Background A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. An individual cannot file under chapter 11 or any other chapter if, during the preceding days, a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court, or was voluntarily. Mar 13, · But there may be no hurry to file bankruptcy. You may want to start the process of getting your credit back or have other reasons for bankruptcy, but maybe bankruptcy is not right for you. For instance, if your bills are just killing you but you have a very small amount of bills, or you are being garnished but all of your debts are about to be. The Chapter 14 proposal envisions a number of changes to the bankruptcy process, grouped into a new bankruptcy chapter (hence “Chapter 14”, a previously unused chapter) that would be available to bank holding companies. Chapter 14 would be run by a special group of financially experienced district judges, could allow for the FDIC to be.
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That's something I'm going to have to work on, helping people without killing myself doing it. They've solved the problem of the ministry trying to arrest you once Voldemort is gone. You are both now special agents for Her Majesty's Government. Harry's jaw was moving but there was no sound coming out, Hermione didn't suffer from the same problem and burst into fits of laughter. This proved too much for Harry. What's wrong with this picture?
She's choking with laughter while her mother is standing at the bottom of my bed. How to destroy the secret agent myth in one easy lesson, Hardly James Bond is it? This set Hermione off again before she managed to get her laughing under control. It's not so much double-O-seven, more double-O-nine and three quarters!
This time though, she was joined by her mother. All this hilarity drew Dan into the room. As much as he didn't ever want to see his daughter in bed with a male, he was forced to concede that Harry's discomfort was funny.
That was until he spied the mischievous glint in the young man's eyes. The stunned silence was broken by Dan. Both women though were not about to let them away with that, Hermione and Emma each grabbing a pillow from Harry's bed soon saw both males ducking for cover. They were still laughing though.
There was not the slightest sign of laughter at number four Privet Drive, breakfast at the Dursleys was a solemn affair.
Their morning newspapers were of course filled with yesterday's horrendous events in Crawley, this was forcing the Dursleys to face a life-changing decision. They were probably the only ones in Little Whining who understood what the men in masks with sticks in their hands were.
If they were prepared to destroy a building in the centre of Crawley to kill their nephew, they certainly wouldn't think twice about destroying a house in Little Whining. Vernon had finally made his mind up.
I'll phone Marge and see if she can put us up for a few weeks, give us time to get the house up for sale. Dudley was not happy. His opinion wasn't even asked for, never mind listened to. Vernon grabbed a newspaper and opened it at the page displaying pictures of those who had lost their lives yesterday.
Nearly all of the images were school photographs. I really don't care if the freaks kill each other until extinction. When decent, law-aiding citizens of Britain can't go shopping without being murdered, it's time to take action.
Petunia agreed wholeheartedly with Vernon, she wanted her precious Dudikins as far away from any trouble as possible. You can't argue with that! I've seen that girl's picture in his room before. She goes to the same school as him, that's what saved them and her parents.
If those masked people come here, our only hope is to be somewhere else. Both Vernon and Dudley studied the papers again before agreeing with her, they the hurried to begin preparations for the move. The Dursleys were leaving Privet Drive today.
Breakfast in Glasgow at the Potter house was a lot livelier and happier. Having eaten very little the day before, all were hungry. Harry had burned off so much energy, he ate almost the same as the other three combined. That Dobby was also on the mend cheered the entire house up.
Winky popped in with the mail from the house in Crawley, including a package for Harry. On opening, there was official identification proclaiming that Harry Potter and Hermione Granger worked for the British government.
Harry didn't know what to say. Faced with this reality, the James bond jokes were no longer funny. Hermione was also shocked at her new status but her curiosity won out.
How could he not be? I didn't think I was breaking any confidences when I mentioned Harry wanted to study medicine. He's prepared to open any and all doors to see you get exactly what you want. Dan could immediately see the look of revulsion from Harry at that last remark, he tried to put him straight. Last night you literally changed people's lives in that hospital ward, and the entire evening is now covered by the official secrets act.
