About Setoffs In Bankruptcy: Introduction to Jurisdiction and Venue in Annulment Proceedings Setoff is an equitable right of a creditor to deduct a debt it owes to the debtor from a claim it has against the debtor arising out of a separate transaction. For instance, if the debtor owes a prepetition debt to a particular creditor, and…
About Jurisdiction and Venue in Annulment Proceedings Introduction to Jurisdiction and Venue in Annulment Proceedings Annulment is a legal proceeding initiated to terminate an invalid marriage and to declare that no valid marriage ever took place because of a problem existing at the time of the wedding ceremony. The basic difference between a divorce and annulment is…
About First Meeting of Creditors Under the Bankruptcy Code, the United States Trustee must convene and preside at a meeting of creditors, which is often referred to as the Section 341 meeting. This must occur within a reasonable time after the order for relief in a case. However, the court may order the United States…
Case Closing About case closing and reopening: After an estate is fully administered and the court has discharged the trustee, the court shall close the case. The Rules of Bankruptcy Procedure provide the procedure for case closing. If in a Chapter 7, Chapter 12 or Chapter 13 case the trustee has filed a final report…
