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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 Filing for bankruptcy under chapter 13 is your best bet if you have a source of income to pay your debts in part payment. This chapter, helps you get a fresh start from your financial woes as well as protects all your assets and possessions from foreclosure. When you file for bankruptcy under chapter 7, an automatic stay is levied wherein no collection agencies can contact you for any form of payments. Moreover, as per the plan set by the court, you can make the payment of your dues in part over a period of 3-5 [...]