All debtors want to keep as much of their assets and income as they can when they file bankruptcy. Some assets do need to be given back to creditors or the trustee to pay for secured debts and for some unsecured debts. Debtors with too high an income are required to file a Chapter 13 […]
Every debtor who files for an individual bankruptcy has to attend a creditor’s meeting. This holds true for Chapter 7 and Chapter 13 bankruptcies. The creditor’s meeting will be scheduled the Bankruptcy Trustee after all the initial paperwork is filed. The main purposes of the meeting are to give the trustee and the creditors a […]
The U.S. real estate and economy stalls that started in 2008 have created many not-too-apparent casualties. Among these casualties are thousands of churches across the United States. In more extreme cases, these churches have been forced to consider bankruptcy relief. Can a church file for bankruptcy? The answer to this question is usually “yes.” There […]
Bankruptcy can be America’s best weapon in the rebuilding process. Looking on the bright side you realize there are many things in life you can do to prevent decisions from repeat results. Chapter 11 bankruptcy is the most common form of bankruptcy. When you file for bankruptcy you will find it not be an easy […]
You have been engulfed by a tsunami of debt and are quickly sinking under ever increasing bills and fast growing debts. You have been taking cash from your credit cards to pay the minimum payments and keep your home and the car. After paying all of your bills there is not enough money to live […]
A chapter 7 bankruptcy allows the debtor to discharge his/her debts and get a fresh start. While the process can often be humiliating, it is usually for good reasons that should not embarrass the debtors. People file for bankruptcy because they lose a job, they have high medical bills, their home is devalued because of […]
A “stalking horse” buyer in bankruptcy is business-entity buyer that has prearranged to purchase a company’s assets during a Chapter 7 or Chapter 11 bankruptcy filing. Essentially, the company in bankruptcy is attempting to leave nothing to chance: they have already made plans to sell their business or property to another business entity usually BEFORE […]
There are two main types of consumer bankruptcy – Chapter 7 and Chapter 13. Chapter 13 is mainly for people who want to save some of their assets such as a home or car. It is also required for people with an above-average income who meet the standards for being able to pay off some […]
If you are unable to meet your financial obligations due to unforeseen circumstances and you do not expect your financial situation to improve, bankruptcy may allow you the legal option to be discharged from your financial obligations. Many bankruptcies are caused by one-time occurrences, such as: job loss, unexpected excessive medical bills, and divorce. There […]
Donald Trump has filed for bankruptcy four times. None of those times were personal. Recently, Trump stated via Twitter and other sources that corporate bankruptcy is a good business strategy. Is this really true? Here’s a closer look at Trump’s Chapter 11 past, and why it worked. Atlantic City: a Good Lesson in Corporate Bankruptcy […]
