Bankruptcy

Bankruptcy in the United States is governed by the U.S. Bankruptcy Code.Different types of bankruptcy filings are governed by specificsections of the Bankruptcy Code. The types of bankruptcies are: (i)reorganization under Chapter 11 for corporations and individuals,(ii) liquidation under Chapter 7 for corporations and individuals,(iii) Chapter 13 for individuals, and (iv) Chapter 9 for municipalities. Another type of bankruptcy proceeding in the United States are proceedings under Chapter 15 of the Bankruptcy Code, whichallows foreign companies, with assets located in the United States,to seek an injunction of all proceedings that would take their assets from them.

Bankruptcy can be considered a special proceeding, with the creation of aspecial set of courts and judges handling these cases. Corporations,municipalities and individuals who seek protection under the Code aregiven so-called "fresh start" by reorganizing their businesses and finances and ranking their creditors by order of priority. The goal of the Code is to allow a debtor to emerge from bankruptcy with a better business structure, or, in the case ofindividuals, a plan for a better management of finances. Bankruptcy is not adversarial in nature, although adversary proceedings may arise from issues relating to bankruptcy.

Lenders, who are often big banks and financial institutions, are firstpriority in the rank of creditors in bankruptcy proceedings. There are also numerous "small" creditors who need a strong voiceto represent them in bankruptcy proceedings. These small creditorsusually include workers who lost their jobs as a result of a debtor'sfinancial difficulty or who are on the verge of losing their jobswhen a debtor decides to halt their operations. The recent decline inoil prices resulted to the bankruptcy filings of numerous oil and gas companies, resulting to the retrenchment of hundreds of workers. Workers file claims for unpaid wages and benefits and retirees.Workers also seek compensation for damages arising from death orpersonal injury as a result of exposure to toxic minerals orchemicals used by bankrupt companies in the operation of their business. Moreover, small creditors include retirees, whose benefitsare often cut or terminated within the course of the bankruptcy proceeding as a cost-saving strategy for the ailing debtor. Retirees,old but have contributed significantly to the company, join the ranksof lenders to seek to have their benefits reinstated and continued.If not represented by a bankruptcy specialist, these small creditors may find their voices lost among the big corporate lenders.

Divorce,illness, student loan debt, and unpaid mortgages are some of thecommon reasons why individuals seek bankruptcy protection, either under Chapter 11 or Chapter 13. When the individual's bankruptcy proceeding is caused by divorce, the individual debtor needs expert representation by a bankruptcy attorney who is not just knowledgeableof the bankruptcy law but also of divorce law, child support andchild custody. In instances when an individual seeks bankruptcy proceeding as a result of staggering student loan debt or unpaid mortgage, the debtor's attorney also need to match the skills of attorneys representing the student loan provider or the mortgagee, which are often big companies equipped with a legal team ready to quash a creditor.

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Real Estate Law - Legal Information and Resources

Real Estate Law

Real estate law governs the legal issues arising from the ownership, purchase, transfer, rental, titling, development, zoning, and loans related to real property. "Real property," which is used interchangeably with "real estate" and "realty" refer to the land and structures, including other tangible aspects of the two, such as permanent fixtures in the land and structures. Real estate law is comprised of numerous, and often conflicting, rules and regulations enacted by states and other local governments. Real estate attorneys thus are versed in different aspects of the law and often concentrate on specific areas.

One of the common issues arising from real estate law would be the sale and purchase of real property. It is customary for sellers to engage the services of real estate brokers to seek out buyers for their property. Typically, the seller and the real estate broker enter into a listing agreement under which the broker agrees to list the property so that buyers may find it. In exchange, the seller agrees to pay the agent a commission, which is based on the proceeds from the sale of the property. The brokering business is governed by law and are subject to certain requirements, including licenses to operate, the requirements of which vary from state to state. As part of their required professional conduct, real estate brokers, under the Federal Fair Housing Act, are prohibited from discriminating against prospective buyers based on race, color sex, among others.

The sale of real property is governed by another set of laws, which, again, vary from state to state. Because the seller and the buyer come to a meeting of the minds in the purchase of the property, the sale of property is generally governed by contract law. Under contract law, a sale agreement is required to be put into writing for documentary evidence in case there is fraud in either of the parties.

Of the requirements in the sale of real property is that the property must have an appropriate title and the title to such property must be marketable. This means that the title must be clean in that there are liens attached to the property. It is in this stage of the sale process that buyers often require the help of real estate attorneys to look into whether the title of the property is marketable. Following an attorney's assurance that the title is marketable, a deed of the land must be executed. Some states require that deeds must be placed on official record so that the whole world will be notified that there has been change of ownership. The deed requires a detailed description of the land, in terms of metes and bounds, which description must be filled up by land surveyors. To finance the purchase of a real property, the prospective purchaser often obtains a mortgage because the cost of purchasing the property may be too steep and the prospective buyer might not have on hand the cash required to make such a purchase. Mortgage is governed by another set of laws.

Areas of Law