Blog Category: bankruptcy

  The Bankruptcy Code allows you to discharge (eliminate) certain types of debt through a bankruptcy filing. Dischargeable debts are primarily unsecured debts (that is, debts that are not guaranteed by a specific asset, such as a car or home). In addition, some debts are not dischargeable. These include debts for alimony and child support,  … Read more

One of the biggest benefits of filing bankruptcy is the automatic stay that goes into effect as soon as the case is filed. This  means that those you owe a debt to, your creditors,  are not allowed to keep asking you for money. However,  there are some expenses to pay. There are two types of  … Read more

The bankruptcy process can be a complicated legal process, and one that requires some effort on your part. If you are considering filing for bankruptcy, you likely have many questions that you want answered. One of the most common areas for questions about bankruptcy is related to what you need in order to file. When  … Read more

One of the reasons people fail to consider bankruptcy as a viable option in their search for debt relief is that they simply do not understands the facts versus myths about bankruptcy. Perhaps the largest deterrent of people seeking help through bankruptcy is the notion that bankruptcy will ruin their credit. This is false information  … Read more

During our current economic crisis, retail and restaurants are going out of business in record numbers. For large complex businesses, Chapter 11 bankruptcy will oversee the procedures and reorganization of the company’s debt. These corporations seek the court’s protection while working out a plan to pay their debts and resume business.  When a company has  … Read more

A bankruptcy estate is automatically created once a debtor files for bankruptcy. This bankruptcy estate includes income, assets, and all the debtor’s properties when filing for bankruptcy. Exemptions from the estate include educational trusts and most pensions. However, bankruptcy law determines which asset or property owned by the debtor will be included in the bankruptcy  … Read more

Generally, people confuse insolvency with bankruptcy; however, both the terms disclose a different meaning from each other. In simple terms, it will not be wrong to say that if insolvency is a problem, then bankruptcy is a solution to it. What is insolvency? Insolvency is a term used to define a situation in which a  … Read more

Making a debtor pay his debts has always been a concern of society since the beginning of civilizations. At that time, the debtor himself was responsible for the obligation, with his freedom or even with his life. The obligation fell upon the individual and not upon his property. Roman Law Roman law contains enforced punishment  … Read more

We can consider bankruptcy as a judicial solution to a debtor’s financial situation. In other words, it is a collective execution process, in which all the bankrupt’s assets are collected for a forced judicial sale, with the proportional distribution of the asset among the creditors. This gives creditors some satisfaction from the money that was  … Read more

You may be wondering what will happen to your assets while filing for Chapter 7 or Chapter 13 bankruptcy. What are your bankruptcy options, and what exemptions are available to protect your assets? The first step of bankruptcy is filing a petition in federal bankruptcy court. You can file for Chapter 7 (liquidation) or Chapter  … Read more