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How does Chapter 11 work?: Chapter 11 bankruptcy is one option for bankruptcy protection. Most often, you would file this as a business since most individuals file under Chapter 7 or 13. According to the U.S. Courts, Chapter 11 does have some similarities to Chapters 7 and 13. As with those chapters, you must complete the pre-filing credit counseling course. You can do this anytime within the 180 days prior to filing your case. In addition, you cannot file Chapter 11 if you have previously filed bankruptcy under any chapter within the previous 180 days or had a case dismissed within that time. In addition, Chapter 11 is a reorganization plan similar to Chapter 13. The process You will file a petition with the court that provides financial information to begin your Chapter 11 bankruptcy. With your petition, you will have to include documentation of your assets, liabilities, income, expenditures and other financial details. You will also have to pay the fees, which are $1167 to file and another administrative fee of $500. You also must file a plan for repaying your debts with the court. Your plan needs to cover specific details on how you will handle each type of debt. Your plan will usually be more complex if you are filing for a business than if you are filing as an individual. Debtor in possession When you file your case, you become a debtor in possession, which means that you will not have a trustee and will manage your own assets throughout the case. You maintain this status until the court accepts your repayment plan. It is rare to have trustees in cases filed under this chapter. https://bit.ly/3iQ1x90 THEGVLG.COM How does Chapter 11 work? | Green Valley Law Group

The 3 main types of Chapter 13 bankruptcy debts: Even the most successful people can risk falling into insolvency. This may happen after a bad, large investment or a family business goes under. Whatever the reason, reorganizing debts may help individuals hold on to the current assets they have while repaying the debt. Debtors may even have the opportunity to pay less than the full total. According to Credit Karma, Chapter 13 is the bankruptcy route that provides this option. Unlike the hard reset provided by Chapter 7 bankruptcy, it allows debtors to create a repayment plan. Chapter 13 bankruptcy does not treat all the debts with the same level of urgency. To determine how to treat each debt, the relevant court creates three categories and groups existing debts accordingly. Secured debts Debts supported by collateral may or may not require full repayment. Some examples of debts that fall into this category include a mortgage, RV loan or car loan. Whenever possible, consider selling some of these items to repay the loan. Unsecured debts Debts with no collateral tend to have much higher repayment fees, which help create payment problems. Courts prioritize these debts last of all. Common examples include medical bills, credit cards and personal loans. Priority debts As the name implies, these are debts that borrowers may have no choice but to repay. There are very few exceptions to this rule. Debts that fall into this category include federal taxes and child support. Forbes estimates that the full process generally takes three to five years. Some people's financial situations change and allow them to speed up the process. https://bit.ly/2Z7mlRP THEGVLG.COM The 3 main types of Chapter 13 bankruptcy debts | Green Valley Law Group

How does Chapter 7 work?: Before you file for Chapter 7, you need to understand the fine details about this type of bankruptcy. According to the United States Courts, people can file for Chapter 7 if they are private citizens. Business partners and business owners are also eligible for this kind of bankruptcy. What happens during Chapter 7? If you file for Chapter 7, the court will assign a trustee to your case. This trustee usually holds a meeting with all your creditors. You typically need to attend this meeting and answer questions about your property and your financial situation. Additionally, the trustee may ask to see your financial records to understand the full extent of your situation. After this, the trustee sells certain assets to pay your debts. What steps do you have to take? If you think that Chapter 7 is the right option for your situation, you can file a petition with a Nevada bankruptcy court. You usually have to provide the court with detailed information about your situation. This information includes: A list of your expenses and income. A list of your liabilities and assets. Your current contracts, such as equipment or real estate leases. A statement describing your financial situation. Additionally, you need to make sure your trustee has copies of your tax returns You need to attend credit counseling before you can officially begin the bankruptcy process. During these sessions, you discuss alternatives to bankruptcy to ensure Chapter 7 is the right solution. Once you complete this counseling, you receive a certificate. You usually need to provide a copy of this certificate to the court. Once you provide all the necessary documentation, the court officially begins the bankruptcy process. https://bit.ly/3j1998g THEGVLG.COM How does Chapter 7 work? | Green Valley Law Group

The prevalence of back child support: For custodial parents and non-custodial parents alike, back child support creates various problems. Financial hardships are often involved and non-custodial parents who fall behind face serious penalties, such as the loss of passport privileges, time behind bars and intercepted tax refunds. It is important for parents to understand how widespread child support delinquency is and take steps to resolve these problems before they spiral out of control. Custodial and non-custodial parents who owe child support do not need to feel alone. However, promptly reviewing one's legal options is vital. Child support payment statistics According to data that was published by the United States Census Bureau, 43 percent of custodial parents said that they received the full amount of child support that they were owed, based on information from 2015. This report also states that during 2015, 69 percent of custodial parents at least a portion of the child support that they were owed. Clearly, many parents do not receive all of the child support that they are supposed to receive and some receive none at all. Child support and legal options There are different ways for parents to handle problems related to child support. For example, custodial parents who are not receiving what they are owed can look into child support enforcement. On the other hand, some non-custodial parents are able to modify their child support order in order to reduce the payments and stay current. Those who fall behind often benefit from evaluating their financial circumstances and creating a payment plan. These issues are often very challenging, but parents need to remain positive. https://bit.ly/3iWDa9c THEGVLG.COM The prevalence of back child support | Green Valley Law Group

Child custody considered for Air Force duty assignments: As a military parent, you have faced many challenges when it comes to spending time with your family. Not only is your time at home impacted by your military duties, but it can also dictate where you live. Going through a military divorce has been very taxing on you, and like any parent in Nevada, you are focused on your children and how you will remain in their life despite the divorce. Air Force policy According to recent reports, a new policy for the Air Force was just enacted. Under this policy, child custody issues can now be a factor when member of the Air Force are making plans for future duty assignments. Regardless if the member is separated, divorced or never married, if they have children, assignment official will now be able to consider requests from members seeking assignments to be near their children. Parent eligibility An airman must be a named parent to be eligible for this. Whether that is a biological or adoptive parent, he or she must currently have a court-order child custody agreement to be eligible to apply for this program. While this program was developed to make these matches possible when such assignments are available, the Air Force insists that it must still meet the best needs of the branch. The main goal of this program is to keep families together, even if it just means keeping a parent closer to their children. Because divorce rates are already a concerning issue for military members, providing this program for Airmen can help keep parent-child relationships and family unity in tact. Furthermore, this program could help Airmen modify their current custody orders so they can be more involved in their child's life once they live closer to them. Going through a military divorce can be challenging, which is why it is important to consider how you can make this difficult time easier on you and your children. Navigating child custody matters during any type of divorce can be emotional. It is important to fully evaluate your situation and options so you can take appropriate action to resolve any family law matters you might have. https://bit.ly/3iJ34gz THEGVLG.COM Child custody considered for Air Force duty assignments | Green Valley Law Group

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