I doubt if anyone you healed last would be running to the press anyway. Emma understood Harry didn't want special treatment, he just didn't understand he was very special. She was used to seeing the best people head-hunted and understood where the government was coming from with this. Harry Potter would be an asset any Government would want to have working for them, Hermione was no slouch either.
Think of all the good you could do with the government on your side for a change? Dan agreed with his wife and continued to try and allay their fears. Your actions helped both governments deal with this disaster yesterday. Us four publically surviving and then healing all those people will buy some time to deal with the death eater problem. He looked earnestly at the young man who was currently holding his daughter's hand as his next words came straight from the heart.
No other words of thanks would ever be needed. Emma though just had another inspired thought of what these new roles meant for Harry and Hermione. The ministry wouldn't dare touch her now. Hermione knew neither of her parents wanted her returning to the castle but there were other things to take into consideration too.
The problem is that I've publicly said I'm returning and don't want those death eaters to think they scared me away. Hermione Granger getting on the Hogwarts express shows them, and the rest of the wizarding community I'm not afraid. This earned a kiss on the cheek from Harry. Hermione smiled and tried to reassure her parents she would be fine. Anyway, with Harry there, what could possibly happen to me? Neither Dan nor Emma had the heart to point out all the stuff that had happened to her while Harry was beside her.
They just knew they wouldn't relax until she was safely out of that nut house for good. There had been much drinking late into the night, celebrating Potter's demise and toasting two young fallen heroes to their cause. Draco fully expected he would be waking this morning with a sore head. What he did not expect was to be awakened by his dark mark burning as his master summoned his loyal followers.
Draco dressed quickly and was about to use his portkey when his mother entered his room. She tossed today's issue of the Prophet onto his bed. The picture of Potter and Granger still alive had Draco rubbing his eyes in disbelief before the reality of what this would mean hit him hard. The fear that gripped Draco soon saw him rushing to the toilet and emptying the contents of his stomach.
How was this possible? The plan had worked perfectly and everyone had played their part. He'd pressed his dark mark mere seconds after they'd raced into the building, the speed of the responding death eaters didn't leave time for them to get out. Narcissa Malfoy watched as the fear gripped her son, both knew what the dark lord's response to this would be. Narcissa though, was equally worried about Potter's response to this. Draco was clearly involved in the attack and Potter had publicly sworn vengeance on the perpetrators.
She had stood back and watched her husband throw his life away as the quest for pureblood supremacy consumed him. Now it would appear that her son couldn't wait to follow in his father's footsteps. The difference for Draco was that there was a new player in the game now, a player who followed his own rules.
Narcissa had heard who dispatched Bellatrix, a feat worthy of any warrior. Now that same person would be coming for Draco and Narcissa had no intention of being caught in the crossfire. It was time to take an extended holiday, Monaco was beautiful at this time of year.
Thinking of the bloody alternative that would surely unfold if she stayed here, Monaco was beautiful at any time of year. If Draco was so desperate to follow in his father's footsteps, then he could face his fate on his own. It was a fate that Narcissa didn't need to be a seer to predict.
The only doubt left in her son's miserable excuse of a life was who would kill him first, the dark lord or Potter. The crowd outside the Teen Witch Weekly office was rapidly reaching the status of a mob. That these like-minded individuals had all reached the same conclusion, and cared enough to show up here to protest their disgust, gave them a shared bond of outrage. That so many could reach the same conclusion yet the magazine's editor couldn't see that address should never have been printed just added fuel to their anger.
The auror in charge asked the editor to come out and say a few words, hoping to defuse the situation. Seeing a squad of aurors holding the crowd back convinced the editor this was a good idea. The crowd fell silent to hear what she had to say.
This is especially true of the young journalist who wrote the piece that has you gather here today. She is after all a dorm mate of Miss Granger and the girlfriend of Harry's best friend. I would like to say however that no one from our magazine played any part in the attack on Crawley. This did not go down well with the crowd, the murmurings of dissent turned to shouts of agreement with the accusation levied by one of their number.
