Bankruptcies and Real Estate Purchases Bankruptcies are something no one wants to go through but, unfortunately, it is a fate that befalls many citizens. When a homeowner declares bankruptcy, they essentially agree to forfeit their property or have it repossessed. This occurs so the people to who...
Get answers to questions about bankruptcies. For more targeted information, try our 10-question bankruptcy quiz. It can help identify bankruptcy issues best handled by a bankruptcy lawyer. What Are Bankruptcy Exemptions? Exemptions allow you to keep some assets safe in bankruptcy, such as an inexpe...
What is bankruptcy and how does it work? The Know Editors J.P. Morgan Wealth Management Published Aug 22, 2024 | 6 min read For people and businesses facing unmanageable debt and acute financial distress, bankruptcy can be a key option. Common bankruptcies available to individuals in debt in...
How Does the Foreclosure Process Work? When you buy a home, you agree that the lender can take specific actions if you fall behind on your monthly payment or "default on the loan." The lender can sell the house at auction and apply the proceeds to your loan balance in a process known...
Chapter 7 andChapter 11bankruptcies serve different purposes. Chapter 7 involves the sale of the debtor’s non-exempt assets by a court-appointed trustee. The proceeds are used to pay off creditors. Chapter 11 bankruptcy, meanwhile, is often referred to as reorganization bankruptcy and is predomin...
Is it Necessary for the Employment to Cease? It is not necessary for all companies filing bankruptcy to terminate all their employees. In the United States, there are two types of bankruptcies. One is governed by Chapter 7, whereas the other is governed by Chapter 11. Chapter 7 bankruptcy ...
Unfortunately, when it comes to private companies, there is no way of knowing which ones areoverleveraged. Bankruptcies can come out of nowhere. While it’s easy to see which public companies are overleveraged due to required transparency by theSecurities and Exchange Commission (SEC), you can...
Corporate bankruptcies are sometimes called “business bankruptcies” or “commercial bankruptcies.” They have a lot more financial information than consumer records do, but they are harder to get access to. The most important thing to know is that when a company goes bankrupt, its assets go not...
on theU.S. Courts website. Download or print the relevant forms, fill them out, then file them in the appropriate bankruptcy court. This involves listing assets, debts, creditors and exemptions, along with other financial matters. Different forms are required for different types of bankruptcies....
There are other forms of bankruptcies, but these two are the most common. Receivership Unlike bankruptcy, a receivership is not a legal action, but rather an adjunct solution. For example, in the case of a secured lender, a receivership is designed to protect the borrower’s assets that repr...