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ATTORNEY [ licensed to practice in KOREA, U.S.A., ILLINOIS ] LEE, JAE WOOK
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Start →Appendix 1: Bankruptcy/InsolvencyComparison of Old and New Law Old Law New Law Deadline to Reorganize 120 days to file a reorganization plan with indefinite extensions. Debtors 120 day period to file a reorganization plan. Can not extend beyond 18 months. 10.4.3 Fraudulent Transfer One year prior to commencement of the case. Extended to two years. 4.3. Commercial Leases 60 days deadline upon filing for debtors to assume or reject their commercial leases, but Judge could extend the period. There was no limit on the number of extensions that may be granted. Deadline increased to 210 days after petition for debtor to assume or reject leases. Any further extension requires lessors consent. Key Employee Compensation to Stay Allowed generous key employee retention payments, and severance payments. Payments only allowed if person has a bona fide job offer at same or greater rate of compensation. Creditors ability to reclaim goods if not paid 20 days of receipt of goods. 45 days of filing for goods shipped to debtor. Within 20 days of filing requires the creditor to be paid in full before a Court approves a reorganization plan. Chapter 13 A debtor must repay a portion of debts for three years. If debtors income meets or exceeds the state medium income, repayment plans run for five years and debtor must pay off more of their auto loans. 9.5.3 Homestead Exemption States allow debtor to protect some or all of his or her home equity from creditors. Restricts the debtors ability to claim more generous state exemptions based upon length of residency. If homestead obtained by fraudulent conversion of non-exempt assets within 10 years of filing, exemption is reduced by the amount of such conversion. Also caps applicable state exemptions at $136,875 if: 1) the home was acquired less than 1,215 days before filing, or 2) the debtor has engaged in any of the criminal activities specified in 522(q). Credit Counseling No provision. Debtor must meet with a credit counselor in the six months prior to applying for bankruptcy. ← End |
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Copyright 1997-2024
TAX & LAW (ݰ )
site ϴ ƴϸ, ̰ "" Ƿ(¶ ƴ϶ å Ⱓ Ƿ) Ǹ մϴ. , Ƿʿ Ȥö ִٸ, װ ƴϸ, Ͽ ̰ų ̶ Ͻñ ٶϴ. ұϰ ̸ ̶ ϽŴٸ, ϴ Ʈ ƴ϶ Ͽ (å Ⱓ Ƿ) Ƿ Ͻʽÿ. 繫ǿ Ͻ κ ƴմϴ. |
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