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...
Myth 1: You will lose everything you own. Every state, including Maine, has “exemptions” that allow you to keep certain kinds of property. For example, you are usually allowed to keep your car, your household goods and furniture, your retirement accounts, and some or...
To explore non bankruptcy alternatives, create a budget for your realistic, monthly expenditures for current living. Include mortgage and car payments, but exclude all other existing debt. With the money you have available each month after paying your current living...
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