Chapter 7 Bankruptcy

Call: 888-297-6203 You will probably file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy if you're an individual looking for debt relief through bankruptcy. Most unsecured obligations, including credit card and medical expenses, are dischargeable in Chapter 7 bankruptcy. In contrast, Chapter 13 bankruptcy enables a debtor to restructure their obligations through a court-approved repayment plan that typically lasts between three and five years. Unsecured debts that have not been fully repaid at the end of a Chapter 13 plan are dismissed. There are many variables that might affect whether you apply for Chapter 7 or Chapter [...]

Call: 888-297-6203 One of the worries of folks who are considering bankruptcy is that they may never be able to obtain credit again. The lenders and debt settlement firms that are attempting to demonise bankruptcy are the ones who are feeding this anxiety. Let us all keep this in mind: declaring bankruptcy won't stop you from obtaining credit in the future. One might anticipate credit to be harder to get, more costly, and of a lower quantity immediately following a file. But one can get it. Although the information about your bankruptcy filing remains on your credit record [...]

Call: 888-297-6203 The bankruptcy discharge clears the slate. A debt is rendered permanently unenforceable by a court decision known as a bankruptcy discharge. A discharged debt no longer has any effect on the debtor personally. Discharge is final. Actually, the bankruptcy discharge imposes restrictions on some activities taken by creditors. It has an impact on obligations incurred prior to filing for bankruptcy. The automatic stay that is put into effect when a bankruptcy case is filed is replaced by the discharge injunction. The discharge injunction stops the creditor from starting or continuing any legal action against the debtor [...]

Call: 888-297-6203 The fundamentals of bankruptcy are straightforward: bankruptcy is the legal system's solution for debts that the debtor is unable to repay. It trumps any conflicting state laws since it is federal law. That illustrates how the Constitution's Supremacy Clause operates. It is the same from state to state, with the exception of exclusions. However, because various courts interpret the same law to the circumstances before them, it differs in practise, just like everything man-made. In the United States, bankruptcy aims to help both debtors and creditors by ensuring that debtors receive relief from unmanageable obligations and [...]

Call: 888-297-6203 Are you considering petitioning for chapter 7 bankruptcy, but, stressed over what will happen to your business? Will your means of living be secured? here's what you want to be aware of: Sole Proprietor When you are a sole proprietor, your business and you will be treated as one. You can release the relevant debt (individual and business) through a Chapter 7 Bankruptcy in your name. the bankruptcy exemptions enable protection for your personal and business assets. the amount will depend on the state you reside in because it varies from state to state. so, it [...]

Call: 888-297-6203 A good query! When does it make sense for a company to file for bankruptcy, given that a corporation doesn't receive a discharge under Chapter 7? Why not just shut the doors, liquidate the assets, and let the state declare the corporation to be dissolved? Positive aspects of corporate bankruptcy Under our opinion, a corporation should only file a Chapter 7 petition in the following two circumstances: When an asset that may be used to pay obligations for which the shareholders or executives are personally accountable, such as trust fund taxes, is about to be encumbered [...]

Call: 888-297-6203 An individual must acquire a credit "briefing" from a company authorised in the district where they intend to pursue bankruptcy before they may file. The briefing lists bankruptcy options and chances for credit counselling that may be available. The credit briefing is just a game; the counsellor doesn't have to agree with your bankruptcy filing. A bankruptcy case will be dismissed, nonetheless, if the briefing is not obtained or if extremely specific exceptions to the necessity to get it are met. The briefing may be accessed online or over the phone, and low-income filers can opt [...]

Call: 888-297-6203 There are many myths and falsehoods about bankruptcy. And the elephant, dragon, and peacock in the image are no more genuine than the information. Friends may be misinformed or accurately recollect obsolete bankruptcy information. Half facts, misinformation, and propaganda abound on the internet. Here are some misconceptions regarding bankruptcy. Every single one of them is incorrect. Myth: There is no longer bankruptcy relief accessible. Almost all of the bankruptcy relief that was available before the legislation changed in 2005 is still preserved in the current bankruptcy statute. It is a little more complicated and pricey than [...]

Call: 888-297-6203 If you cannot pay your debt, there are other ways to repay those debts without filing for bankruptcy. Let’s look into some ways you can go rather than file for bankruptcy. collection proof. If everything you own now or will receive in the near future is covered by exemptions, then your creditor can take nothing from you. In legal terms, you are judgement proof. Usually, the elderly are judgement proof as social security is protected from all creditors and personal property generally has little value and is exempted from claims of creditors. Two questions arise — [...]

Call: 888-297-6203 When it becomes clear that your start-up firm has to wind down, what can you or should you do? Shutting down an insolvent firm offers a difficult task for the entrepreneur since you must respect the legal rights of creditors while minimising the harm to the founders and workers. First, some fundamental ideas: An bankrupt corporation's board of directors has a duty of allegiance to the creditors, not the owners. Prior to the claims of the company's stock holders, creditors are paid. Some creditors can lawfully be paid by management, but not others. It relies on [...]