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34-475: On April 2, 2019, the league's football operations were reportedly suspended, and on April 4 the league allowed players to leave their contracts to sign with NFL teams. The league filed for Chapter 7 bankruptcy on April 17, 2019. The league left debts of over $ 1.4 million to three local hotels and $ 200,000 to a catering business. The Alliance San Antonio charter team of the Alliance of American Football spring league

68-485: A Chapter 13 bankruptcy, which stays on an individual's credit report for seven years from the date of filing the Chapter 13 petition. This may make credit less available or may make lending terms less favorable, although high debt can have the same effect. That must be balanced against the removal of actual debt from the filer's record by the bankruptcy, which tends to improve creditworthiness. Consumer credit and creditworthiness

102-482: A Chapter 7 bankruptcy case. However, BAPCPA limited the ability of debtors to avoid liens through bankruptcy. The definition of "household goods" was changed limiting "electronic equipment" to one radio, one television, one VCR, and one personal computer with related equipment. The definition now excludes works of art not created by the debtor or a relative of the debtor, jewelry worth more than $ 500 (except wedding rings), and motor vehicles (§522(f)(1)(B)). Prior to BAPCPA,

136-400: A Chapter 7 bankruptcy, the trustee is appointed almost immediately, with broad powers to examine the finances of the business in bankruptcy; generally, the trustee sells the assets and distributes the money to the creditors. The investors who took the least amount of risk prior to the bankruptcy are generally paid first. For example, secured creditors will have taken less risk, because

170-418: A Chapter 7 debtor does not complete the course, this constitutes grounds for denial of discharge pursuant to new §727(a)(11). The financial management program is experimental and the effectiveness of the program is to be studied for 18 months. Theoretically, if the educational courses prove to be ineffective, the requirement may disappear. BAPCPA attempted to eliminate the perceived "forum shopping" by changing

204-403: A court for any crimes committed by the debtor. Spousal support is likewise not covered by a bankruptcy filing, nor are property settlements through divorce. Despite their potential non-dischargeability, all debts must be listed on bankruptcy schedules. A Chapter 7 bankruptcy stays on an individual's credit report for ten years from the date of filing the Chapter 7 petition. This contrasts with

238-527: A debtor will no longer be eligible to file under either Chapter 7 or Chapter 13 unless within 180 days prior to filing, the debtor received an "individual or group briefing" from a nonprofit budget and credit counseling agency approved by the United States trustee or bankruptcy administrator. The new legislation also requires that all individual debtors in either Chapter 7 or Chapter 13 complete an "instructional course concerning personal financial management." If

272-470: A homestead can not be exempted. The only exception is if the value was transferred from another homestead within the same state or if the homestead is the principal residence of a family farmer (§522(p)). This "cap" would apply in situations where a debtor has purchased a new homestead in a different state, or where the debtor has increased the value to his or her homestead (presumably through a remodeling or addition). Some types of liens may be avoided through

306-420: A medical condition or being called or order to active military service. However, the assumption of abuse is only rebutted where the additional expenses or adjustments for loss of income are significant enough to change the outcome of the means test. Otherwise, abuse is still presumed despite the "special circumstances." Another major change to the law enacted by BAPCPA deals with eligibility. §109(h) provides that

340-438: A right that generally cannot be defeated by bankruptcy. They are therefore not entitled to participate in any distribution of liquidated assets that the bankruptcy trustee might make. In a Chapter 7 case, a corporation or partnership does not receive a bankruptcy discharge , whereas an individual may (see 11 U.S.C.   § 727(a)(1) ). Once all assets of the corporate or partnership debtor have been fully administered,

374-551: Is a complex subject, however. Future ability to obtain credit is dependent on multiple factors and difficult to predict. Another aspect to consider is whether the debtor can avoid a challenge by the United States Trustee to his or her Chapter 7 filing as abusive . One factor in considering whether the U.S. Trustee can prevail in a challenge to the debtor's Chapter 7 filing is whether the debtor can otherwise afford to repay some or all of his debts out of disposable income in

