This document addresses the question of Bankruptcy in pre-1989 agrements, stating specifically that the granting of relief under the Bankruptcy Code to any Party to this Agreement as debtor, this Agreement should be held to be an executory contract under the Bankruptcy Code, then any remaining Party shall be entitled to a determination by debtor or any trustee for debtor within thirty (30) days.
Delaware Bankruptcy Pre 1989 Agreements
Category:
State:
Multi-State
Control #:
US-OG-696
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Word;
Rich Text
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Description
How to fill out Bankruptcy Pre 1989 Agreements?
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FAQ
How Does Bankruptcy Work in Delaware? In most respects, filing for bankruptcy in Delaware isn't different from filing in another state. The bankruptcy process falls under federal law, not Delaware state law, and works by unwinding the contracts between you and your creditors. That's what gives you a fresh start.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
Bankruptcy will eliminate most of your debts, such as unsecured debts including credit card bills, medical bills, and payday loans. You may still be required to pay your secured debts, such as your mortgage or motor vehicle loan. Some debts cannot be eliminated by your bankruptcy.
Rule 2004-1 Rule 2004 Examinations. Bankr. P. 2004, counsel for the moving party shall attempt to confer (in person or telephonically) with the proposed examinee or the examinee's counsel (if represented by counsel) to arrange for a mutually agreeable date, time, place and scope of an examination or production.
Upon filing, the court will assume legal control of your debts and any property not covered by your Delaware exemptions. A trustee will be appointed to your case by the court. The job of the trustee is to see that your creditors are paid as much as possible.
Authority to Take a Rule 2004 Exam: FRBP 2004 provides parties with the opportunity to conduct an examination of a person and/or documents, even though an adversary proceeding has not been filed. This is called a "Rule 2004 Examination".
The Bankruptcy Act of 1800 only allowed involuntary bankruptcies of merchant debtors and included no provisions for individuals to file on their own. The Bankruptcy Act of 1837 allowed debtors to file for bankruptcy voluntarily, without a creditor needing to initiate the proceedings.
If you have so much debt that you're considering filing a Chapter 7 bankruptcy, you have enough debt to qualify. The U.S. bankruptcy code doesn't specify a minimum dollar amount someone must owe to make them eligible for a qualified filing. In short, any debt is enough debt.