The editor thought was totally unrepentant. No one from Mr Potter's camp requested any information to be withheld, nor have they complained about the article. No one was here to complain before the attack. We are being vilified for not seeing into the future, a future no one else saw despite what a certain Miss Skeeter might claim.
The mob now felt they were being blamed for the magazine's mistake. An apology might have worked in diffusing the righteous anger felt amongst them, this was a slap on the face with a wet fish.
The editor's confrontational approach could only really have one outcome. Within minutes she was being pelted with rolled up bits of parchment, every one of them a notice to cancel their subscription to Teen Witch Weekly. It wasn't long before magazines with the offending article printed in them joined the barrage raining down on the editor. The attending aurors decided to let the crowd blow off some steam.
No one was being hurt and they would only take action if wands started to be drawn or the missiles being thrown had the potential to injure. The editor was left to scramble back into the building, not realising that the entire encounter had been broadcast live on WWN. The reporter mentioning that the editor was being pelted with subscription cancellation slips sparked a tidal wave of social consciousness amongst listeners the length and breadth of the country.
The offices of Teen Witch Weekly would soon be flooded with cancelled subscriptions. There would be no issue printed this week, there weren't enough customers left to make it financially viable.
The magazine Teen Witch Weekly would soon fire their editor but couldn't stop the impending disaster, it would be bankrupt before the end of August. Hermione might have accused Ron of having the emotional range of a teaspoon but at the moment the youngest Weasley boy felt as if he was drowning in conflicting emotions. His two best friends had barely escaped a trap with their lives and his girlfriend was a nervous wreck. Ginny's assault on his girlfriend had driven home just how big a part Lavender had inadvertently played in that attempted trap.
What he was supposed to do about the situation was so far beyond the understanding of one Ronald Weasley, it might as well be on another planet. Lavender was so devastated that Ron feared for his girlfriend's health if he broke up with her at the moment. He still wasn't sure if that was a course of action he even wanted to consider. He really liked Lavender and felt it would be wrong of him to bail when the going got rough.
Harry and Hermione stood together and faced up to whatever shit life seemed to throw at them, Ron felt Lavender deserved the same sort of commitment and consideration from him. He wanted to write to his friends and at least try to explain his reasoning to them. The problem was that no one knew where they were and neither of their elves would answer if he called them. Ginny and Neville weren't speaking to him though none of them knew where Harry and Hermione were either. He would just have to hope his two best friends gave him the chance to explain.
If, after hearing him out, they chose not to be his friend anymore then Ron really couldn't blame them. Harry was very conscious of the fact their friends would be going nuts, he also didn't want to tempt fate by letting the location of his new house become known. He had no intention of providing another target for the death eaters.
Winky was dispatched with dinner invitations that were also portkeys to Neville, Ginny, Remus and Tonks. Dobby was maintaining he would be ready to resume his duties tomorrow. Harry understood the little guy enough to know refusing him would really hurt Dobby's feelings.
At the same time he didn't want Dobby overdoing it when he wasn't fully fit, he called for back-up in the shape of Winky. Can you keep an eye on him for the next few days? I don't want him overdoing it. That last comment surprised Harry, but at least now he didn't have to worry about Dobby trying to make up for work the elf perceived he'd missed by being injured.
Winky would take Harry's 'order' very seriously, there was now no danger of Dobby being allowed to strain himself. The eight that settled down to dinner that night were all easy in each other's company and, after some emotional greetings, settled into having a relaxing evening. Just what the four occupants of the Potter house needed. I didn't want to chance her hearing anything different. She must be about the most recognisable owl in Britain and I don't think it's safe for her to be delivering mail just now.
Tonks tried to lighten the mood. So far, only Ginny here has gone after Lavender. Ginny was blushing even more by the time Tonks got to the end of it. I just saw Lavender sitting across from me and sprang at her. Guys, I have a letter here from Ron, I was going to give you it before I left. We're not quite sure how to handle the situation at the moment.
Hermione agreed with Harry and tried to explain their thinking on the matter. We can't really then complain when she writes about us. We just never expected the response we got, I'm positive Lavender didn't either.
