Chapter 7, also known as a "liquidation" bankruptcy, is the more common form. You will be allowed to keep certain exempt assets, such as your furniture, car, and personal belongings up to a specified value, but any nonexempt assets, such as cash, real estate, and investments, must be ...
Chapter 13 bankruptcy is sometimes referred to as a “repayment” plan because debtors pay some or all of their unsecured debts (interest free) over a 3-5 year plan. Your payment is based on what you can afford to pay (income minus expenses). There are a few specific eligibility requireme...
As a Certified Laugh Coach, Stress Reduction Specialist, and Professional Comedian since 1985 who has totaled one marriage, two heart valves, and three cars, and turned a million dollar real estate portfolio, amassed by age 52, into, thanks to the recession and a Chapter 7 Bankruptcy filing, ...
Before we dive into repayment strategies, it’s important to understand the difference between dischargeable and non-dischargeable debts. In a Chapter 7 bankruptcy filing (the most common type), certain types of debts may be discharged or eliminated entirely such as credit card balances and medica...
Chapter 7 Bankruptcy Businesses that are no longer interested in continuing to operate, or individuals that do not have enough income to repay their debt, can seek protection from creditors by filing a Chapter 7 petition in bankruptcy court. But filing for Chapter 7 comes at a great cost. ...
In Chapter 11 cases, where the debtor continues operating as a "going concern," a primary focus of the weeks before and immediately after the bankruptcy filing is negotiating "debtor–in–possession"–or DIP–financing. These loans provide debtors with their financial lifelines, provide bankrupt co...
He declared Chapter 7 bankruptcy over a year ago. Through my extensive research I discovered that alimony payments are NOT dischargeable. My critical question: Is the life insurance obligation NOT dischargeable as well? If you can really help me, I want to thank you SOOO much in advance!
Well, I KNOW I did not write the part about sitting in the ER waiting for a CAT scan after the Cataclysmic Catastrophe that morning with the … pet. Or was it? Maybe it was a ‘Pause’ to reflect on the direction I was going.Maybe a chance to make sure I am doing the things I...
Bankrupt.Exactly as predicted. this scam of a business has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Nikola has also filed a motion seeking authorization to pursue an auction and sale process under Section...
Hell, maybe San Diego Padres teammates Jack Clark and Tony Gwynn had the same bad financial advisor, because they both ended up filing for bankruptcy after their playing days –and their bank accounts – were numbered. Terrell Owens, who’s in the the NFL Hall of Fame, ran through most of...