Bankruptcy

How does IMF help poor countries? The IMF provides broad support to low-income countries (LICs) through surveillance and capacity-building activities, as well as concessional financial support to help them achieve, maintain, or restore a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth. Why does…

If you would like to file a Chapter 7 bankruptcy you must pass the Illinois means test. The test only applies to higher income filers which means that if your income is below the Illinois median for your household size you are exempt from the test and may file a…

Preferred credits may be considered to be a special type of unsecured creditor. Examples of preferred creditors include: Company employees. Though they may not directly own company assets, employees with unpaid wages receive preferential treatment. Who comes under secured creditors? A secured creditor may be the holder of a real…

Statute of Limitations for Foreclosure on a Deed of Trust A statute of limitations establishes the time frame within which a legal claim can be brought, including foreclosure actions. The duration of the statute of limitations for foreclosure on a deed of trust varies depending on the jurisdiction. Duration In…

A mechanics lien is a legal claim or “hold” placed against a property by an unpaid contractor, subcontractor, laborer, or material supplier (Investopedia, n.d.). It serves as a guarantee of payment for those involved in a construction project, ensuring that they are paid before other creditors in the event of…

Your hardship letter will explain the hardship that has occurred that caused you to fall behind on your mortgage.…Try to keep it simple. State the reason for the hardship in the opening paragraph. … Explain how the hardship has ended, changed or is longer term. What should I write in…

Means negligence in itself. What is negligence per se Texas? Negligence per se occurs when a person is negligent while breaking a law designed to protect public safety. So, if a person runs a stop sign, collides with another car, and causes injuries to the occupants of the other car,…

A summons is issued to the defendant, but for one reason or another the defendant is not properly served within 60 days of the date of issuance of the summons. Remember that under Rule 4, if the summons is not served within 60 days, it becomes dormant. How long do…

Assumption of risk is a common law doctrine that refers to a plaintiff’s inability to recover for the tortious actions of a negligent party in scenarios where the plaintiff voluntarily accepted the risk of those actions. What is an example of risk assumption? Assumption of Risk is Fact Specific For…

The Indian Reorganization Act improved the political, economic, and social conditions of American Indians in a number of ways: privatization was terminated; some of the land taken was returned and new land could be purchased with federal funds; a policy of tribal self-government was implemented; tribes were allowed to ……

A revocable trust is a legal document that places the grantor’s assets into a trust during his lifetime and then distributes them to his heirs or beneficiaries after his death. The grantor can change or cancel the trust while he is still alive. What’s the definition of a revocable trust?…

Meaning of “Lift the Veil” “Lift the veil” is an idiomatic expression that means to reveal, disclose, or make known something that was previously hidden or secret. The phrase is often used metaphorically to describe the act of uncovering the truth or shedding light on a mysterious or unknown aspect…

Definition and Timing Key Facts Definition: A motion for judgment as a matter of law (JMOL) is a request made by a party during a trial, asserting that the opposing party lacks sufficient evidence to support their case. Timing: The motion for judgment as a matter of law is typically…

The Federal Deposit Insurance Corporation (FDIC) was established in 1933 as a response to the numerous bank failures that occurred during the Great Depression. The FDIC’s primary objective was to prevent bank failures and protect depositors’ funds. Key Facts Establishment: The FDIC was established under the Banking Act of 1933,…

Historical Context The Great Depression of the 1930s had a devastating impact on the American banking system, leading to widespread bank failures and loss of public confidence. In response to this crisis, the federal government enacted the Banking Act of 1933, which established the Federal Deposit Insurance Corporation (FDIC). Key…

In Florida, earnest money is a deposit that demonstrates a buyer’s commitment to purchasing a property. It must be deposited in an approved depository, ensuring the safekeeping of funds until the transaction’s completion. Key Facts Approved Depositories: Banks: Major banks such as Bank of America, Wells Fargo, and Chase are…

Debt Relief for Developing Countries: A Comprehensive Overview Introduction Debt relief has emerged as a critical strategy in the fight against poverty and the promotion of sustainable development in developing countries. The World Bank, in collaboration with the International Monetary Fund (IMF) and the international community, has been at the…

A small estate affidavit is a legal document used to transfer the assets of a deceased person’s estate to their heirs without going through the formal probate process. This can be a faster and less expensive option than probate, but it is only available in certain circumstances. Key Facts Processing…

Levitz Furniture: A Historical Overview Levitz Furniture, a prominent American furniture retailer, played a significant role in shaping the furniture industry. Founded in 1910, the company pioneered the “furniture warehouse” concept, offering moderately priced brand-name furniture in a warehouse-style setting. Financial Struggles and Bankruptcy Despite its initial success, Levitz Furniture…

Determining Citizenship Diversity In the United States, diversity jurisdiction is a form of federal court jurisdiction that permits lawsuits involving parties from different states to be heard in federal court. Establishing diversity jurisdiction requires meeting specific criteria, including diversity of citizenship and an amount in controversy exceeding a certain threshold.…