In a well-functioning free-market economy when the borrower has stopped paying debt service, a lender should be able to foreclose and regain control and ownership of a property. However, the current judicial structure discourages this course of action. An alternative to bankruptcy is to find a...
The waiting period to file for bankruptcy is generally two to eight years from your previous filing date.
To search the bankruptcy filings either in person or online, you'll need some basic information about the debtor and the bankruptcy case. If a debtor owes you money, the bankruptcy court will mail you the case number, which you can use to pull up the records. If you do not have the c...
After all, if you choose to file bankruptcy, it could have adetrimental impact on your credit score for years to come. For example, chapter 13 bankruptcies typically stay on your credit report for seven years while chapter 7 filings can stay on your credit report for up to 10 years. You ...
Other Bankruptcy Filings While Chapter 7, Chapter 11, and Chapter 13 are the most common bankruptcy proceedings, there are several other types: Chapter 9bankruptcy is available to financially distressed municipalities, including cities, towns, villages, counties, and school districts. Under Chapter 9,...
In 2021, the United States Courts’ official website reported over 434,540 bankruptcy filings. While the current year recorded only 370,685, (a fall of 11.4% from the previous numbers) these figures are by no means pleasant to see. They espouse curiosity from those who might be apprehensive...
How long a bankruptcy stays on a credit report varies, but most last years. Here are tips to manage credit before and after filing for bankruptcy.
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...
Bankruptcy:While it should be considered as a last resort, filing for bankruptcy may provide temporary relief by halting foreclosure proceedings and allowing homeowners to reorganize their debts. Bankruptcy laws and eligibility criteria vary, so consulting a bankruptcy attorney is essential. ...
Notify all creditors and lenders of your LLC of your dissolution and settle the remaining debt. Moreover, contact the business associates who owe payments to you or to whom you owe a payment. In case you can not pay your debts, you should consider filing for bankruptcy. It’s recommended ...