A Quick Guide for Companies Considering Chapter 11 Bankruptcy
Considering Chapter 11 Bankruptcy? Bankruptcy, whether personal or business, is a procedure governed by federal (not state) laws. Because it is a federal procedure, bankruptcies run through the Federal District Courts rather than state-level courts. As a business owner, you have options when you find yourself unable to meet debt obligations. Not only can you…
How Are Debt Consolidation Loans Handled during Bankruptcy?
Debt consolidation loans are advertised for those who are in over their heads in debt and want to take multiple payments and combine them into one. But how are debt consolidation loans handled during bankruptcy? Sometimes, they come from financial institutions, while other times they come from a consolidation agency. Regardless, the principle idea is…
Financial Mistakes That Lead to Bankruptcy – and How to Avoid Them
Life happens. And while there are some things out of your control (even financially), there are also ways to drive yourself closer to the point where you need to file for bankruptcy. Have you made financial mistakes that lead to bankruptcy? No one sets out in their adult years with the intention of filing for…
Who Can File for Chapter 12 Bankruptcy?
Who can file for Chapter 12 bankruptcy? Chapter 12 is not your average consumer bankruptcy. Instead, it is reserved for those designated as family farmers or fishermen. You must have a regular income from these sources and prove you face financial distress to qualify. Also, Chapter 12 is not a bankruptcy that erases your debts….
What Does It Cost to File Chapter 11 Bankruptcy?
What does it cost to file Chapter 11 bankruptcy? One common question attorneys receive when a client is considering bankruptcy is how much it will cost. After all, you are overburdened with endless debts and barely scraping by financially. While bankruptcy provides relief from creditors and liabilities, you still must pay for that relief. So,…
Debts You Keep Even after Filing for Chapter 7 Bankruptcy
If you plan to file for Chapter 7 bankruptcy, you might be under the false presumption that you will have all your debts erased and start over fresh. But there are debts you keep even after filing for Chapter 7 bankruptcy. While Chapter 7 does dissolve most debt obligations, there are some that stick around…
Prevent Filing for Bankruptcy Again by Following These Tips
Filing for bankruptcy the first time can be devastating. You feel as though you have failed yourself financially, and maybe failed your loved ones. It is embarrassing to get up in front of a judge and admit that you cannot pay your bills and you need a bailout. How can you prevent filing for bankruptcy…
10 Common Mistakes to Avoid Before Filing for Bankruptcy
No one goes through life with the intention of filing for bankruptcy. It is easy to make mistakes before and during the process. What are common mistakes to avoid before filing for bankruptcy? While these mistakes might seem minor, they could be detrimental to your bankruptcy case – and even result in a dismissal. It…
The Criteria for Filing for Chapter 7 Bankruptcy
What are the criteria for filing for Chapter 7 bankruptcy? Before October 2005, a bankruptcy court judge would decide who qualified for Chapter 7. This gave judges an exceptional amount of discretion, and often consumers who should not have filed for Chapter 7 were able to do so – instead of using Chapter 13 bankruptcy….