Bankruptcy

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 [...]

Call: 888-297-6203 It might be difficult to decide whether to give up when business isn't doing well. Let's examine some crucial details that can restrict the net advantages a company might experience after bankruptcy. What percentage of the company's debt is secured? What a reorganisation may do for the company depends on how the debt is split between secured and unsecured. Unless they are inescapable and recently finalised, liens are typically impossible to avoid in bankruptcy. Therefore, bankruptcy may restrict the changes that can be made to the business debt or operation if a lender or vendor to [...]

Call: 888-297-6203 Getting a debt discharge is the aim of a bankruptcy procedure. A discharged debt is no longer recoverable from the debtor personally. Individual accountability Even if such assets weren't pledged as security and the obligation was unsecured, a creditor with a judgement might utilise legal procedures like levy and garnishment to have access to your non-exempt assets and earnings when you are personally liable for a debt. A discharged debt is no longer personally liable to the debtor following bankruptcy. Enduring prohibition A court order against certain activities involving debts that existed before the bankruptcy was [...]

Call: 888-297-6203 Despite bankruptcy, you can still drive. Even if you declare bankruptcy, your wheels will still turn. Whether you owe money on the car, whether its worth exceeds the debt, and whether you have any vehicle-related exemptions will determine what you must do in order to keep the car. Will the trustee drive the vehicle? The bankruptcy trustee won't seize the car if there is no equity in it after deducting any car loans and exemptions from the car's present sale value. A debtor can often purchase any unprotected equity from the Chapter 7 trustee if it exists [...]