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May 11 (Reuters) - U.S. fashion designing house Betsey Johnson LLC, which filed for Chapter 11 bankruptcy protection last month, has commenced a going-out-of-business sale at its stores and outlets. Gordon Brothers Group and Hilco Merchant ...

When you file a bankruptcy case, the automatic stay goes into effect. When you file a Chapter 13 bankruptcy, the “co-debtor stay” also goes into effect. The automatic stay prohibits creditors from pursuing collection efforts against you during your ...

The Bankruptcy Code requires individuals to pass the “means test” before they can file a Chapter 7 case. The test was established by the 2005 amendments to the Bankruptcy Code and it is used to determine if a debtor is eligible to file a Chapter 7 case.

Bankruptcy allows a debtor to discharge or eliminate the majority ... At a minimum, the tax debt will not be discharged and you will remain liable to pay it. Furthermore, in Chapter 7 filing a debtor is not allowed to eliminate debts incurred to pay ...

MP3tunes had filed for bankruptcy under Chapter 7 code, which envisages liquidation of a company's operation. In the court filing, the company had listed out assets of about $7,800 and liabilities of $2.1 million. The bankruptcy case is MP3tunes ...