| Securities Investor Protection Act |
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| The Securities Investor Protection Act (SIPA) was designed to create a new form of liquidation proceeding. SIPA created the Securities Investor Protection Corporation (SIPC), a nonprofit, private membership corporation to which most registered brokers and dealers are required to belong. The SIPC fund constitutes an insurance program. The fund is designed to protect the customers of brokers or dealers subject to SIPA from loss in case of financial failure of the member. The fund is supported by assessments upon its members. More... |
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| Dischargeability of Debt |
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| Discharging a debt in bankruptcy means that the debt is eliminated or wiped out. However, not all types of debts can be discharged in a bankruptcy proceeding. More... |
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| Special Issues Involving Community Property in Bankruptcy |
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| In general, each spouse owns an undivided one-half interest in community property. All property owned by a spouse is presumed to be community property. A person having a community property interest in an asset may be able to transfer the entire asset or no interest in the asset at all, depending on his or her management rights under state law. If the community property asset can be unilaterally transferred to a third party, the transferor spouse receives the proceeds of the sale as community property, and the third party receives the asset unencumbered by any interest of the spouse of the transferor. The third party does not own the asset as community property with the transferor's spouse. Only spouses can own community property.More... |
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| Credit Card Debt |
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| What is Bankruptcy?More... |
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| Chapter 11 Debtors in Possession |
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| Upon the filing of a voluntary petition for relief under chapter 11 or, in an involuntary case, the entry of an order for such relief, the debtor automatically assumes an additional identity as the "debtor in possession." The term refers to a debtor that keeps possession and control of its assets while undergoing a reorganization under chapter 11, without the appointment of a case trustee. More... |
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