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Mohammad Ahmed Faruqui

Mohammad Faruqui’s Legal Guides

24 total

  • Eligibility for Chapter 7 Bankruptcy

    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. 11 U.S.C. 101(41), 109(b). Subject to the means test described above for individual debtors, relief is available under chapter...

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  • How Chapter 7 Bankruptcy Works

    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. In addition to the petition, the debtor must also ...

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  • Role of the Trustee in Chapter 7 Bankruptcy Cases

    When a chapter 7 petition is filed, the U.S. trustee (or the bankruptcy court in Alabama and North Carolina) appoints an impartial case trustee to administer the case and liquidate the debtor's nonexempt assets. 11 U.S.C. 701, 704. If all the debtor's assets are exempt or subjec...

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  • Discharge In Chapter 7 Bankruptcy Cases

    A discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor. Because a chapter 7 discharge is subject to many exceptions, though, debtors should consult competent ...

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  • New Page for Bankruptcy Basics Videos

    We have created a new page for the Bankruptcy Basics Videos we posted earlier. Click on the link above or click here to access the videos.These videos can help to answer some questions you may have regarding bankruptcy. We hope that you find these videos useful. Mohammad Faruqui...

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  • Chapter 13 Bankruptcy

    A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the d...

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  • Advantages of Chapter 13 Bankruptcy

    Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may...

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  • Eligibility for Chapter 13 Bankruptcy

    Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's unsecured debts are less than $336,900 and secured debts are less than $1,010,650. 11 U.S.C. 109(e). These amounts are adjusted periodical...

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  • How Chapter 13 Bankruptcy Works

    A chapter 13 case begins by filing a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. Unless the court orders otherwise, the debtor must also file with the court: (1) schedules of assets and liabilities; (2) a schedule of current i...

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  • The Chapter 13 Bankruptcy Plan and Confirmation Hearing

    Unless the court grants an extension, the debtor must file a repayment plan with the petition or within 15 days after the petition is filed. Fed. R. Bankr. P. 3015. A plan must be submitted for court approval and must provide for payments of fixed amounts to the trustee on a regu...

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