When looking to declare bankruptcy, the first thing to know is what it means. There are several types of bankruptcies, including chapter 7 and chapter 13. Both of these filings allow debtors to liquidate their nonexempt assets, which include family heirlooms, second homes, and cash. These assets must be sold or liquidated to pay off the debts. If you need help preparing for bankruptcy, you can contact a local attorney or credit counselor for guidance.
The Bankruptcy Committee of the AABA held a meeting on May 12, 2017, in conjunction with the Spring Meeting of the Business Law Section. Nick and Jim Rigano presented a CLE seminar, “How The Bankruptcy Code Can Help With the Sale of Environmentally Contaminated Property.” The program was well-received by members. The committee also met to discuss two CLE seminars: one on consumer bankruptcies and another on estate planning.
In both cases, the Bankruptcy Law Committee meets regularly. The Committee also hosts CLE seminars on topics related to bankruptcy. During the April 17 meeting, Nick and Jim Rigano delivered a CLE seminar on How the Federal Bankruptcy Code Can Help With a Consumer’s Homestead. The session was both informative and entertaining. In addition, the panel included Mike Riela, Jeff Bernstein, and Nicole Leonard from McElroy Deutsch Mulvaney & Carpenter LLP.