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65-571: Jim Wells may refer to: People [ edit ] James B. Wells Jr. (1850–1923), South Texas judge and political boss Jim Wells (baseball) (born 1955), American collegiate baseball coach Jim Wells (politician) (born 1957), Northern Irish politician Jim L. Wells , radio producer Jim Wells (speedway rider) , motorcycle speedway rider Places [ edit ] Jim Wells County, Texas See also [ edit ] James Wells (disambiguation) [REDACTED] Topics referred to by

130-437: A privateer , settling on St. Joseph Island after the end of the conflict to raise cattle and operate a merchant ship. As a boy, James Wells Jr. lived in comparative isolation on St. Joseph Island, where he received most of his education directly from his mother. As he grew older, he began working at the family's ranch and eventually managed the operation. In 1873, Wells moved to Galveston , where he began to study law under

195-562: A Statement of Affairs document, also known as a Bankruptcy Form, with AFSA, which includes important information about their assets and liabilities. A bankruptcy cannot be discharged until this document has been lodged. Ordinarily, a bankruptcy lasts three years from the filing of the Statement of Affairs with AFSA. A Bankruptcy Trustee (in most cases, the Official Trustee at AFSA) is appointed to deal with all matters regarding

260-500: A bankrupt may be able to raise enough funds to make an Offer of Composition to creditors, which would have the effect of paying the creditors some of the money they are owed. If the creditors accept the offer, the bankruptcy can be annulled after the funds are received. After the bankruptcy is annulled or the bankrupt has been automatically discharged, the bankrupt's credit report status is shown as "discharged bankrupt" for some years. The maximum number of years this information can be held

325-515: A bankruptcy law ( ley concurs ) in 2003 which provides for debt settlement plans that can result in a reduction of the debt (maximally half of the amount) or an extension of the payment period of maximally five years (Gerhardt, 2009), but it does not foresee debt discharge. In the US, it is very difficult to discharge federal or federally guaranteed student loan debt by filing bankruptcy. Unlike most other debts, those student loans may be discharged only if

390-519: A consequence, most Athenian slaves were foreigners (Greek or otherwise). The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency . Bankruptcy is also documented in East Asia . According to al-Maqrizi , the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times. A failure of

455-439: A debtor attempts to later assert ownership of such an "unscheduled asset" after being discharged of all debt in the bankruptcy. The trustee may then seize the asset and liquidate it for the benefit of the (formerly discharged) creditors. Whether or not a concealment of such an asset should also be considered for prosecution as fraud or perjury would then be at the discretion of the judge or U.S. Trustee. In some countries, such as

520-410: A debtor making monthly payments for a maximum of five years, with the funds distributed to their creditors. Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors accept the deal—because if they do not, the next alternative may be personal bankruptcy, in which the creditors get even less money. The creditors have 45 days to accept or reject

585-613: A debtor with debts to a maximum of $ 250,000 (not including the mortgage on their principal residence). If debts are greater than $ 250,000, the proposal must be filed under Division 1 of Part III of the Bankruptcy and Insolvency Act . An Administrator is required in the Consumer Proposal, and a Trustee in the Division I Proposal (these are virtually the same although the terms are not interchangeable). A Proposal Administrator

650-455: A fair and orderly manner by all licensed Trustees in Canada. Trustees in bankruptcy, 1041 individuals licensed to administer insolvencies, bankruptcy and proposal estates are governed by the Bankruptcy and Insolvency Act of Canada. Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due and if they have at least $ 1,000 in debt. In 2011,

715-427: A nation to meet bond repayments has been seen on many occasions. In a similar way, Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. According to Kenneth S. Rogoff, "Although the development of international capital markets was quite limited prior to 1800, we nevertheless catalog the various defaults of France , Portugal , Prussia , Spain , and the early Italian city-states. At

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780-402: A period of five years; debt slaves had protection of life and limb, which regular slaves did not have. However, servants of the debtor could be retained beyond that deadline by the creditor and were often forced to serve their new lord for a lifetime, usually under significantly harsher conditions. An exception to this rule was Athens , which by the laws of Solon forbade enslavement for debt; as

845-537: A permanent Ranger presence in Brownsville. Wells and his associates turned a blind eye to the abuses of that force, which, together with local vigilante groups, conducted what one historian has called a "reign of terror" which killed at least 200 Mexicans during the bandit raids associated with the revolutionary crisis of 1915. Wells remained the dominant figure in Cameron County politics and controlled

