What is a Chapter 7 bankruptcy? A Chapter 7 bankruptcy case is a proceeding in which a person seeks total debt relief under Chapter 7 of the Bankruptcy Code. A person who files a Chapter 7 case seeks to obtain a court order releasing them from all of his dischargeable...
What is a Chapter 13 bankruptcy case? A Chapter 13 bankruptcy case (also known as “Debt Consolidation Plan” or “Wage Earners Plan) is to a debt consolidation plan where a person may repay all or a portion of his debts. Payments are made to a Chapter 13...
Each Chapter 11 Bankruptcy filing and Plan is unique, whether it is for a business entity or individual. Therefore all questions related to a Chapter 11 Reorganization should be referred to an attorney for specifics – which shall be tailored to the set of...
In April 2005, Congress revised the bankruptcy laws by enacting the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. This revision of bankruptcy laws became effective October 17, 2005. It is now more difficult and more expensive to file a bankruptcy...
1. Don’t Pay Back Loans To Relatives Or Business Associates Before Filing Bankruptcy. People who are thinking of filing for bankruptcy often feel the desire to pay back loans to friends and family before filing the petition. This is understandable, but it is a big...
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