Small business owners filing for bankruptcy often feel as though they have limited options. They may not want to pursue Chapter 7 or liquidation proceedings because they hope to continue running the company without endangering its resources. A traditional Chapter 11...
Personal bankruptcy proceedings can take months or years to complete. Depending on the type of bankruptcy filed, the process may take anywhere from roughly half a year to more than five years. While filers must wait until the end of the bankruptcy process to discharge...
There are many reasons to file a business bankruptcy case. Business owners whose companies no longer return a profit may pursue Chapter 7 bankruptcy as they begin the process of dissolving the organization. Bankruptcy is also a common solution in cases where...
It’s human nature to wait and hope for the best. Your debt is overwhelming, but you tell yourself that things might turn around, or you’ll pick up some overtime. If you can juggle your finances for just one more month, surely things will get better. Many people do...
Filing for bankruptcy requires honesty and transparency in the reporting of assets and debts on the part of the filers. But some consumers who file under Chapters 13 or 7 are less than honest with their declarations. When this happens, the trustees or creditors can...
Financial pressure can build quickly for business owners, especially when personal and business obligations overlap. When debt becomes unmanageable, Chapter 13 bankruptcy may offer a structured way to regain control without shutting everything down. Chapter 13...
Bankruptcy provides financial relief for those struggling with debt. Businesses and lawmakers worry about the possibility of people abusing bankruptcy and defrauding their creditors. Therefore, there are numerous restrictions imposed on different types of bankruptcy....
A mandatory repayment plan is one of the main differences between a Chapter 13 bankruptcy and a Chapter 7 case. Individuals pursuing Chapter 13 bankruptcy have to pay down their eligible debts before they can discharge the remaining balance. A Chapter 13 bankruptcy...
Debt is a serious issue for many people. People who have overwhelming amounts of debt often struggle to make consistent payments. As a result, debtors can face late fees and high interest rates that make it harder to pay down their debts. Bankruptcy is a solution to...
People sometimes make the mistake of thinking that they are going to lose everything if they file for bankruptcy. They know that they need to liquidate assets in a Chapter 7 bankruptcy filing, for example, and that the money will be used to pay back a portion of the...