What is chapter 11 bankruptcy?

Filing for bankruptcy can be unsettling and very confusing. How do you know if you’re eligible? And if you are, which kind of bankruptcy do you file for? What are the requirements? To help you through all of this, it’s typical to hire a bankruptcy attorney to advise you on proceedings and filings and help with court procedures.

There are three kinds of bankruptcy, Chapter 7, Chapter 13, and Chapter 11. While you’ve probably heard about Chapter 7 and Chapter 13, Chapter 11 is a lot less common, especially for individuals as opposed to companies.

Chapter 7 allows you to have all of you debt eliminated, but forces you to give up all of your property. Chapter 13 allows you to keep your property, but you must pay off all of your debts through a repayment plan. These are very simple, broad definitions of what these filings entail, because there are also eligibility requirements. For the purpose of this article, a quick interpretation in order to compare is all that is necessary.

What the main focus is, is Chapter 11 bankruptcy, as it is less well-known.

Chapter 11 allows to debtor to propose a plan after bankruptcy, including cutting down costs in order to keep collectors at arm’s length. Chapter 11 gives you the opportunity to reorganize your debt while keeping some of your assets. It is very similar to Chapter 7 and Chapter 13, as it is seemingly a combination of the two. The debtor has the ability to pick and choose which assets to release and which to keep, while organizing their debts in order to pay them back.

While Chapter 11 might be more appealing, it is a lot less common for individuals as it can be very costly and be very time consuming. Chapter 11 is more typical for large corporations who have significantly large amounts of debt, and allows them to reorganize.

As with other forms of bankruptcy, once the bankruptcy proceedings begin, all collectors must halt attempted collections, something known as an automatic stay. While the proceedings for bankruptcy are taking place, the consumer can go on with business as usual.

The reorganization plan is a huge part of Chapter 11 bankruptcy. The priority of payments is decided, and then debtors have to opportunity to negotiate to create payment plans or can even have some debts removed or partially removed.

There is a US bankruptcy court right in Milwaukee, so for more information you can visit them to pursue the proper paperwork and filings.

Tips for Finding the Right Probate Lawyer

When a relative or someone close had died, and left you property or money, it is a good idea to find a Palm Beach County Florida probate attorney to help you get through the entire legal process. Generally speaking, there are two types of probate lawyers:

  • One who handles administrative transacts, and
  • One who represents clients in lawsuits

Some probate lawyers do both, but most specialize in one area or the other. A lawyer who handles administrative transactions may be your best bet. However, if you’re involved in any kind of real estate lawsuit, you may end up looking for a probate litigator.

Finding the Right Probate Lawyer

Seeking legal help should be your first step to claim probation. A registered lawyer or consultant company will be able to guide you well with the procedures and documentations required to have a smooth transaction. However, with so many consultant firms to choose from, you would need to make sure that you pick the right services. In this post, we’ll talk about certain things that you must keep in mind when choosing a legal help for will and probation cases:

Expertise and Experience: A company with over 5 years of experience in the particular field is believed to have gained the required expertise to accomplish certain tasks. Thus, you should always aim at hiring a lawyer or consultancy with nearly 5-10 years of experience in the respective field. Such companies are equipped with all necessary resources required to get the work done in a smooth and calm fashion. They are able to judge the complexities associated with each case just by seeing the paperwork and provide necessary solutions simultaneously, thus saving a lot of your time.

Budget and Affordability: It is not necessary that the most expensive lawyer or consultancy firm will be able to do the work well. The only thing that an expensive lawyer gets paid for is his market reputation. If you cannot afford to pay hefty amount for legal matters, it is always better to hire a company that claims to provide best services at affordable rates. The trick is to look for best services available at digestible rates.

Research and Recommendations: Seek recommendations from your friends or colleagues who have already obtained such services. You should ask people who have had the experience of hiring legal services for their related real estate and probate legal matters. You might find a couple of names that you would like to explore. Otherwise, internet is always the best medium to look for information. Visit the official websites of companies operating in your area and see what their customers have to say about them. Go for the one with least negative reviews on the review sites.

A reputed and reliable legal firm can help you face any kind of legal hassles in the later stage of the application. Some Palm Beach County Florida probate attorneys also provide free consultation, but others might charge you an up-front fee. Most cases can be handled for a flat fee, which is set by law. Use your gut instincts to evaluate the lawyers on your list. You want to choose the best probate lawyer who you think will work in your best interest.

What is the Rule of Law?

The concept of the Rule of Law stems from a lot of different continents and traditions. It is intertwined with the history of law around the world. In 1760 B.C, the King of Babylon promulgated the Code of Hammurabi. It is one of the first citations of the law’s codification. It was presented to the public, and applied to each act of the ruler.

In the Middle East, there was a tradition of Islamic Law. It was considered supreme and prime. Throughout the Asian continent, there are principles of holding Government authority to place and account the wishes of the general population. These principles are present amid the philosophical and moral traditions.

When it comes to Anglo-American culture, most valid documents emphasized the significance of the judiciary independence. People believed in the importance of the judicial process. In Europe, the Rule of Law focused on the basic condition and nature of the State. It focused on the standard role of constitutionalism.

In recent years, there have been many attempts to formalize the basic meaning of the Rule of Law. In the modern times, the conception of the Rule of Law has quickly developed as a basic concept that is distinct from the Rule of Man. This involves a system of governance, which is based on non-arbitrary rules. The Rule of Law does not focus on the whim and power of an absolute ruler.

The underlying concept of the Rule of Law is connected to the Principle of Justice. It involves the perfect fairness and accountability in the vindication and protection of rights. It also focuses on the punishments and prevention of injustice. Even before the United Nations, many countries, were already working toward the Rule of Justice in the global context. There was a view to establish a global community on the basis of law.

What is the Rule of Law?

The Rule of Law is a simple concept. It upholds the justice system around the world, and make sure people have a good shot at justice. According to the World Justice Project, the Rule of Law is a system that upholds the following 4 principles:

  • The Government, agents, officials, individuals and private entities are accountable under the Rule of Law.
  • The laws are publicized, clear, just and stable. They need to be applied evenly, and protect everyone’s fundamental rights, including the security of property and people.
  • The process through which the laws are administered, enforced and enacted should be fair, efficient and accessible.
  • Justice should be delivered timely by ethical, independent and competent representatives. The neutral representatives should have adequate resources to pass a verdict.

Besides these 4 principles, the Rule of Law is also associated with other basic principles. These principles explain the objectives of the United Stations when it decided to formulate the Rule of Law under the World Justice Project.

Constraints on Government Powers

We live in a society that is governed by the Rule of Law. Therefore, the Government, its agents and officials are held accountable and subject to under the Rule of Law. Modern societies have clearly developed a lot of systems to keep checks on Government powers.

Absence of Corruption

The absence of corruption is defined as the use of public position and power for private gain. Corruption can lead to some serious consequences. Thus, the Rule of Law aims to minimize corrupt practices.

Open Government

Open Government is extremely important to the Rule of Law. It focuses on access, engagement, collaboration and participation between the citizens and the Government. It plays a very important role in upholding justice.

Fundamental Rights

According to the Rule of Law, Governments need to guarantee fundamental rights. The law should not fail to respect basic human rights established as per the International Law. This ensures justice.

Order and Security

Security and safety are the defining concepts of any law in the modern society. Protecting human security strengthens the fundamental function of the Government. Order and security are related to both humans and property.

Besides these, there are also many other concepts related to the Rule of Law. In simple terms, the Rule of Law makes sure people are able to live in harmony. The Rule of Law governs various practices associated with justice, law and order.