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Call: 888-297-6203 A creditor who received payment on the eve of bankruptcy may be required to return the funds. Payments made within 90 days of the bankruptcy filing may be recouped by a bankruptcy trustee (or a debtor in possession). The creditor must have received more from the payment than comparable creditors in a similar situation would get through the bankruptcy proceedings. The statute's objective is to limit the benefits that a creditor could obtain through legal action or aggressive collection efforts. The intention is to deter collecting efforts that may push the debtor into bankruptcy. This is [...]

Call: 888-297-6203 Someone who you owe money to recently filed for bankruptcy. You want to know what to do next and how to do it. There is now a federal court order prohibiting you from pursuing your claim anywhere other than bankruptcy court. If you wilfully break that order, you will be responsible for paying the debtor, not the other way around. Let's go over some of the most typical inquiries a creditor has regarding the bankruptcy of a debtor. Who is the trustee in bankruptcy? The notification of the first meeting of creditors for a Chapter 7 [...]

Call: 888-297-6203 Bankruptcy and family law appear to go hand in hand. When spouses separate, the family income is insufficient to support two households and their obligations. Or perhaps paying off debts is a better option than arguing about who should pay what. Alternately, the cost of the divorce results in the requirement for bankruptcy relief. Different laws apply to certain debts. Each of these family law issues is handled differently by bankruptcy. When the BAPCPA prohibited any obligation to a spouse, former spouse, or child of the debtor accrued during a divorce or separation case from being [...]

Call: 888-297-6203 All too frequently, creditors in bankruptcy quit after receiving a notice of filing. They believe they have no legal recourse or other options for pursuing their claim against the debtor. No, not at all. According to the priority of their claim, creditors in bankruptcy are eligible to: Participate in any distribution from the bankruptcy estate. In the priority system, the majority of unsecured, non-wage claims are low on the list and may get little to nothing. Having your case reviewed by the court in regards to the debtor's plan (in chapters 11, 12, and 13), the [...]

Call: 888-297-6203 The bankruptcy filing is essentially when your new financial life begins. The moment you file, your creditors can no longer pursue you, and you have a whole day to mull things over and start again. But the court decision that releases you from personal liability for your dischargeable debts serves as the symbolic cap to your new financial life. The discharge order, which follows the filing of your Chapter 7 petition or the conclusion of your Chapter 13 plan, is the final piece of the puzzle that signals to everyone that you have put your debts [...]

Call: 888-297-6203 According to statistics, after four years, 50% of all small enterprises fail. When conducting business with other small companies, it's important to consider both your own survival and the survival of your clients. Make every effort to reduce your exposure to your customer's credit issues. Beginning: Think about the effects a client's failure to pay might have on your firm with each customer to whom you give credit. It doesn't take many nonpaying clients to cause you problems. Get detailed details on the customer when they establish an account: Names of trade creditors; the entire legal [...]

Call: 888-297-6203 Whenever a company reaches its breaking point, insolvency beckons. If declaring bankruptcy is the best option for the company, it can either be done by the company as a whole or by the owner of the company. Here are some typical queries regarding the operation of a business bankruptcy. In the event that I declare bankruptcy, what happens to my corporation? The filing by a shareholder has no impact on the corporation because it is a separate legal entity from its shareholders. Shares of the corporation owned by the insolvent shareholder are a property of his [...]