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July 2016 Archives

Courts deals with issue of post-petition modification of Ch. 13 repayment plan

We've been looking in recent posts at the process of modifying a Chapter 13 repayment plan and the grounds for doing so under the U.S. Bankruptcy Code. As we noted, either creditors or debtors may petition the bankruptcy court to modify a repayment plan, but so may the trustee in the case.

Why would a debtor seek modification of a Chapter 13 repayment plan?

In our last post, we mentioned that there are various reasons why a party might want to modify a repayment plan after it has been confirmed. Here we wanted to look a bit at some of the potential reasons such a modification would be sought. Under the Bankruptcy Code, there are actually several clearly defined reasons a party would be allowed to seek a modification, whether it is the debtor, a creditor, or the trustee in the case.

Modifying a Chapter 13 repayment plan

In Chapter 13 bankruptcy, getting the repayment plan right is an important matter. The repayment plan must not only serve to pay back creditors, but it must also be feasible for the debtor. Although courts are guided by specific criteria in establishing a repayment plan, sometimes it is necessary to seek amendments and modifications of repayment plans.

Overview of the Chapter 12 bankruptcy process

We've been looking in recent posts at some of the specifics of Chapter 12 bankruptcy requirements. Here, we wanted to provide a general overview of the process. The first step in the process is to file a petition, including forms detailing assets and liabilities, current income and expenditures, executor contracts and unexpired leases, and a statement of financial affairs.

Taking a look at Chapter 12 bankruptcy for family farmers, P.3

We've been looking in previous posts at the issue of farming business bankruptcy. As we've noted, the farming industry is currently going through a great deal of stress due to decreased commodity prices, and there are bound to be business failures before things get better, particularly for smaller operators.

Taking a look at Chapter 12 bankruptcy for family farmers, P.1

Last time, we began looking at Chapter 12 bankruptcy, a form of bankruptcy which allows family farmers and family fishermen to establish a repayment plan to catch up on their debts and reorganize their business. As we noted, there are certain requirements which must be met in order to qualify for Chapter 12 bankruptcy.

Taking a look at Chapter 12 bankruptcy for family farmers, P.1

In our previous post, we began looking at the farm debt crisis and the challenges facing farmers due to low commodity prices. Fortunately for farmers, government assistance does provide some help, but many still struggle. With any business, major financial challenges can lead, by necessity, to adaptation and major restructuring of the business. This is as it should be. When the financial challenges threaten the solvency of the business, though, bankruptcy may be the only way out.  

Farmers in Wisconsin, elsewhere struggle through market crisis

Owning a business can be a major financial challenge, depending on the industry you are in and the health of the markets, the fluctuating costs of operating the business, and various other factors. This is particularly the case for farmers, who are particularly vulnerable to the vagaries of a supply and demand system.

Looking at the homestead exemption in Chapter 7 bankruptcy, P.2

Last time, we looked very briefly at the homestead exemption available under both Wisconsin and federal law. The homestead exemption, as we've mentioned allows a debtor in Chapter 7 bankruptcy to exemption a certain amount of equity in his or her home.

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