Harry rested his hand on Hermione's shoulder. One thing is certain though, we could never take that risk again. Innocent people lost their lives because of a simple error. Everyone understood what they both meant. They had been incredibly lucky but others weren't. They wouldn't be giving the death eaters a second chance. Ginny also had a message to pass on from her mother.
She was pretty sure what the answer would now be but had to ask anyway. Hermione answered their friend. The little redhead was quite philosophical about Hermione's answer. Even if she doesn't mention it in Teen Witch Weekly, she could probably reach as many people just by gossiping". Tonks told them their news.
Remus' status changed when the ministry announced we had won the award, we don't have to wait until it's presented. Harry was smiling at that news. It's paid for until the end of August.
Both Remus and Tonks had thought the villa was beautiful and quickly accepted Harry's offer. The conversation was now entered on pleasanter subjects and the rest of the evening continued in the same vein. Hermione suddenly realised this was their first dinner party in their new home, home for Hermione was now wherever Harry was. She wondered if her parent's would object if she slept in his bed again tonight? She reckoned there was only one way to find out. Unfortunately, Hermione was going to be disappointed.
Harry had other plans for tonight. Draco Malfoy just had the worst day of his life. The dark lord had spent his time throwing our cruciatus curses like rice at a wedding. As if that wasn't bad enough, he then basically raped his follower's minds attempting to discover who had failed him during the attack on Potter.
The fact he was still alive established that the dark lord thought he had carried out his part of the mission as directed. Two others weren't so fortunate.
Draco barely made it up the stairs of Malfoy Manor and collapsed fully clothed on top of his bed, he was asleep in moments.
A sharp snap close by dragged Draco from his slumber, getting hit on the face with pieces of his broken wand abruptly jolted him to complete consciousness. It was only then Draco realised he was lying spread-eagled on his bed and unable to move.
The everlasting candle burning beside his bed was the only source of illumination currently lit in his bedroom. This unfortunately left most of the large room in either deep shadow or complete darkness. The voice he heard coming out of that darkness almost had Draco emptying his stomach once more in fear. He tried to keep the fear from his voice but couldn't quite pull it off. The contempt in Harry's voice was unmistakable.
I'm here for names Draco, I want to know who was behind those masks in Crawley? Draco's voice was cracking as he attempted bravado. I know nothing about any attack, now release me at once.
Sole proprietorships may also be eligible for relief under chapter 13 of the Bankruptcy Code. In addition, individual debtors who have regular income may seek an adjustment of debts under chapter 13 of the Bankruptcy Code.
A particular advantage of chapter 13 is that it provides individual debtors with an opportunity to save their homes from foreclosure by allowing them to "catch up" past due payments through a payment plan. Moreover, the court may dismiss a chapter 7 case filed by an individual whose debts are primarily consumer rather than business debts if the court finds that the granting of relief would be an abuse of chapter 7.
If the debtor's "current monthly income" 1 is more than the state median, the Bankruptcy Code requires application of a "means test" to determine whether the chapter 7 filing is presumptively abusive.
Unless the debtor overcomes the presumption of abuse, the case will generally be converted to chapter 13 with the debtor's consent or will be dismissed. Debtors should also be aware that out-of-court agreements with creditors or debt counseling services may provide an alternative to a bankruptcy filing. A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims creditors in accordance with the provisions of the Bankruptcy Code.
Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property. To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity.
Subject to the means test described above for individual debtors, relief is available under chapter 7 irrespective of the amount of the debtor's debts or whether the debtor is solvent or insolvent. An individual cannot file under chapter 7 or any other chapter, however, if during the preceding days a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens.
In addition, no individual may be a debtor under chapter 7 or any chapter of the Bankruptcy Code unless he or she has, within days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing.
There are exceptions in emergency situations or where the U. If a debt management plan is developed during required credit counseling, it must be filed with the court. One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start.
In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged. Moreover, a bankruptcy discharge does not extinguish a lien on property. A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.
