Chapter 7 bankruptcy is a legal process where a debtor's non-exempt assets are liquidated to pay off creditors. This type of bankruptcy allows individuals or businesses to discharge most of their debts, providing a fresh start. However, it may require the forfeiture of certain assets to satisfy...
the bankruptcy court can discharge certain debts, but not all types of debt. Once a debt has been discharged, the creditor can no longer take action against the debtor, such as attempting to collect the debt
Known for its warm weather, stunning beaches, and vibrant cities, Florida is a popular place to live and retire. However, with the allure of sunny skies and a relaxed lifestyle, it’s important to address the not-so-glamorous topic of credit card debt and what happens to it when you pa...
What are the best steps consumers can take to reduce their dependence on debt and avoid accumulating high debt in emergencies or other unexpected situations? If a consumer decides to pursue debt consolidation, credit counseling or bankruptcy, what should they look for in the companies and profession...
In a chapter 13 bankruptcy, the court restructures the outstanding debts so the individual can pay all or some of the agreed-upon balance over three to five years. Under chapter 13, the debtor must complete the payment plan to receive a discharge of the remaining debts. Secured debt (like...
What Happens When Your Debt Is Written Off? When a debt is written off, the creditor ceases collection efforts, but the debtor may still face consequences: Credit score impact: The write-off remains on credit reports for up to seven years. Collection efforts: Debts may be sold to collection...
Bankruptcy:Filing bankruptcy might stop the process, at least temporarily.789 Negotiation:Any agreement you reach with your creditors can stop the process. It may be worth trying to negotiate so you can take some control over the situation. For example, the Internal Revenue Service (IRS) may re...
When to choose Chapter 13 bankruptcy You’re the sole proprietor of your business You secured and unsecured debts aren’t above $2,750,000 You’re looking for a simple resolution as soon as possible Say you worked as a freelance graphic designer. A medical condition leaves you unable...
Sullivan, Kevin
Bankruptcy Law: Money - That's What They Want ... But Should the Administrative Expenses of Official Unsecured Creditors's Committees Be Reimbursed from the Bankruptcy Debtor's Estate - In Re George Worthington Co., 921 F.2d 626 (6th Cir. 1990) and in re Federated Department Stores, Inc....