Bankruptcy Chapter 7

Bankruptcy And Business Arrangements

Call: 888-297-6203 The pandemic era has brought a lot of businesses under the weather. This has led to many small businesses moving towards bankruptcy. As per several research magazines, it was predicted that almost 33% of small businesses in the United States ended up halting their operations permanently or with an uncertain future. Loan forgiveness grants from the government probably protected the 66% of other small business units that were also on the brink of shutting down probably. Factors to consider while thinking of bankruptcy The factors associated with businesses are far more complex and intriguing. Expert guidance [...]

2023-05-19T06:24:15+00:00
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Federal Rules Followed In A Bankruptcy Procedure

Call: 888-297-6203 When an individual files for bankruptcy, he gets the benefit to discharge most of his debts. Alternatively, if they file under chapter 7, they can discharge their debts by repaying the creditors equally by selling the assets. This way, if the full due value is not paid back also, at least the creditors get their dues equally. Under certain bankruptcy proceedings, the court asks the debtor to continue his business and generate revenue to pay off their debts. Alternatively, the debtor can completely free themselves of any debts by selling off their assets and using the [...]

2023-05-19T06:27:33+00:00
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All You Need To Know About Chapter 7 Bankruptcy Means Test

Call: 888-297-6203 When there is unmanageable debt and you don't see a secured financial future of yours then unwilling you have to file for Bankruptcy. Chapter 7 bankruptcy in most cases is the best aid to a debtor. Here almost all the debts are cleared but the court doesn't just let anyone file for chapter 7 liquidation bankruptcy. To separate those debtors who can repay some of their debts, the US bankruptcy code has a 'means test' to see who qualifies for chapter 7 bankruptcy and who doesn't. The means test compares the last 6 months of income [...]

2023-04-21T12:25:46+00:00
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All You Need To Know About Filing Bankruptcy Via Chapter 13

Call: 888-297-6203 Chapter 13 way of filing for bankruptcy can be one of the smoothest ways of minimizing debt, safeguarding assets, and starting a new chapter in your life. This kind of bankruptcy filing is suitable for filers who have a strong and reliable job, are looking to grow in their employment, and can sustain with same or higher pay scale for the next 5-10 years. The basic logic behind Chapter 13 is to restructure your debts and dilute them with a better repayment plan to ensure debt payoff looks more reasonable and easier. This helps in avoiding [...]

2023-06-05T13:39:16+00:00
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The Bankruptcy Code Of The United States

Call: 888-297-6203 Filing for bankruptcy helps the filer by either getting a discharge from most of their debts or by helping them devise a repayment plan to catch up with all the arrears. Bankruptcy can be filed by an individual, a couple, a business, or any such entity. All bankruptcy-related cases are handled by the federal courts, which they abide by, by following the US bankruptcy codes. The different types of bankruptcy include – Chapter 7 and chapter 13 – Individuals can file for bankruptcy under this chapter Chapter 9 – Municipalities like city, towns, schools, taxing districts [...]

2023-06-27T05:55:18+00:00
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All That You Must Know About Bankruptcy Basics

Call: 888-297-6203 The Bankruptcy Code, enacted in 1978 and codified as Title 11 of the United States Code, is the uniform federal law that is empowered to govern all bankruptcy cases. This code has been amended several times. The Bankruptcy Rules govern all the procedures of the Bankruptcy process and are the same for all. In each judicial district of the country, there is a separate bankruptcy court. A state consists of one or more districts. And each bankruptcy court has its own clerk's office. The United States Bankruptcy Judge is the official decision-making power in the court. [...]

2023-06-27T05:59:18+00:00
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Bankruptcy And Its Types

Call: 888-297-6203 The most common types of bankruptcy available for individuals and sole proprietorship businesses include: 1) Chapter 7 This is also known as straight bankruptcy. It will help you take away most of your unsecured debts including medical bills and credit card bills. The deficiency debt following the surrender of any collateral such as a house or car will also be wiped out through this chapter. However, it will do so by selling off your assets. If you want to keep any of your assets you have to make sure to exempt them beforehand. There are several [...]

2023-04-21T12:23:00+00:00
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All You Need To Know When Filing For Bankruptcy Under Chapter 13 – The Frequently Asked Questions

Call: 888-297-6203 If you are falling behind on your payments majorly, bankruptcy is the best bet. Here you can catch up on your arrears and manage your debts in a structured manner. Given below are the commonly asked questions before foiling forb bankruptcy under chapter 13 – What is the procedure to file for chapter 13 bankruptcy? The first and foremost step while filing for bankruptcy is the credit counseling meeting. This must be taken within 180 days prior to filing for bankruptcy. Once you have the certificate, you can apply for bankruptcy, pay the fees and submit [...]

2023-04-21T12:17:27+00:00
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How To Prepare For Your Bankruptcy?

Call: 888-297-6203 When an individual find themselves swimming in debt, it is then that they realize that bankruptcy is the only available option.  There is a list of do's and don'ts that you need to follow if you are planning to file for bankruptcy. 1) Don'ts If you think you might file for bankruptcy, never incur a new debt before filing. It might get difficult to discharge a debt that you might incur just before filing. Filing bankruptcy before a repossession or a foreclosure is a better option. Failing to do so might result in permanent loss of [...]

2023-05-31T13:38:52+00:00
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The Commonly Asked Questions (FAQ) Regarding Chapters 7, 13 And 11

Call: 888-297-6203 The most commonly asked questions related to bankruptcy include – Can anyone file for bankruptcy? – yes, anyone except a business entity can file for bankruptcy. What are the prerequisites for hiring an attorney – the most important factor is his specialization. The attorney must have expertise in bankruptcy law. What do you mean by credit counseling? – credit counseling course is of utmost importance before filing for bankruptcy. If you do not attend the same, your case may get dismissed in the initial phase only. You can get the list of agencies providing the course [...]

2023-03-30T11:39:52+00:00
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