Debt Settlement

Corporations And LLCs Can Use Chapter 7 Bankruptcy To Get Rid Of Debts

In the case of business bankruptcy, an outsider is responsible for the liquidation of your assets and settling of the debts. A corporation or an LLC can file under chapter 7 business bankruptcy which is different from personal bankruptcy under the same chapter. As per lawyers of Los Angeles based law firm  the business stops operations and is handed over to the trustee for liquidation under the court’s instructions. The business assets are liquidated to repay the creditors. Since exemptions are not applicable here, the entire company can be liquidated. Once the liquidation of assets takes [...]

2023-04-21T12:09:07+00:00
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What Is Cash Collateral In Bankruptcy?

Call: 888-297-6203 In business bankruptcy, cash collateral is a frequently used term. According to lawyers of Dallas based law firm, collateral is a property against which you get a loan. Thus, the lender has a lien on the property. Examples of collateral include house which secures the mortgage, car that secures the vehicle loan, and jewelry that secures loan received from the pawnbroker. In case of a secured loan, when you pay back the amount owed, the lender releases the lien on the property. However, if you default on it, the lender can take the property and sell [...]

2023-04-21T12:09:50+00:00
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Bankruptcy And Taxes

Call: 888-297-6203 In most cases, tax debt is still to be paid by the debtor even after they have filed for bankruptcy but there are some circumstances where it can get discharged. It is highly unlikely for a tax debt to be discharged when filing for chapter 13 as tax debt with other types of debts comes under the repayment plan but on the other hand when filing for chapter 7, debts like medical bills, credit card debt and sometimes federal tax debt is also discharged. Should I file for bankruptcy for tax debt? Some types of tax [...]

2023-05-30T13:14:26+00:00
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Know Everything About Chapter 7 Bankruptcy For LLC

Call: 888-297-6203 If your limited liability company (LLC) is facing financial issues due to business debts, filing for Chapter 7 bankruptcy can be a good option. When LLC files for bankruptcy, the business assets are liquidated by the trustee to repay the creditors. Filing a bankruptcy petition puts an automatic stay in place, and the business stops operating. The company's assets are liquidated and distributed among creditors as per the U.S. Bankruptcy Code. All collection attempts made by the creditors are stopped with the automatic stay in place. Unfortunately, when any small business files for bankruptcy, no property [...]

2023-03-30T11:49:16+00:00
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Can Wage Garnishments Be Stopped By A Bankruptcy Filing?

Call: 888-297-6203 One of the worst things that could happen when you are already struggling with financial problems is having your wages garnished by the creditors. If you are behind on your payments, your creditors can obtain an order from the court. This orders your employees to send some part of your paycheck directly to the creditors, leaving you with a reduced income to pay for your essential expenses and other debts. Wage garnishment can happen for different kinds of debts, including medical bills, alimony, child support, credit card debt, student loan, personal loan, taxes, etc. Before obtaining [...]

2023-05-30T13:13:13+00:00
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What Happens In Bankruptcy Means Test?

Call: 888-297-6203 While filing for bankruptcy it is important to note that federal and state laws provide exemptions that allow bankruptcy filers to keep some amount of property to start their life afresh. Individuals who file for bankruptcy prefer to opt for Chapter 7 bankruptcy. This is primarily because you get a discharge within 4 to 6 months without paying for anything. Chapter 7 bankruptcy is meant for filers with little to no income and most of their property is exempted. However, there are stringent laws for filing for Chapter 7 bankruptcy. The Bankruptcy Means Test is used [...]

2023-05-30T13:24:18+00:00
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Can Lawsuit Judgments Be Cleared By A Bankruptcy Filing?

Call: 888-297-6203 People struggling with debts often take refuge by filing for bankruptcy. While bankruptcy offers a chance to get rid of many types of debts, some debts may not be discharged even after getting a bankruptcy discharge. Lawsuit judgment may or may not be discharged depending on certain factors. Non-payment of dues often results in creditors filing a breach of contract in the court. Most of the unsecured debts like credit cards, medical bills, or personal loans might get discharged in bankruptcy. However, not responding to a creditor’s lawsuit can result in a default judgment against you. [...]

2023-05-30T13:11:54+00:00
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Understanding Different Aspects Of Chapter 7 Bankruptcy

Call: 888-297-6203 If you are contemplating filing for bankruptcy, there are certain elements of chapter 7 that you should know about. Understanding these terms becomes helpful if you choose to file for bankruptcy. The bankruptcy trustee and their role After a Chapter 7 bankruptcy petition is filed, the bankruptcy court appoints an impartial case trustee to administer the case. Their role is to examine your assets and help in the liquidation of your non-exempt property. Your property is liquidated if it is free, does not have any liens attached to it, and is worth more than the security [...]

2023-05-30T13:21:56+00:00
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Is Medical Debt Dischargeable In A Bankruptcy Case?

Call: 888-297-6203 Medical debts are dischargeable when it comes to a bankruptcy case. In chapter 7 all of your medical and credit card debt is discharged and in chapter 13 most of your medical debts are discharged and the rest of the amount you will have to repay is the plan made. Filing for chapter 7 bankruptcy for medical debt. When it comes to chapter 7 all medical debts are dischargeable and it has no limits, as there is no repayment plan set to repay some of the debts. But you will need to pass the chapter 7 [...]

2023-05-29T13:27:09+00:00
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Is Filing For Bankruptcy A Good Idea?

Call: 888-297-6203 People struggling with financial problems are often at their wit’s end and file for bankruptcy. While bankruptcy is an excellent way to get rid of your debts, it is important to weigh your options before filing for bankruptcy. There can be several situations when bankruptcy filing may not be of much help to you. Two of the most common bankruptcy chapters are chapter 7 (liquidation of assets) and chapter 13 (repaying debts through a 3-5 years repayment plan). Though both take different ways to reduce your financial burden, they affect your credit report and future lifestyle. [...]

2023-05-30T13:10:48+00:00
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