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Chapter 7 Bankruptcy Overview

Call: 888-297-6203 Chapter 7 bankruptcy is usually preferred by people who cannot pay back the debts they owe. However, there are certain restrictions regarding who can file for this chapter of bankruptcy. Individuals whose gross income is lower than the state's median income can qualify for this bankruptcy chapter. There are other ways also for individuals to qualify for this chapter. Suppose your income is high, but paying monthly debts leaves you with an amount that cannot be used to repay the creditors through the Chapter 13 plan. Then you might qualify for Chapter 7. If you have [...]

2023-04-14T08:32:50+00:00
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Chapter 11 Bankruptcy Plan Of Reorganization Explained

Call: 888-297-6203 Debtors looking forward to reorganizing their debts while keeping their assets can opt for chapter 11 bankruptcy, say lawyers of Los Angeles based law firm. Through the reorganization plan, the debtor informs how the creditors will be paid within the stipulated timeframe. The plan needs to be accepted by creditors and approved by the court before being implemented. Chapter 11 bankruptcy This chapter is generally used by businesses or individuals with high net worth. When bankruptcy is filed under chapter 11, an automatic stay prevents all collection actions against you. You can continue to run your [...]

2023-03-30T13:29:55+00:00
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Know The Difference Between Personal And Corporate Bankruptcy

Call: 888-297-6203 Bankruptcy can be the perfect way to get rid of personal and business debt and emerge with a clean financial slate. However, lawyers of Dallas based law firm say that personal and business bankruptcy have different chapters and rules. Personal bankruptcy Personal bankruptcy can be filed under chapter 7 or chapter 13. While chapter 7 is for people who have little to no income and cannot afford to pay back their debts, chapter 13 is for people with regular income. Such individuals repay their debt through a payment plan. Generally, individuals filing for chapter 7 bankruptcy [...]

2023-04-14T08:34:02+00:00
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Does Filing For Personal Bankruptcy Result In Closing My Business Too?

Call: 888-297-6203 According to lawyers of Dallas based law firm, when an individual files for chapter 7 bankruptcy, they might have to close their business down. However, if it is an LLC or a corporation, despite being personally liable for significant amount of debt, you might be able to keep it running. Here is what happens in different types of businesses during a bankruptcy filing: Sole proprietorship In this case, the trustee might ask for the business to be closed till an assessment of its value, exemption status and sale price of business assets in your bankruptcy estate [...]

2023-06-27T07:51:43+00:00
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Circumstances In Which You Are Personally Liable For Corporate Debt

Call: 888-297-6203 There are situations in which the owner of a corporation or LLC might become personally liable for debts owed by the business. In that case, they need to file for personal bankruptcy rather than business bankruptcy advise lawyers of Dallas based bankruptcy law firm. Here are the situations which might lead to this situation: Signing personal guarantee An LLC is formed to restrict the owner’s personal liability for business related obligation. Usually, corporate shareholders and LLC members are not personally liable for business debts. However, most suppliers, banks, etc. do not extend credit without a personal [...]

2023-04-14T08:31:03+00:00
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Are Pensions Exempted In Bankruptcy?

Call: 888-297-6203 For people filing under chapter 7 bankruptcy, some amount of pension can be protected from bankruptcy trustee. This amount depends on which state you reside in as well as on your pension plan. Since all pension plans are different, some retirement plans are protected entirely, while others are partially exempted and some others are not exempted at all, say lawyers of Los Angeles based law firm. Completely exempted pension Irrespective of where you live, certain pensions are completely exempted under bankruptcy laws. Such pensions are not part of the bankruptcy estate and therefore you do not [...]

2023-04-11T10:25:41+00:00
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Filing For Bankruptcy Without Losing Your Car

Call: 888-297-6203 If you are filing for bankruptcy, there are factors which determine whether you can keep your vehicle or not. According to Dallas law firm lawyers, these factors include whether you are filing for a chapter 7 or 13 bankruptcy, whether you are current or behind car payments, and is the equity in the vehicle exempted or not. Keeping vehicle in Chapter 7 bankruptcy In chapter 7 bankruptcy, most debts are discharged in exchange of giving up your non-exempt property. The non-exempt property is liquidated by bankruptcy trustee and the money generated is paid to the unsecured [...]

2023-04-14T08:29:10+00:00
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Fate Of Real Estate Investment In Bankruptcy

Call: 888-297-6203 Personal bankruptcy can be filed under chapter 7 or chapter 13. The fate of investment property depends on which chapter you file under. In case of chapter 7, any property which is not protected by exemptions can be liquidated by the trustee and the proceeds distributed between unsecured creditors. In chapter 13, you can even keep your non-exempt property if you pay for it through the 3-5 years repayment plan. Dallas based law firm explains what happens to real estate investment in different chapters. Real estate in chapter 7 Any property that is protected through exemptions [...]

2023-04-14T08:26:25+00:00
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Can Bankruptcy Filing Cause Me To Lose My Checking Or Saving Account?

Call: 888-297-6203 One of the major concerns people have while filing for chapter 7 bankruptcy is whether they can keep their savings and other accounts or not. According to lawyers of Los Angeles based law firm, banks usually do not close the savings or checking account and the amount in those accounts is also protected (up to a certain limit) in most states. However, there are exceptions especially if the money comes from exempt sources like public benefits etc. In case you have a loan with the bank, they may freeze your accounts when you file for bankruptcy. [...]

2023-04-11T10:29:22+00:00
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Evaluating The Value Of Personal Property In Bankruptcy

Call: 888-297-6203 According to the lawyers of Los Angeles based law firm, while filing for bankruptcy you need to list all your personal property along with its current value. This is the price that anyone would pay for the property and depends on the condition and age of the property. Moreover, there can be questions from the trustee and creditors regarding the information provided.Thus, written documentation backing the evaluation supporting your claim of the property’s value is important. There are different methods to calculate the value of the property, here are some ways to calculate replacement value of [...]

2023-06-29T04:24:25+00:00
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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.