910-465: A person bankrupt by compulsory procedure. Basically, these obligations are derived from the legal acts of the court, transactions, the obligation of the debtor to pay taxes, duties, and other fees defined by law. At the same time, when being declared bankrupt with a voluntary bankruptcy application, the applicant bears the obligation to prove the fact that the value of his assets is less than his assets by one million AMD or more. In Australia, bankruptcy

975-433: A reduction of 8.6% over 2010. Some of the duties of the trustee in bankruptcy are to: Creditors become involved by attending creditors' meetings. The trustee calls the first meeting of creditors for the following purposes: In Canada, a person can file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors. A typical proposal would involve

1040-730: Is a white-collar crime most typically involving concealment of assets by a debtor to avoid liquidation in bankruptcy proceedings. It may include filing of false information, multiple filings in different jurisdictions, bribery, and other acts. While difficult to generalize across jurisdictions, common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements. Falsifications on bankruptcy forms often constitute perjury . Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law. In

1105-400: Is a court procedure required by the debtor which has been in business for more than two years and requires approval by a judge. The Extrajudicial Restructuring ( Recuperação Extrajudicial ) is a private negotiation that involves creditors and debtors and, as with court-ordered restructuring, also must be approved by courts. Bankruptcy, also referred to as insolvency in Canada, is governed by

1170-464: Is a payment period of three years; however, the court reserves the right to increase or decrease the period depending upon the circumstances of the case. If the debtor has no proven financial ability to pay the creditors, he may be granted an immediate discharge. Since 1996, Israeli personal bankruptcy law has shifted to a relatively debtor-friendly regime, not unlike the American model. In May 2016,

1235-561: Is a status which applies to individuals and is governed by the federal Bankruptcy Act 1966 . Companies do not go bankrupt but rather go into liquidation or administration , which is governed by the federal Corporations Act 2001 . If a person commits an act of bankruptcy, then a creditor can apply to the Federal Circuit Court or the Federal Court for a sequestration order . Acts of bankruptcy are defined in

1300-559: Is above a certain threshold. If the bankrupt fails to pay, the trustee can ask the Official Receiver to issue a notice to garnishee the bankrupt's wages. If that is not possible, the Trustee may seek to extend the bankruptcy for a further three or five years. Bankruptcies can be annulled, and the bankrupt released from bankruptcy, prior to the expiration of the normal three-year period if all debts are paid out in full. Sometimes

1365-515: Is almost always a licensed trustee in bankruptcy, although the Superintendent of Bankruptcy may appoint other people to serve as administrators. In 2006, there were 98,450 personal insolvency filings in Canada: 79,218 bankruptcies and 19,232 consumer proposals. In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as

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1430-571: Is conditioned by a partial payment obligation and by a number of requirements concerning the debtor's behavior. In the United States (US), discharge is conditioned to a lesser extent. The spectrum is broad in the EU, with the UK coming closest to the US system (Reifner et al., 2003; Gerhardt, 2009; Frade, 2010). The Other Member States do not provide the option of a debt discharge. Spain, for example, passed

1495-551: Is different from Wikidata All article disambiguation pages All disambiguation pages James B. Wells Jr. Wells was born July 12, 1850, on St. Joseph Island in Texas , a barrier island on the state's Gulf Coast . He was the son of Lydia Hastings and James B. Wells Sr., both of whom hailed from New England sailing families. The elder James Wells participated in the Texas Revolution of 1835-36 as

1560-486: Is imposed by a court order , often initiated by the debtor . Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency . The word bankruptcy is derived from Italian banca rotta , literally meaning ' broken bank ' . The term is often described as having originated in Renaissance Italy , where there allegedly existed

1625-557: Is subject to the retention limits under the Privacy Act. How long such information is on a credit report may be shorter, depending on the issuing company, but the report must cease to record that information based on the criteria in the Privacy Act. In Brazil , the Bankruptcy Law (11.101/05) governs court-ordered or out-of-court receivership and bankruptcy and only applies to public companies (publicly traded companies) with

1690-459: Is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debt load and a more positive financial future. While not technically a form of bankruptcy, businesses with $ 5M or more in debt may make use of the Companies' Creditors Arrangement Act to halt all debt recovery efforts against

1755-400: Is to liquidate company assets and pay its creditors. The second one is Court-ordered Restructuring ( Recuperação Judicial ). The goal is to overcome the business crisis situation of the debtor in order to allow the continuation of the producer, the employment of workers and the interests of creditors, leading, thus, to preserving company, its corporate function and develop economic activity. It

