Chapter 13 of the United States Bankrupcty Code allows individuals with regular income to develop a plan to repay some or all of their debts. Debtors are required under this chapter to propose a repayment plan to make installment payments from the...
ACADEMIC TOPICS
Chapter 7 Bankruptcy
When a debtor becomes insolvent and the bankruptcy proceeding begins, the debtor will either liquidate its assets or reorganize its debts. The liquidation route is governed by Chapter 7 of the Bankruptcy Code.
In a liquidation, the assets of...
Chapter 9 Bankruptcy
Chapter 9 of the Bankruptcy Code provides a legal remedy for insolvent municipalities to "provide adequate municipal services" to residents. Specifically, the provisions permit municipalities to file for bankruptcy and address their...
Charging Lien
A type of attorney's lien under which a lawyer acquires an interest in a judgment awarded to the client. This may mean that the lawyer can eventually claim a portion of any money paid to the client due to the judgment. The lien arises because the...
Charitable Contribution
Charitable contributions are donations of money or other resources to a 501(c)(3) charitable organization such as environmental advocacy groups or food banks. The key characteristic of these contributions is that they can be deducted from an...
Charitable Lead Trust
A charitable trust in which the income from the trust is used for a charitable purpose, and the body of the trust property will later revert back to the original donor (or another person specified - typically their children or grandchildren).
...
Charitable Organization
A charitable organization is a nonprofit organization that seeks to advance some public benefit. Public benefit includes a broad range of areas such as education, poverty alleviation, scientific research, environment, diversity, religion, and...
Charitable Remainder Annuity Trust
A form of charitable remainder trust in which the trustee pays the income beneficiary a fixed amount each year.
Compare to Charitable Remainder Unitrust.
Charitable Remainder Trust
A irrevocable charitable trust in which the income from said trust goes to the donor (or a specified beneficiary), and the body of the trust property will later go to a charity. This is used for tax savings - the IRS will allow a deduction in the year...
Charitable Remainder Unitrust
A form of charitable remainder trust in which the annual payment to the income beneficiary is based on a percentage of the trust.
Compare to Charitable Remainder Annuity Trust