerning the liquidation of an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 of the Federal Deposit Insurance Corporation Improvement Act of 1991.
(f) Except as provided in section 901 of this title, only chapters 1 and 9 of this title apply in a case under such chapter 9.
(g) Except as provided in section 901 of this title, subchapters I, II, and III of chapter 11 of this title apply only in a case under such chapter.
(h) Subchapter IV of chapter 11 of this title applies only in a case under such chapter concerning a railroad.
(i) Chapter 13 of this title applies only in a case under such chapter.
(j) Chapter 12 of this title applies only in a case under such chapter.

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Did You Know?

There are a number of protections for consumers in the Fair Debt Collections Practices Act
One important point - you are responsible for your debts. Nothing in this law gives you the right to skip out on your bills. It just protects you from unscrupulous collection agencies. And the lender can take legal action to collect the money.

	Newsroom
	News about Bankruptcy in Illinois and nationwide: Customers of Enron-related REPs Protected Safeguards Approved for 13,500 non-residential Customers Wednesday March 6, 2002 The Public Utility Commission (PUC) on Wednesday issued an interim order approving a procedure to allow for the transfer of... Read more > Senate Passes Schumer Amendment To Bankruptcy Bill To Crack Down On Predatory Loans Measure Forces Predatory Lenders To Pass Along Liability To Buyers of Loans During Chapter 11 Proceedings, Making it More Difficult to Discharge As... Read more > Bankruptcy Filings Continue to Increase,Records Broken for Total Filings and Non-Business Filings 2003 The number of bankruptcy petitions filed in federal courts rose 7.1 percent in the 12-month period ending March 31, 2003, according to statistics r... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

Asset

Definition:
An economic resource or item owned by a business that is expected to benefit its future operations.

Petition

Definition:
The document that commences a bankruptcy proceeding. plan of reorganization - the document setting forth how a bankrupt company plans to satisfy its creditors.

Chapter Twelve

Definition:
Family farmer bankruptcies; created by Congress in 1986 (Chapter 12 became effective on November 26, 1986 and is now a permanent Chapter of the Bankruptcy Code); only a family owned farm business can qualify for Chapter 12

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Bankruptcy Resources

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Bankruptcy Hot Topics

Topics Related to Bankruptcy:

Chapter 7
Chapter 13
Chapter 11
Chapter 12
Chapter 9

Illinois Bankruptcy Attorney

If you live in the following cities and need a Bankruptcy attorney you should contact our Bankruptcy Attorney as soon as possible:

Arlington Heights
Aurora
Bartlett
Berwyn
Bolingbrook
Buffalo Grove
Carol Stream
Chicago
Chicago Heights
Cicero
Des Plaines
Elgin
Glenview
Granite City

Harvey
Joliet
Lockport
Lombard
Mchenry
Moline
Mount Prospect
Normal
Oak Lawn
Palatine
Plainfield
Tinley Park
Waukegan
Wheaton

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