Remember, although your personal bankruptcy won’t directly affect your corporation, it can affect you in other ways. For instance, your shares go to the bankruptcy trustee, which may restrict your voting and transferring privileges.
Under a Chapter 13 bankruptcy, the debtor proposes a reorganization plan that uses available discretionary income to pay off creditors. Debtors who can't qualify under the income guidelines for a Chapter 7 bankruptcy must file under Chapter 13.
Why would a debtor want a Chapter 13 bankruptcy when a Chapter 7 filing is much faster? Federal bankruptcy laws require a debtor with sufficient discretionary income to pay as much as possible to creditors.
One of the main benefits of hiring a bankruptcy attorney is that he or she has experience in studying bankruptcy law and its changes over the years. An attorney can also help you make a case based on how trustees and judges typically handle similar issues.
If you’re about to file for bankruptcy, that doesn’t mean you can go out and max out all of your credit cards quickly and expect that debt to go away. Courts will look into your spending records during the proceedings.
Are you concerned that filing for bankruptcy will mean losing your family’s home? Remember, there are ways to safeguard your home during bankruptcy proceedings, so let’s build your game plan now.
Chapter 13 can be used to stop the foreclosure of property. Filing for bankruptcy legally stops all actions by creditors. We can include past-due mortgage payments and fees in the payment plan so that you don't lose your home.
Most states have statutes commonly called homestead laws that help home owners protect their homes. While the specifics vary, in general, these laws prevent creditors from forcing you to sell your home to cover outstanding debt or repay loans.
After a chapter 7 filing, you are allowed to keep all property that is deemed exempt from the claims of creditors. Important factors in determining what is indeed exempt include the current value of your property and the equity your property holds.
Unfortunately, a failed business venture can sometimes leave your personal finances in shambles. If you’re still trying to work miracles to pay off the debts of a sole-proprietorship you were forced to close, bankruptcy could be an appropriate option.
Interestingly, the country of Spain has a history of bankruptcy. In fact, during medieval times, King Philip II of Spain had no choice but to declare bankruptcy four different times: in 1557, 1560, 1575, and the last in 1596.
Are your utilities at risk of being turned off? Filing for bankruptcy can get your utilities restored.
Did you know that bankruptcy cases in the U.S. are monitored by federal law and heard in the federal district court? However, any exemptions that are allowed to the debtor are usually controlled by state law rather than federal.
There is a lot of false information floating around about bankruptcy, much of it generated by lending agencies and banks since it is in their interests to discourage people from filing for bankruptcy. Only a qualified bankruptcy attorney can be counted on to tell you exactly what your rights are and what you can do.
Chapter 11 bankruptcy is a better option for businesses that may have a future. Your business has a chance to reorganize under a court-appointed trustee and continue. A reorganization plan is filed with the courts and creditors vote on it. If approved, businesses will have a chance to repay debts, sometimes in as many as 20 years.
Do you need to file for bankruptcy? Contacting a bankruptcy lawyer can help you determine whether Chapter 7 or Chapter 13 is most appropriate for your situation and explain what each type of bankruptcy involves.
Filing for bankruptcy doesn’t necessarily mean you will lose your home and car. Talk to us about ways you can try to hang on to both.
Although you may have a decent idea of which type of federal bankruptcy protection you want to file for, it’s always a good idea to talk it out with an experienced attorney. This can help you ensure that you don’t end up making a costly mistake that you won’t be able to undo.
A bankruptcy trustee has the authority to undo contracts or agreements that appear to be an attempt to hide or spend assets before a bankruptcy filing. For example, paying a debt to your parents before a bankruptcy filing could be reversed.
When was the last time you assessed all of your debts? In order to keep yourself financially stable, you should know how much money you owe.
Many people aren’t aware that they are able to choose how their debts will be handled when they file for personal bankruptcy. This allows the debtor to create a payment plan that’s ideal for them and can control how the bankruptcy will play out.
If you have a friend or loved one who agreed to be a co-signor for a debt, you may want to file for Chapter 13 bankruptcy to include that debt in a payoff plan. If you file under Chapter 7, your co-signor could be forced to pay off the entire debt.
Chapter 7 plans make sense for debtors with mostly unsecured debt. That's debt not tied to a house or car. Credit cards and some loans are examples of unsecured debt, which can be completely erased in a Chapter 7 bankruptcy.
If you earn more than the median income for residents in your state, you may not be able to qualify for a Chapter 7 bankruptcy. There is, however, a way for even high-income debtors to qualify under Chapter 7.
We recognize that filing bankruptcy is usually a choice of last resort for Americans struggling to keep up with their debt payments to creditors. When you’re ready to learn more about how bankruptcy could help you get your head back above water, we’re always here for you.
Did you know that a chapter 7 bankruptcy releases you as the debtor from personal liability for certain specified types of debt? This prevents the creditor from taking collection action against you. Talk to a bankruptcy lawyer to see if this is the right step for you.
If you are facing foreclosure, filing for bankruptcy can stop the process and help you keep your home. However, there are deadlines and a specific time frame that must be adhered to so that you do not jeopardize your residence. Talk with a qualified bankruptcy attorney for proper guidance.
Filing bankruptcy can make life easier. How so? It can wipe out some creditor claims entirely and in many instances bankruptcy can stop creditors from garnishing your wages or freezing your bank accounts.
Do you worry that filing for bankruptcy won’t solve anything because you’ll likely run up your credit cards again as soon as you’re able? Depending on the type of bankruptcy you file, you may not be allowed to have new credit accounts for the length of the bankruptcy period.
As with most court procedures, there are deadlines to meet, and failing to meet them can bring a negative result for you. Make sure you sign and submit all papers before the deadlines so you are not penalized.
You may have heard that personal bankruptcy is an opportunity for debtors to get a fresh start. However, that thinking wasn't present in Colonial America, when debtors were treated harshly and commonly put in prison.
Due to revisions in the federal bankruptcy law in 2005, a debtor's income can determine whether a Chapter 7 filing is even possible. The creation of a maximum annual salary to qualify for Chapter 7 was designed to promote more Chapter 13 filings.
