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Posted by / 23-Nov-2017 03:39

What are some common reasons for filing a Chapter 7 Bankruptcy? Generally, most assets held by the average debtor are considered to be exempt. When and how are creditors paid by the Panel Trustee? Upon filing of the bankruptcy petition, the debtor turns over all non-exempt property to the court-appointed bankruptcy trustee, who then converts the property to cash to make a distribution to creditors.In addition, the term "liquidation" is sometimes used when a company wants to divest itself of some of its assets.This is used, for instance, when a retail establishment wants to close stores.

When a shareholder realizes a gain from disposing of a PFIC share, the entire gain is taxed as excess distribution. But the way we calculate gain follows the normal rules: Gain equals amount realized minus adjusted basis. Thus, if a distribution is taxed as a sale of a PFIC, then the return of basis is not taxable. Thus, a portion of the amount realized equal to the adjusted basis (the return of basis) is not gain and is not included in income. Why are Panel Trustees necessary for the Bankruptcy System? Chapter 7 bankruptcy is a liquidation legal proceeding.The debtor is required to attend a Section 341 hearing which is commonly called the first meeting of the creditors. Creditors of the debtor are allowed the opportunity to ask questions of the debtor regarding the statements and schedules filed by the debtor with the Court.When a company has more liabilities than assets, equity is negative and no liquidating distribution is made at all.This is usually the case in bankruptcy liquidations.

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