1820-571: The Bankruptcy and Insolvency Act and is applicable to businesses and individuals. For example, Target Canada , the Canadian subsidiary of the Target Corporation , the second-largest discount retailer in the United States filed for bankruptcy on January 15, 2015, and closed all of its stores by April 12. The office of the Superintendent of Bankruptcy , a federal agency , is responsible for ensuring that bankruptcies are administered in

1885-804: The Parliament of India passed the Insolvency and Bankruptcy Code (IBC), updating outdated corporate insolvency laws. The IBC streamlined the process, reducing delays from a decade to 180 days, and replaced the Board for Industrial and Financial Reconstruction (BIFR) with a market-driven approach. Dutch bankruptcy law is governed by the Dutch Bankruptcy Code ( Faillissementswet ). The code covers three separate legal proceedings. Federal Law No. 127-FZ "On Insolvency (Bankruptcy)" dated 26 October 2002 (as amended) (the "Bankruptcy Act"), replacing

1950-700: The United Kingdom , bankruptcy is limited to individuals; other forms of insolvency proceedings (such as liquidation and administration ) are applied to companies. In the United States , bankruptcy is applied more broadly to formal insolvency proceedings. In some countries, such as in Finland, bankruptcy is limited only to companies and individuals who are insolvent are condemned to de facto indentured servitude or minimum social benefits until their debts are paid in full, with accrued interest except when

2015-412: The patrón - peón relationship. That provided a durable electoral base for Wells and his political allies and enabled them to advance their political agenda of entrenching land ownership rights, maintaining low property taxes , and garnering the intervention of Texas Rangers and federal troops to suppress cattle rustling and civil unrest . He was also a strong supporter of railroad construction in

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2080-543: The 1890s. Wells held consistently conservative views, including support of the gold standard , and was a political opponent of reform Democratic Governor "Big Jim" Hogg , father of the Texas Railroad Commission . Wells' recommendations controlled the appointments of Rangers serving in South Texas and his efforts at organizing South Texas legislators for the purpose were important in maintaining

2145-549: The Enforcement and Collection Authority. Insolvency proceedings above NIS 150,000 individual debtors file the documents will be conducted before the official receiver (the Insolvency Commissioner) and, if a creditor want to file against a debtor, he needs to open process, before the magistrate's court that hears in the district. Company bankruptcy will be conducted before District Court. Simultaneously, with

2210-518: The Superintendent of Bankruptcy reported that trustees in Canada filed 127,774 insolvent estates. Consumer estates were the vast majority, with 122 999 estates. The consumer portion of the 2011 volume is divided into 77,993 bankruptcies and 45,006 consumer proposals. This represented a reduction of 8.9% from 2010. Commercial estates filed by Canadian trustees in 2011 4,775 estates, 3,643 bankruptcies and 1,132 Division 1 proposals. This represents

2275-486: The Trustee's request to provide details of income, the trustee may have grounds to lodge an Objection to Discharge, which has the effect of extending the bankruptcy for a further three or five years depending on the type of Objection. The realisation of funds usually comes from two main sources: the bankrupt's assets and the bankrupt's wages. There are certain assets that are protected, referred to as protected assets . These include household furniture and appliances, tools of

2340-443: The U.S., bankruptcy fraud statutes are particularly focused on the mental state of particular actions. Bankruptcy fraud is a federal crime in the United States. Bankruptcy fraud should be distinguished from strategic bankruptcy , which is not a criminal act since it creates a real (not a fake) bankruptcy state. However, it may still work against the filer. All assets must be disclosed in bankruptcy schedules whether or not

2405-494: The administration of the bankrupt estate. The Trustee's job includes notifying creditors of the estate and dealing with creditor inquiries; ensuring that the bankrupt complies with their obligations under the Bankruptcy Act; investigating the bankrupt's financial affairs; realising funds to which the estate is entitled under the Bankruptcy Act and distributing dividends to creditors if sufficient funds become available. For

2470-528: The attention of Democratic Party political boss Stephen Powers. Powers would take Wells under his wing in 1878 after the death of Powers' junior partner in a duel . Wells proved to be a very successful local attorney by winning 20 victories in 21 cases during one session of the Cameron County District Court. Wells came to be regarded as Powers' protégé and even married Powers' niece, Pauline Kleiber, on November 4, 1880. Together,