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408-481: Is below the state's median income are not subject to the means test. Under this test, any debtor with more than $ 182.50 in monthly disposable income, under the formula, would face a presumption of abuse. Notably, the Code-calculated income is based on the prior six months and may be higher or lower than the debtor's actual current income at the time of filing for bankruptcy. This has led some commentators to refer to

442-545: The Sinclair Broadcast Group to carry all Commanders' games that were not broadcast nationally. See also: List of museums in Central Texas Chapter 7, Title 11, United States Code Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13 , which govern

476-576: The United States Bankruptcy Code , is the source of bankruptcy law in the United States Code . Title 11 is subdivided into nine chapters. It used to include more chapters, but some of them have since been repealed in their entirety. The nine chapters are: United States Bankruptcy Code; 2019 Edition , Michigan Legal Publishing Ltd., 2019, ISBN   9781640020542 This United States federal legislation article

510-493: The Code, above the debtor's state census median income to a 60-month disposable income based test. This test is referred to as the " means test ". The means test provides for a finding of abuse if the debtor's disposable monthly income is higher than a specified floor amount or portion of their debts. If a presumption of abuse is found under the means test, it may only be rebutted in the case of "special circumstances." Debtors whose income

544-651: The Commanders' practice. "It ended in the blink of an eye. Like that," Riley said later. The next year, the XFL began discussions about relocating one of its eight teams to San Antonio; this would eventually bear fruit with the San Antonio Brahmas in 2023 . Running backs Wide receivers Tight ends Defensive linemen Defensive backs Special teams Rights list 51 Active, 6 Inactive The team's assigned area, which designated player rights, included

578-443: The U.S. Trustee has achieved a regulatory system that Congress and most creditor-friendly commenters have consistently espoused, i.e., a formal means test for Chapter 7. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has clarified this area of concern by making changes to the U.S. Bankruptcy Code that include, along with many other reforms, language imposing a means test for Chapter 7 cases. Creditworthiness and

612-492: The bankruptcy code's "current monthly income" as "presumed income". If the debtor's debt is not primarily consumer debt, then the means test is inapplicable. The inapplicability to non-consumer debt allows business debtors to "abuse" credit without repercussion unless the court finds "cause." "Special circumstances" does not confer judicial discretion; rather, it gives a debtor an opportunity to adjust income by documenting additional expenses or loss of income in situations caused by

646-411: The bankruptcy proceeding, but there are various types of debt that are not discharged in a Chapter 7. Common exceptions to discharge include child support , income taxes less than three years old, property taxes , student loans (unless the debtor prevails in a difficult-to-win adversary proceeding brought to determine the dischargeability of the student loan), and fines and restitution imposed by

680-471: The case is closed. The debts of the corporation or partnership theoretically continue to exist until applicable statutory periods of limitations expire. Individuals who reside, have a place of business, or own property in the United States may file for bankruptcy in a federal court under Chapter 7 ("straight bankruptcy", or liquidation). Chapter 7, as with other bankruptcy chapters, is not available to individuals who have had bankruptcy cases dismissed within

714-547: The city and the small swords carried by military officers, respectively. The final 52-man roster was set on January 30, 2019. The team's first game was a 15–6 win at home against the San Diego Fleet on Saturday, February 9, 2019. The Commanders, who drew an average of approximately 27,720 fans to each home game, were by far the best-attended team in the AAF. The league was suspended on April 2, 2019, with about 20 minutes left in

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748-405: The credit that they will have extended is usually backed by collateral , such as assets of the debtor company. Fully secured creditors —that is, creditors, such as collateralized bondholders and mortgage lenders, for whom the value of collateral equals or exceeds the amount of debt outstanding—have a legally enforceable right to the collateral securing their loans or to the equivalent value,

782-447: The debtor can choose the federal exemptions. BAPCPA also "capped" the amount of a homestead exemption that a debtor can claim in bankruptcy, despite state exemption statutes. Also, there is a "cap" placed upon the homestead exemption in situations where the debtor, within 1,215 days (about 3 years and 4 months) preceding the bankruptcy case, added value to a homestead. The provision provides that "any value in excess of $ 125,000" added to

