Chapter 7 Bankruptcy

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 [...]

2022-10-07T07:40:28+00:00

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 [...]

2022-10-06T09:40:55+00:00

Bankruptcy: Myth or Truth?

Call: 888-297-6203 There are many myths and falsehoods about bankruptcy. And the elephant, dragon, and peacock in the image are no more genuine than the information. Friends may be misinformed or accurately recollect obsolete bankruptcy information. Half facts, misinformation, and propaganda abound on the internet. Here are some misconceptions regarding bankruptcy. Every single one of them is incorrect. Myth: There is no longer bankruptcy relief accessible. Almost all of the bankruptcy relief that was available before the legislation changed in 2005 is still preserved in the current bankruptcy statute. It is a little more complicated and pricey than [...]

2022-09-28T05:50:55+00:00

Bankruptcy Might Not Be The Solution For You!

Call: 888-297-6203 If you cannot pay your debt, there are other ways to repay those debts without filing for bankruptcy. Let’s look into some ways you can go rather than file for bankruptcy. collection proof. If everything you own now or will receive in the near future is covered by exemptions, then your creditor can take nothing from you. In legal terms, you are judgement proof. Usually, the elderly are judgement proof as social security is protected from all creditors and personal property generally has little value and is exempted from claims of creditors. Two questions arise — [...]

2022-09-28T05:42:05+00:00

When The Business Fails, What Are Your Options?

Call: 888-297-6203 When it becomes clear that your start-up firm has to wind down, what can you or should you do? Shutting down an insolvent firm offers a difficult task for the entrepreneur since you must respect the legal rights of creditors while minimising the harm to the founders and workers. First, some fundamental ideas: An bankrupt corporation's board of directors has a duty of allegiance to the creditors, not the owners. Prior to the claims of the company's stock holders, creditors are paid. Some creditors can lawfully be paid by management, but not others. It relies on [...]

2022-09-12T07:58:22+00:00

Tests For Financially Struggling Small Businesses

Call: 888-297-6203 The most difficult decision for a small business owner facing bankruptcy is whether or not the company has a future. You need to establish the following facts in order to go forward: What led to the issues the company is currently experiencing? Exist any chances for improvement? Can bankruptcy lead to change? Reorganization restrictions Reorganization cannot establish a market, boost gross sales, or correct a mismatch between the talents on hand and the ones needed to operate the firm. Reorganization could allow for the rejection of leases or contracts that are no longer advantageous (such as [...]

2022-09-12T07:50:30+00:00

Why Would A Corporation Be Bankrupt?

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 [...]

2022-09-12T07:44:35+00:00

Bankruptcy Meeting Of Creditors

Call: 888-297-6203 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 the part [...]

2022-08-24T04:21:49+00:00

What Are The Common Exceptions During Bankruptcy?

Call: 888-297-6203 Every person who files for bankruptcy is allowed to maintain the minimal assets thought to be required for the debtor's post-bankruptcy “new start.” The debtor's "exempt property" is that item. The schedules submitted to start the case list the debtor's property as exempt. They become legally binding 30 days after the creditors' meeting if no challenges are made to those claims. The bankruptcy estate no longer owns the exempt property. For the following reasons, the majority of Chapter 7 cases are no-asset cases, meaning that the debtors do not transfer any assets to the trustee. First, [...]

2022-08-24T03:55:02+00:00

Exemptions In Bankruptcy

Call: 888-297-6203 Every person who files for bankruptcy is allowed to maintain the minimal possessions thought to be required for the defendant's post-bankruptcy "new start." The schedules submitted to start the case list the debtor's property as exempt. They become legally binding 30 days after the creditors' meeting if no challenges are made to those claims. The bankruptcy estate no longer owns the exempt property. When everything is exempt For the following reasons, the majority of Chapter 7 cases are no-asset cases, meaning that the debtors do not transfer any assets to the trustee: First, the exclusion regimes [...]

2022-08-10T04:22:07+00:00
Load More Posts