Chapter 7 Bankruptcy

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 [...]

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 [...]

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 [...]

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, [...]

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 [...]

Call: 888-297-6203 If the debtor possesses assets under Chapter 7 that are not exempt, a court-appointed trustee may liquidate those assets and distribute the net profits to creditors in accordance with the Code's priority order. In return, the debtor is released from personal responsibility for the majority of the obligations. In nearly all personal bankruptcy cases, the trustee settles the case without selling any of the debtor's property. Who can file Chapter 7 The means test implemented with the bankruptcy code revisions of 2005 determines whether a person is eligible to seek Chapter 7 bankruptcy. If their obligations [...]

Call: 888-297-6203 The most frequent justification given for filing for bankruptcy is the financial difficulties brought on by unforeseen occurrences like job loss and health problems. According to the website of the credit scoring model FICO, "a bankruptcy will always be regarded an extremely unfavourable occurrence by your FICO Score." The basic conclusion is that as long as a bankruptcy filing is posted on your credit report, it will harm your credit rating for generations to follow. "Bankruptcies can harm your credit score and prevent you from obtaining more loans since creditors are hesitant of giving to someone [...]

Call: 888-297-6203 In the event of bankruptcy, you won't lose everything, and you'll be able to reconstruct your financial future later on. The hurdles you must pass through to qualify for this debt relief option might be confusing. Here are five bankruptcy facts to help you better grasp how the bankruptcy process works.   Fact 1: You won't lose everything You might believe that declaring bankruptcy entails forfeiting your home, vehicle, and any other assets you may possess. In actuality, you'll probably keep the majority of your stuff. No-asset cases, in which the debtor does not relinquish any [...]

Call: 888-297-6203 A price structure that takes the difficulties of your bankruptcy case into consideration is something to look for along with a specialized certification. Your bankruptcy lawyer will represent you and lead you through the occasionally perplexing procedure. Making the effort to speak with a few attorneys and being aware of what to look for will put you on the right track for a successful bankruptcy case. Look for experience, a reasonable price, and a communication style that seems comfortable to you when choosing an attorney to assist you in filing your Chapter 7 or Chapter 13 [...]

Call: 888-297-6203 With a three- to five-year repayment plan in place and the protection of a federal court, Chapter 13 bankruptcy enables you to restructure massive obligations. Because you need a steady income to qualify, this bankruptcy is often known as "wage earners" bankruptcy. The objective is to pay off some obligations and catch up on secured loans, or loans with security like a house or car. Here are the steps for determining if Chapter 13 bankruptcy is the best option for you and for filing. Do you qualify for Chapter 13 bankruptcy? To qualify for Chapter 13 [...]