2535-492: The attention that it brought were what mattered to the Brownsville lawyer. In economic terms,... numerous other South Texas entrepreneurs overshadowed James B. Wels. Even as a highly esteemed lawyer, he served as the agent of more successful men. Only as a political leader did Wells stand on an equal footing with the powerful figures of the Trans-Nueces region.... Political power had made him an important man, and he relished

2600-423: The better part of four decades. By 1890 approximately 97% of the land in Cameron County was controlled by a group of 90 ranchers, who each owned between 1,000 and more than 300,000 acres of tillable soil and rangeland. Each of them controlled the political opinions and votes of a substantial number of their employees, predominately Mexican-Americans , who retained the traditional deferential political attitudes of

2665-497: The business. For private households, it is important to assess the underlying problems and to minimize the risk of financial distress to recur. It has been stressed that debt advice, a supervised rehabilitation period, financial education and social help to find sources of income and to improve the management of household expenditures must be equally provided during this period of rehabilitation (Refiner et al. , 2003; Gerhardt, 2009; Frade, 2010). In most EU member States, debt discharge

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2730-458: The company while they formulate a plan to restructure. The People's Republic of China legalized bankruptcy in 1986, and a revised law that was more expansive and complete was enacted in 2007. Bankruptcy in Ireland applies only to natural persons . Other insolvency processes including liquidation and examinership are used to deal with corporate insolvency. Irish bankruptcy law has been

2795-614: The consumer proposal. Once the proposal is accepted by both the creditors and the Court, the debtor makes the payments to the Proposal Administrator each month (or as otherwise stipulated in their proposal), and the general creditors are prevented from taking any further legal or collection action. If the proposal is rejected, the debtor is returned to his prior insolvent state and may have no alternative but to declare personal bankruptcy. A consumer proposal can only be made by

2860-485: The couple had a daughter and three sons, with the oldest boy dying in a shooting accident in 1899. In addition to his practice of law, Wells was active as a ranch owner, land speculator, and investor in oil exploration and life insurance. He was unable to amass a fortune, however, and was driven to speculative investments, which sometimes failed magnificently and brought him to the brink of bankruptcy on three separate occasions. Although commonly known as "Judge," Wells

2925-452: The court by the creditor or with an application to recognize his own bankruptcy. Legal and natural persons, including individual entrepreneurs, who have an indisputable payment obligation exceeding 60 days and amounting to more than one million AMD can be declared bankrupt. All creditors, including the state and municipalities, to whom the person has an obligation that meets the above-mentioned minimum criteria can submit an application to declare

2990-581: The court decides to show rare clemency by accepting a debtors application for debt restructuring , in which case an individual may have the amount of remaining debt reduced or be released from the debt. In Argentina the national Act "24.522 de Concursos y Quiebras" regulates the Bankruptcy and the Reorganization of the individuals and companies, public entities are not included. A person may be declared bankrupt with an application submitted to

3055-401: The debtor believes the asset has a net value . This is because once a bankruptcy petition is filed, it is for the creditors, not the debtor, to decide whether a particular asset has value. The future ramifications of omitting assets from schedules can be quite serious for the offending debtor. In the United States, a closed bankruptcy may be reopened by motion of a creditor or the U.S. trustee if

3120-563: The demonstration of that power in campaigns and factional battles." Jim Wells County was named in Wells' honor. Wells' papers are housed at the Dolph Briscoe Center for American History, University of Texas at Austin. Bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy

3185-499: The duration of their bankruptcy, all bankrupts have certain restrictions placed upon them. For example, a bankrupt must obtain the permission of their trustee to travel overseas. Failure to do so may result in the bankrupt being stopped at the airport by the Australian Federal Police. Additionally, a bankrupt is required to provide their trustee with details of income and assets. If the bankrupt does not comply with

3250-415: The edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well." The principal focus of modern insolvency legislation and business debt restructuring practices no longer rests on the elimination of insolvent entities, but on the remodeling of the financial and organizational structure of debtors experiencing financial distress so as to permit the rehabilitation and continuation of

3315-440: The exception of financial institutions, credit cooperatives, consortia, supplementary scheme entities, companies administering health care plans, equity companies and a few other legal entities. It does not apply to state-run companies. Current law covers three legal proceedings. The first one is bankruptcy itself ("Falência"). Bankruptcy is a court-ordered liquidation procedure for an insolvent business. The final goal of bankruptcy