Debtors must also provide the assigned case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case including tax returns for prior years that had not been filed when the case began. Individual debtors with primarily consumer debts have additional document filing requirements.
They must file: a certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling; evidence of payment from employers, if any, received 60 days before filing; a statement of monthly net income and any anticipated increase in income or expenses after filing; and a record of any interest the debtor has in federal or state qualified education or tuition accounts. A husband and wife may file a joint petition or individual petitions. Even if filing jointly, a husband and wife are subject to all the document filing requirements of individual debtors.
The Official Forms may be purchased at legal stationery stores or download. They are not available from the court.
Normally, the fees must be paid to the clerk of the court upon filing. With the court's permission, however, individual debtors may pay in installments. The number of installments is limited to four, and the debtor must make the final installment no later than days after filing the petition. For cause shown, the court may extend the time of any installment, provided that the last installment is paid not later than days after filing the petition.
If a joint petition is filed, only one filing fee, one administrative fee, and one trustee surcharge are charged. Debtors should be aware that failure to pay these fees may result in dismissal of the case. In order to complete the Official Bankruptcy Forms that make up the petition, statement of financial affairs, and schedules, the debtor must provide the following information:.
Married individuals must gather this information for their spouse regardless of whether they are filing a joint petition, separate individual petitions, or even if only one spouse is filing. In a situation where only one spouse files, the income and expenses of the non-filing spouse are required so that the court, the trustee and creditors can evaluate the household's financial position.
Among the schedules that an individual debtor will file is a schedule of "exempt" property. The Bankruptcy Code allows an individual debtor 4 to protect some property from the claims of creditors because it is exempt under federal bankruptcy law or under the laws of the debtor's home state.
Many states have taken advantage of a provision in the Bankruptcy Code that permits each state to adopt its own exemption law in place of the federal exemptions. In other jurisdictions, the individual debtor has the option of choosing between a federal package of exemptions or the exemptions available under state law.
Thus, whether certain property is exempt and may be kept by the debtor is often a question of state law. The debtor should consult an attorney to determine the exemptions available in the state where the debtor lives. Filing a petition under chapter 7 "automatically stays" stops most collection actions against the debtor or the debtor's property.
But filing the petition does not stay certain types of actions listed under 11 U. The stay arises by operation of law and requires no judicial action.
As long as the stay is in effect, creditors generally may not initiate or continue lawsuits, wage garnishments, or even telephone calls demanding payments. The bankruptcy clerk gives notice of the bankruptcy case to all creditors whose names and addresses are provided by the debtor. Between 21 and 40 days after the petition is filed, the case trustee described below will hold a meeting of creditors.
If the U. During this meeting, the trustee puts the debtor under oath, and both the trustee and creditors may ask questions. The debtor must attend the meeting and answer questions regarding the debtor's financial affairs and property. If a husband and wife have filed a joint petition, they both must attend the creditors' meeting and answer questions. Within 10 days of the creditors' meeting, the U.
It is important for the debtor to cooperate with the trustee and to provide any financial records or documents that the trustee requests.
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. Some trustees provide written information on these topics at or before the meeting to ensure that the debtor is aware of this information.
In order to preserve their independent judgment, bankruptcy judges are prohibited from attending the meeting of creditors. In order to accord the debtor complete relief, the Bankruptcy Code allows the debtor to convert a chapter 7 case to a case under chapter 11, 12, or 13 6 as long as the debtor is eligible to be a debtor under the new chapter.
However, a condition of the debtor's voluntary conversion is that the case has not previously been converted to chapter 7 from another chapter. Thus, the debtor will not be permitted to convert the case repeatedly from one chapter to another.
When a chapter 7 petition is filed, the U. If all the debtor's assets are exempt or subject to valid liens, the trustee will normally file a "no asset" report with the court, and there will be no distribution to unsecured creditors. Most chapter 7 cases involving individual debtors are no asset cases. But if the case appears to be an "asset" case at the outset, unsecured creditors 7 must file their claims with the court within 90 days after the first date set for the meeting of creditors. A governmental unit, however, has days from the date the case is filed to file a claim.