Why Should A Corporation Deal With Bankruptcy?

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 [...]


You May Not Need To File For Bankruptcy If You Do It In The Correct Way

Call: 888-297-6203 Not everyone who finds themselves in a situation where they are unable to pay their expenses should file for bankruptcy. You have nothing that a creditor may take from you if everything you have or anticipate getting is covered by exemptions. The elderly might frequently make no mistakes. Nearly all debtors are prohibited from collecting Social Security. Personal property often has low value and is shielded from creditors' claims. There are two issues to consider: Is it anticipated that the current financial situation will last for a reasonable amount of time. Decisions last a very long [...]


Things To Be Taken Care Of Before Filling Of Bankruptcy

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 [...]


Let’s Learn About The Unique Twists And Turns In California’s Bankruptcy

Call: 888-297-6203 In California, bankruptcy is handled differently; I probably don't need to explain why. The degree to which bankruptcy in California, a process governed by federal law, differs from that in other states could surprise you. Three factors give bankruptcy in California its distinctive colour: Anti-deficiency laws are included in state legislation regarding foreclosure. Community property exclusions Foreclosure The state of California allows non-judicial foreclosures. This indicates that no legal process must be completed before a foreclosure sale may take place. This situation does not allow for the frequently cited "show me the note" foreclosure defense. There [...]


How Can One Take Care Of The Future Flow Agreements And Debt Sales After Bankruptcy?

Call: 888-297-6203 If you believe that when you declare bankruptcy, the bank suffers a complete loss, you are mistaken. In reality, the moment your bankruptcy case enters the courtroom, the banks instantly profit. Consumer lenders and credit card companies often sell customers' credit card accounts to debt buyers. This isn't a surprise, or it shouldn't be a surprise. At the point of charge-off, when the creditor transfers the amount owed for accounting purposes from one column to another, the debt is frequently sold. Most individuals, however, are unaware that some of these obligations aren't sold until after you [...]


What Steps Do You Need To Follow For Saving Yourself From Unnecessary Pressure Of The Creditors?

Call: 888-297-6203 When creditors are encroaching, you consider safeguarding whatever you could lose to them. As a result, those who are having financial difficulties frequently think about changing the title to their home or their automobile.  They consider donating property to friends or relatives. In comparison to losing the asset to a creditor, that looks like a preferable conclusion. The only issue is that, legally, it is ineffective. Recipients of bogus transfers are sued It has been illegal for debtors to sell their possessions to thwart their creditors for at least 400 years. Alternative phrases for the notion [...]


What Do I Keep When I File For Bankruptcy? – Bankruptcy Exemptions

Call: 888-297-6203 Exemptions From Property Protection in Bankruptcy In a bankruptcy, no one loses all they own. You'll probably be able to maintain part of the equity in your home, furniture, cheap automobile, and retirement account. The specifics, meanwhile, differ across states. There are regulations governing exemptions in every state, but some of them let you select between state and federal bankruptcy exemptions. Additionally, California is exceptional in that a debtor may select between two different sets of state exemptions. If there are many exemption schemes available, you will pick the one that best safeguards your property. The [...]


All You Need To Know About Chapter 13 Bankruptcy!!

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 [...]


All That You Need To Know About The Priorities Claims And Taxes Of Bankruptcy

Call: 888-297-6203 Once you file for bankruptcy, you are appointed with a trustee who helps you in paying off your debts. However, the debts that are paid off to your creditors are based on the priority. So what exactly do you mean by Priority Claims or priority tax? Well, when a trustee pays off the creditors, they need to follow an order based on the priority of the money due. This means, the debts which are of higher priority are paid first and then the ones with lower priority are paid post that. So, debts like unsecured claims [...]


Bankruptcy Meeting of Creditors Is Important. Let’s Know More How

Call: 888-297-6203 Attending court Any debtor who files for bankruptcy must appear in person once, regardless of the chapter they choose. At the initial creditors' meeting, that appearance is made. Since the judge isn't there, it isn't truly "court"; rather, it is a conference with the trustee and any creditors who wish to attend. It's most likely not even in a courtroom, but rather in a meeting room. The majority of consumer lawsuits have no creditors at all. the initial creditors' meeting Each case's creditors' conference is scheduled by the court, typically 30 days following the filing. After [...]

Load More Posts