Chapter 11 bankruptcy

Why Chapter 11 Is A Better Alternative For Businesses Filing Bankruptcy?

Call: 888-297-6203 Chapter 7 is the most common bankruptcy chapter and is very popular with a huge percentage of 71%+ across the United States of America. With the pandemic, many businesses chose to wind up, and hence this probably added to the tally of 71%. However, under normal circumstances, it can sometimes be worth to try to sustain a business, rather than liquidate or wind it up. It can be a difficult decision to make but a careful analysis of current debts, losses, inventory, assets, and prospects can make the choice easier. This assistance can be achieved from [...]

2023-03-22T09:15:21+00:00
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Chapter 7 Bankruptcy Step-By-Step Explanation

Call: 888-297-6203 The first step to filing a chapter 7 bankruptcy is to sit back and analyze whether bankruptcy is required. In many situations, after serious analysis, it might be a good idea to file bankruptcy while in some other situations, bankruptcy can be avoided. If there are ways to avoid bankruptcy, that should be attempted as bankruptcy is a last resort and an emergency hand brake, which should be used only in utmost dire situations. Log on to https://recoverylawgroup.com/bankruptcy/ to understand if you can evade bankruptcy or not. What kind of borrowers should consider chapter 7 bankruptcy? [...]

2023-03-22T09:17:45+00:00
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Let Us Know About Bankruptcy

Call: 888-297-6203 What is Bankruptcy? If you are looking to reduce or eliminate certain of your debts, bankruptcy is the best option you should choose. You can also provide a timeline on your own to repay the non-dischargeable debts. Even secure debts that are a debt pledged with a real estate property or vehicle as collateral are also repaid. In title 11 of the US code, federal bankruptcy law is there. Under the constitutional grant of authority, Congress passed the bankruptcy code to "established uniform laws on the subject of bankruptcy throughout the United States". The bankruptcy court [...]

2023-06-27T05:38:11+00:00
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Bankruptcy Discharge: Myth Or Possibility

Call: 888-297-6203 Discharge of debts often seems a lucrative consideration for people considering bankruptcy. A bankruptcy discharge is a phenomenon that is a side effect of declaring bankruptcy. Discharge can occur in all bankruptcy filings whether via Chapter 7, 13, or even 11 (for businesses). However, the amount of discharge remains variable that depends on different circumstances and situations of the applier. It is also important to note, that the repeat bankruptcy filers may end up with no or zero discharge if they have not completed the seasoning or the cool-off period. To know more about the cool-off [...]

2023-03-22T09:34:06+00:00
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Different Bankruptcy Options For The Individuals

Call: 888-297-6203 Bankruptcy presents a few options to individuals that either protect the assets and block a significant amount of future income or the assets are liquidated to clear any lien on future income. This is a choice that can be based on the convenience of the borrower. The below list of options during bankruptcy can provide a broader perspective for a borrower- Liquidation under Chapter 7 This is probably the most common form of bankruptcy that accounts for up to 70% of bankruptcies in the year 2020. The reason for this being very common is that most [...]

2023-06-27T05:42:22+00:00
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Basics Of Bankruptcy Discharge

Call: 888-297-6203 A bankruptcy discharge is a court order that removes the personal liability of the debtor for the specified debts. With a bankruptcy discharge, the creditors cannot pursue any collection actions including communicating with you regarding the debt. However, if a creditor has a valid lien on the property that survives the bankruptcy case, the creditor can enforce the lien to claim the property. In the case of chapter 7, a discharge is granted within three to six months of filing the petition, usually 60 days after the 341 creditors' meeting date. In individual chapter 11 cases, [...]

2023-06-27T05:44:17+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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Let Us Know More Details About Bankruptcy

Call: 888-297-6203 Bankruptcy is a process wherein individuals, small businesses, and corporations are saved from their debts. Through a process of reorganization and restructuring, a certain portion of the debt is discharged and the rest is repaid at a lower rate. 1) Discharge Though most debts in bankruptcy can be discharged, certain debts are not dischargeable like taxes, penalties, child support, fines, student loans, and alimony payments. Discharging a debt helps the debtor to be protected from the harassment of the creditors. If a particular debt by a secured creditor is secured by a particular loan, they can [...]

2023-03-30T11:35:50+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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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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We help people file bankruptcy petitions to obtain relief under the bankruptcy code.