Chamber members briefed on modifications to bankruptcy code - KUAM.com-KUAM News: On Air. Online. On Demand.

Chamber members briefed on modifications to bankruptcy code

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There are about a million bankruptcy filings each year nationwide, and the assistant U.S. Trustee in Honolulu spoke here Tuesday on the latest amendments to the bankruptcy code. Curtis Ching conducted a seminar for the Chamber of Commerce and the Women's Chamber of Commerce. 

He says there are a variety of reasons people declare bankruptcy, from huge medical bills, to maxing out credit cards that they can't pay.  "So it's a big amount of debt that businesses have to write off. From the debtors perspective it's a fresh start. We're also looking at a creditor perspective, and some sort of fair, organized, predictable, equitable distribution of assets, when there are assets," Ching explained.

In his presentation, Ching discussed important deadlines, debtor and trustee duties, creditor remedies, automatic stay violations, and discharge.

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