816-543: The definition of household goods was broader so that more items could have been included, including more than one television, VCR, radio, etc. Ltd, Michigan Legal Publishing (15 December 2015). United States Bankruptcy Code; 2016 Edition . Michigan Legal Publishing Limited. ISBN   9781942842033 . Title 11 of the United States Code Title 11 of the United States Code , also known as

850-405: The first time in league history that single game attendance was above 30,000. at Alamodome , San Antonio, Texas In addition to league-wide television coverage through NFL Network , CBS Sports Network , TNT , and B/R Live , Commanders' games were also broadcast on local radio by KZDC , an ESPN Radio affiliate. The team also had a television agreement with local station KMYS of

884-416: The five year time frame provided by Chapter 13. If so, then the U.S. Trustee may succeed in preventing the debtor from receiving a discharge under Chapter 7, effectively forcing the debtor into Chapter 13. Some bankruptcy practitioners assert that the U.S. Trustee has become more aggressive in recent times in pursuing (what the U.S. Trustee believes to be) abusive Chapter 7 filings. Through these activities

918-998: The following: Colleges National Football League (NFL) Canadian Football League (CFL) San Antonio Commanders All times Central † Changed from original time and network. at Alamodome , San Antonio, Texas With the win, the Commanders started 1–0. at Alamodome , San Antonio, Texas First loss in Commanders history. San Antonio fell to 1-1. at SDCCU Stadium , San Diego California First time in Commanders history with consecutive losses. Commanders drop to 1-2. at Legion Field , Birmingham, Alabama First road win in Commanders history. Commanders improve to 2-2. at Sun Devil Stadium , Tempe, Arizona First time in Commanders history with consecutive wins. Commanders improve to 3-2. at Georgia State Stadium , Atlanta, Georgia Commanders improve to 4-2. at Alamodome , San Antonio, Texas Commanders improve to 5-2. Also, this game marks

952-441: The likelihood of receiving a Chapter 7 discharge are some of the issues to be considered in determining whether to file bankruptcy. The effect of bankruptcy on creditworthiness in many cases might not be significant, because by the time many debtors are ready to file for bankruptcy, their credit score is already extremely low. Also, new credit extended post-petition is not covered by the discharge, so creditors may offer new credit to

986-537: The newly-bankrupt. Official Federal bankruptcy forms are prescribed in the relevant Rules, and are a computer based equivalent option of paper forms. Software can also be used, which generates court-ready forms and is more simple for users. Bankruptcy petition preparers can aid in completing applications, as can a bankruptcy attorney. On October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) went into effect. This legislation

1020-457: The prior 180 days under specified circumstances. In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property . Most liens , however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold ( liquidated ) by the trustee to repay creditors. Many types of unsecured debt are legally discharged by

1054-414: The process of reorganization of a debtor , Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. When a financially troubled business is unable to pay creditors, the business may file (or be compelled by creditors to file) for bankruptcy in a federal court under Chapter 7, which means that the business ceases operations unless those operations are continued by the Chapter 7 trustee. In

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1088-411: The rules on claiming exemptions. Under BAPCPA, a debtor who has moved from one state to another within two years of filing (730 days) the bankruptcy case must use exemptions from the place of the debtor's domicile for the majority of the 180-day period preceding the two years (730 days) before the filing §522(b)(3). If the new residency requirement would render the debtor ineligible for any exemption, then

1122-404: Was announced on June 21, 2018. Also, the league announced former San Diego Chargers coach Mike Riley as head coach and former Dallas Cowboys fullback Daryl Johnston as General Manager of the team. The western four teams' names and logos were revealed on September 25 with San Antonio as the Commanders. The name is a tribute to San Antonio's military history, with maroon and silver representing

1156-423: Was the biggest reform to the bankruptcy laws since 1978. The legislation was enacted after years of lobbying efforts by banks and lending institutions and was intended to prevent abuses of the bankruptcy laws. The changes to Chapter 7 were extensive. The most noteworthy change brought by the 2005 BAPCPA amendments occurred within. The amendments effectively subject most debtors who have an income, as calculated by

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