Chapter 7 Bankruptcy: Also known as liquidation bankruptcy, Chapter 7 bankruptcy involves the liquidation of non-exempt assets to repay creditors. It is designed for individuals with limited income or resources who are unable to repay their debts. In Chapter 7 bankruptcy, a court-appointed trustee...
If you file for Chapter 7 bankruptcy, your cosigner won't receive any protection from creditors. They'll still be on the hook during and after bankruptcy. All collection activities against you must stop because of the bankruptcy's automatic stay. However, the automatic stay doesn't extend to...
Both Chapter 7 and Chapter 13 require you to fill out a bankruptcy petition and a statement of financial affairs, while some of the other forms are optional. The U.S. Courts website (uscourts.gov) compiles all of thebankruptcy formsyou’ll need. Additional local court forms may also be ...
Chapter 7 is not only the most common individual bankruptcy filing, but also one of the easiest and fastest to accomplish. It is often used to clear medical or credit card debts. Termed “liquidation bankruptcy,” a Chapter 7 bankruptcy involves selling all assets owned by the debtor that are...
Much of the aforementioned process comes into play for Chapter 7 bankruptcy. Anyone who files for it will need to take the credit counseling courses within six months of filing. The relevant forms relating to Chapter 7 will need to be completed providing key information on your situation. There...
Be careful when completing bankruptcy forms yourself. The complicated calculations make mistakes common, and with an error, you could have your bankruptcy dismissed. Advertisement
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Diamond Comic Distributors, a linchpin in the distribution of comics to comics shops since it was founded in 1982, has made a Chapter 11 bankruptcy filing in the U. S. Bankruptcy Court for the District of Maryland. According to the filing, Diamond has received $41 million in debtor-in-poss...
publishing rights in perpetuity. Those terms should be spelled out in the contract. Lack of a rights reversion clause is another one I look for. A reversion clause will spell out how and when your rights revert back to you in the event the publisher files bankruptcy or goes out of ...
When you file for bankruptcy, you are seeking to eliminate or reduce the debts you owe to your creditors. Depending on whether you file for Chapter 7 or Chapter 13 bankruptcy, you may come out of the process with no debt or significantly reduced debt. Bankruptcy does not come without cost,...