Property Insurance. One type of policy that for most people that is actually mandatory to have is homeowners insurance when you have a mortgage. If you borrow money from the bank to purchase a home they will require the asset to be insured. For many people,â this insurance premium is built into the mortgage payment.
Adversary Proceedings in Bankruptcy. An adversary proceeding in bankruptcy is a separate lawsuit filed within the bankruptcy case. Like most lawsuits, it starts when someone (the creditor, the bankruptcy trustee, or you) files a complaint. Many bankruptcies go through to completion and discharge without any adversary proceedings. But not so in others.
Liquidation bankruptcy, also referred to as âordinaryâ, âstraight,â or âChapter 7â bankruptcy, is the most common form of bankruptcy for individuals. Liquidation bankruptcy, also referred to as âordinaryâ, âstraight,â or âChapter 7â bankruptcy, is the most common form of bankruptcy for individuals. âLiquidityâ is a term often used in accounting to refer to how quickly assets (property that a person owns) can be turned into cash.