KCC is not in the business of providing professional or legal advice with respect to this website service and this website service should not be relied on as a substitute for financial, legal or other professional advice.
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.
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We assist Wisconsin and out-of-state business clients who need legal guidance in the practice areas of business law, business and civil litigation, real estate, landlord/tenant issues, copyright and trademarks, and bankruptcy.
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KCC does not undertake any obligation to update, modify, revise or reorganize the information provided herein, or to notify you or any third party should the information be updated, modified, revised or reorganized.
In no event shall KCC be liable to you or any third party for any direct, indirect, incidental, consequential or special damages (including, but not limited to, damages arising from the disallowance of a potential claim against a client of KCC or damages to business reputation, lost business or lost profits), whether foreseeable or unforeseeable and however caused, even if KCC is advised of the possibility of such damages.
The debtor may not have been granted a Chapter 7 discharge within the previous 6 years.
The debtor must not have had a previous bankruptcy dismissed for cause within the last 180 days.
Partnership profits and losses shall be charged or credited to the separate income account of each partner. Neither partner shall receive any salary for services rendered to the partnership. No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business. All withdrawals are to be made upon checks signed by either partner. The books shall be kept on a fiscal year basis, commencing _____________________ and ending _____________________, and shall be closed and balanced at the end of each fiscal year. The assets of the partnership business shall be used and distributed in the following order: (a) to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations; (b) to equalize the income accounts of the partners; (c) to discharge the balance of the income accounts of the partners; (d) to equalize the capital accounts of the partners; and (e) to discharge the balance of the capital accounts of the partners. If the surviving partner elects to purchase the decedent's interest, he shall serve notice in writing of such election, within three months after the death of the decedent, upon the executor or administrator of the decedent, or, if at the time of such election no legal representative has been appointed, upon any one of the known legal heirs of the decedent at the last-known address of such heir.