Chapter 11 bankruptcy

What Do You Mean By Bankruptcy And All That You Need To Know About It?

Call: 888-297-6203 Bankruptcy is when you file a case in federal court to help you or your business to get rid of your debt and repay your creditors. There are 2 basic types- Liquidation/ chapter 7 Reorganization/ chapter 11/ chapter 12/ chapter 13 Among these two, the most commonly filed are chapter 7 also known as liquidation where you may have to sell almost all your assets to repay your debts, and chapter 13 also known as reorganization where you are allowed to keep your assets in return for you repaying most or all of the debts within [...]

2023-06-27T07:17:41+00:00
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Removal And “Cramming Down“Of Liens In Bankruptcy

Call: 888-297-6203 Reduction of the amount of the lien to the market value is known as ‘cramming down’. Here, if the mortgage balance is larger than the property value then the mortgage balance will be reduced to the property value. It is done in chapter 11 on properties that do not come under the exempt property that is it should not be a primary residence. Mortgage, Home Equity Line of Credit, Homeowners’ Association, and judgment comes under liens that can be crammed down. You can remove fully unsecured liens in rental properties in chapter 11 and you can [...]

2023-03-30T13:27:34+00:00
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Chapter 11 Bankruptcy Plan Of Reorganization Explained

Call: 888-297-6203 Debtors looking forward to reorganizing their debts while keeping their assets can opt for chapter 11 bankruptcy, say lawyers of Los Angeles based law firm. Through the reorganization plan, the debtor informs how the creditors will be paid within the stipulated timeframe. The plan needs to be accepted by creditors and approved by the court before being implemented. Chapter 11 bankruptcy This chapter is generally used by businesses or individuals with high net worth. When bankruptcy is filed under chapter 11, an automatic stay prevents all collection actions against you. You can continue to run your [...]

2023-03-30T13:29:55+00:00
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Bankruptcy Options for Struggling Business During Coronavirus Crisis

Call: 888-297-6203 Different bankruptcy chapters offer various benefits depending on whether an individual or a company is filing for it. According to lawyers of Los Angeles law firm (https://www.recoverylawgroup.com/bankruptcy/), a business that is unable to generate an income, can file under chapter 7 to shut it down. Similarly, for people with minimum property and low income to repay debts can also file under this chapter. Chapter 7 is known as liquidation bankruptcy since the trustees can sell any non-exempt property of the company or individual to repay unsecured creditors. However, certain assets are protected through state and federal [...]

2023-03-31T06:01:53+00:00
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Which among Chapter 11 or Chapter 13 is a better option?

Call: 888-297-6203 For people struggling to pay their debts due to financial problems, chapter 11 and chapter 13 are the two best options for reorganizing the debts. According to lawyers of Los Angeles law firm (https://recoverylawgroup.com/bankruptcy/), chapter 13 is generally for people who wish to keep non-exempt property. Chapter 11 is for businesses and individuals with debts more than chapter 13 limits. Businesses cannot file under chapter 13 and it is usually preferred by individuals and sole proprietors. Chapter 11 bankruptcy Chapter 11 is available for both individual filers and businesses. Debtors can reorganize their finances and keep [...]

2023-01-17T13:20:48+00:00
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The Mobster Museum Files For A Chapter 11 Bankruptcy

Call: 888-297-6203 The Las Vegas Mobster Museum has gone bankrupt with a debt of 5.8 million dollars and has filed for a Chapter 11 bankruptcy. The museum, after the FBI evidence room, has the world’s largest collection of crime artifacts. The debt owed by the museum is proportionally more than the amount that Capone had owed to the IRS. Capone owed $215,000 to the IRS, at the time of his arrest in 1931, which is equivalent to almost 3 million dollars in today’s time. It had lead to 11 years’ imprisonment for Capone. JVLV Holdings LLC purchased the [...]

2023-04-11T07:53:09+00:00
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Can Bankruptcy Affect Your Chance of Getting Mortgage?

Call: 888-297-6203 Overwhelming debts require you to take some action if you wish to avoid repossession, foreclosure or lawsuit. Bankruptcy can be a way out, but you pay the price for it. You end up hurting your credit rating for as long as ten years in case of a Chapter 7 bankruptcy and seven years in case of Chapter 13 bankruptcy. Getting credit after bankruptcy can be extremely difficult. Thus, if you wish to get a mortgage, bankruptcy can be bad! According to Dallas based bankruptcy law firm Recovery Law Group lawyers, bankruptcy lowers your credit score considerably, [...]

2019-09-03T12:08:51+00:00
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Chapter 11 or Chapter 13: What is Best For a Small Business?

Small businesses, when comes under acute pressure of financial liabilities, do not have many options with them. Filing for bankruptcy can be the only option if you had like to revive your small business or wrap up the same. Chapter 7 bankruptcy will lead to winding up of the small business while Chapter 11 or Chapter 13 (if qualified) can help you in keeping the business running. To learn more about Chapter 7 and its benefits, log on to https://bankruptcy.recoverylawgroup.com/. How does Chapter 11 or Chapter 13 help? The concept or logic used in Chapter 11 or Chapter [...]

2023-03-13T08:07:39+00:00
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Bankruptcy and Business Continuity

The common illusion about bankruptcy is that a business might have to wrap up after bankruptcy or business will not be able to continue after bankruptcy. However, this might not be true in most scenarios. There are different sections under which bankruptcy could be filed, these maybe Chapter 7 or 11 or 13. The company structure, business activity, assets and the fixed or probable income available to fund a repayment schedule can help in determining the right section to file bankruptcy. Factors of consideration for business continuity Is the business really making money? Not every startup idea is [...]

2023-01-12T09:18:27+00:00
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Can You Convert Your Bankruptcy Chapter?

Filing for bankruptcy is a big decision. It is important to choose the bankruptcy chapter which can help protect most of your assets and results in the discharge of various debts. There are numerous factors involved while choosing a specific chapter to file bankruptcy. A lot of what happens to your circumstances and the time taken to discharge depends on the chapter of bankruptcy you have filed for. However, if your circumstances change, there are provisions available to switch the bankruptcy chapter. Changing bankruptcy chapter can be a complicated process.  Los Angeles based bankruptcy law firm https://bankruptcy.recoverylawgroup.com/, therefore, advised that [...]

2023-03-13T09:24:56+00:00
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