Recent prior bankruptcy filings can disqualify a debtor from filing for Chapter 7 in New York. For example, if a debtor filed a petition within the prior six months, and that petition was dismissed due to the d
An alternative to bankruptcy is to find a 3rd-party investor willing to infuse capital and expertise in the property. The borrower loses a portion of the equity and avoids any major tax consequences. The lender knows that the property will be aggressively and properly operated by the new ...
but may be able to become solvent if allowed to reorganize. Those filing for Chapter 13 bankruptcy present the court with a repayment plan. The court presides over the reorganization and allows them to reemerge as viable enterprises.
” It is the one day a month when home lenders are able to foreclose on homes and other real estate, assuming they have met the other requirements of foreclosure such as notice to the borrowers. Not surprisingly, the busiest day for Bankruptcy filings in Georgia is the Monday before ...
Chapter 13 bankruptcy lets you restructure overwhelming debt into a repayment plan of 3 to 5 years and lets you keep assets like your home.
Check court records. The California Public Records Act and the federal Freedom of Information Act make most court records open to the public, and these records might include information about an individual's welfare history. In California, as in all states, bankruptcy filings take place at the ...
Chapter 11 Bankruptcy: This type is mostly for businesses and involves a reorganization plan to pay off debts. InChapter 11 bankruptcy, most assets are kept and the business continues to function. This is the most costly, complex, and time consuming filings for bankruptcy, and it is only reco...
The bankruptcy court views the strategy as a bad-faith attempt to defraud creditors. Depending on the circumstances, the court will shorten the automatic stay, not put it in place, or impose some other consequence. Find out more about the consequences of repeat bankruptcy filings below in "...
Be truthful and stick to the facts to strengthen your position. Cooperate with the Process: If the court directs you to participate in alternative dispute resolution methods, such as mediation or settlement conferences, approach these discussions with an open mind and a willingness to find a ...
Types of Bankruptcy Filings Enacted by Congress in 1978, the Bankruptcy Code outlines different bankruptcy types for various situations. For example, Chapters 7 and 13 are the most common types available to individuals, while Chapter 11 bankruptcy is primarily used by businesses. ...