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3380-600: The federal government in Washington, D.C. That took the form of the Blue Club of Cameron County, which gathered together the powerful ranchers of the region to organize voting for unified Democratic tickets. When Powers died in 1882, leadership of the Cameron County Democratic organization fell to Wells, who would remain at the helm of the soon-to-be-dominant political party's patronage machine for

3445-563: The government agenda and government patronage through the coming of World War I . He would remain as chairman of the Cameron County Democratic Party until 1920. Wells died on December 21, 1923, in Brownsville, Texas . In the estimation of historian Evan Anders, despite modest corruption in Cameron County, financial gain was only a secondary motive behind Wells' public life: "Political power itself and

3510-491: The issue of the order for the commencement of insolvency proceedings, the Insolvency Commissioner shall appoint a trustee for the debtor and an audit will be carried out, in which the debtor's economic capability and his conduct will be examined (lasting approximately 12 months). At the end of this audit a payment plan is established, at the end of which the debtor will receive a discharge. The default scenario

3575-529: The legislation, and include the failure to comply with a bankruptcy notice. A bankruptcy notice can be issued where, among other cases, a person fails to pay a judgment debt of at least $ 5,000. A person can also seek to have themselves declared bankrupt for any amount of debt by lodging a debtor's petition with the "Official Receiver", which is the Australian Financial Security Authority (AFSA). All bankrupts must lodge

3640-523: The person seeking discharge establishes specific grounds for discharge under the Brunner test, under which the court evaluates three factors: Even if a debtor proves all three elements, a court may permit only a partial discharge of the student loan. Student loan borrowers may benefit from restructuring their payments through a Chapter 13 bankruptcy repayment plan, but few qualify for discharge of part or all of their student loan debt. Bankruptcy fraud

3705-403: The previous law in 1998, to better address the above problems and a broader failure of the action. Russian insolvency law is intended for a wide range of borrowers: individuals and companies of all sizes, with the exception of state-owned enterprises, government agencies, political parties and religious organizations. There are also special rules for insurance companies, professional participants of

3770-509: The region, including a bold 1889 project to connect Corpus Christi and Brownsville with the nations of Central America by rail. From 1895 conservative Democrats firmly dominated Texas politics and Wells forged close ties with the political establishment in Austin as well as local political machines in neighboring counties. This included particularly his cohort Archie Parr of Duval County , with whom he consulted in patronage decisions from

3835-403: The same term This disambiguation page lists articles about people with the same name. If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Jim_Wells&oldid=1122763057 " Category : Human name disambiguation pages Hidden categories: Short description

3900-487: The securities market, agricultural organizations and other special laws for financial institutions and companies in the natural monopolies in the energy industry. Federal Law No. 40-FZ "On Insolvency (Bankruptcy)" dated 25 February 1999 (as amended) (the "Insolvency Law of Credit Institutions") contains special provisions in relation to the opening of insolvency proceedings in relation to the credit company. Insolvency Provisions Act, credit organizations used in conjunction with

3965-512: The subject of significant comment, from both government sources and the media, as being in need of reform. Part 7 of the Civil Law (Miscellaneous Provisions) Act 2011 has started this process and the government has committed to further reform. Bankruptcy in Israel is governed by the Insolvency and Rehabilitation Law, 2018. Insolvency proceedings below NIS 150,000 will be administered entirely by

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4030-442: The trade and vehicles up to a certain value. All other assets of value can be sold. If a house, including the main residence, or car is above a certain value, a third party can buy the interest from the estate in order for the bankrupt to utilise the asset. If this is not done, the interest vests in the estate and the trustee is able to take possession of the asset and sell it. The bankrupt must pay income contributions if their income

4095-408: The tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted. In Ancient Greece , bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " debt slavery " until the creditor recouped losses through their physical labour . Many city-states in ancient Greece limited debt slavery to

4160-587: The tutelage of a prominent attorney in that city. He enrolled in the University of Virginia School of Law in 1874 and received his degree the following year. After his graduation from the University of Virginia Law School, Wells returned to his native Texas to open up a legal practice in the Gulf Coast city of Rockport, Texas . He soon moved his practice to Corpus Christi , however, where he gained

4225-489: Was the holder of public office only briefly, as elected City Attorney of Brownsville in the early 1880s and as a gubernatorial appointee in 1897 to finish the term of an elected state district judge, who had been forced to resign. Powers was instrumental in building up an organized Democratic power base in Cameron County, which was dominated during the Reconstruction Era by Republican political appointees of

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