Why are Panel Trustees necessary for the Bankruptcy System? Chapter 7 bankruptcy is a liquidation legal proceeding.
The debtor is required to attend a Section 341 hearing which is commonly called the first meeting of the creditors. Creditors of the debtor are allowed the opportunity to ask questions of the debtor regarding the statements and schedules filed by the debtor with the Court.
Fair Market Value: a price at which a "willing buyer and seller" would agree to complete a sale.
Fair market value is used for estate tax, estate planning, marital division, charitable contributions or other informational purposes.
There are potential disqualification implications should the liquidator identify any actions of wrongful or fraudulent trading, preferences, transaction at undervalue or misfeasance in your duty as a Director.
We will explain what all there are to you when we speak or meet up.
Certain categories of fine art and antiques are more sensitive to market changes and require more frequent review.
The most common reasons for filing a Chapter 7 (liquidation) bankruptcy are: divorces with extensive credit, extended period of unemployment, large medical expenses, extended period of disability, over extended consumer credit, large amount of unexpected expenses and business losses.The bankruptcy trustee presides at this hearing and the debtor is required to answer specific questions outlined in the U. Usually after 60 days from the date of the 341 hearing the debtor will receive a discharge which effectively "wipes out" all dischargeable debts.In order to file a bankruptcy, the debtor must reside in the location of filing within the greater part of 6 months (91 days).There are no personal implications on your credit rating as an individual as the company is a separate entity and therefore responsible for its own debts.The only reason this would affect your own personal finances would be if you have given a personal guarantee to a creditor of the company.