The process is complicated and hiring an attorney is advisable, but you’re likely to see some parts of your finances improve within six months of filing.1 Individuals most commonly file for Chapter 7 or 13 bankruptcy. If you file for Chapter 13 as an individual debtor, one primary ...
Bankruptcy is considered a suitable solution when it is determined that the debtor’s operations are not viable or cannot be restructured in order to provide greater value to the stakeholders, or all other options have been exhausted. A Bankruptcy process usually begins with a company voluntarily m...
Creditors do have some recourse to collect when a debtor fails to pay a debt. They can attempt to repossess the collateral if the debt is backed by it, such as mortgages and car loans that are backed by houses and cars. The creditor can also take the debtor to court in an attempt to...
A preferential payment is a payment in which a debtor favors one creditor over others by paying them just before filing bankruptcy, which may disrupt the equitable allocation of assets among creditors. These payments are examined in bankruptcy courts to prevent creditors from gaining undue benefits. ...
Chapter 7 bankruptcy means that certain debts like credit cards, personal loans, andmedical billsareentirelyforgiven. In exchange for this debt forgiveness, the debtor agrees that a Trustee who is overseeing the case can sell certain assets. The money from those sales goes to creditors according ...
BANKRUPTCYCRIMINAL procedureCOURT ordersJURISDICTIONENGLISH lawMany English (and other) restructuring lawyers consider that the scheme of arrangement cannot properly be characterized as an insolvency proceeding for the purposes of certain international instruments for (amongst other things) the allocation of ...
As we tackle this new year, we should remember the not-so-distant past of 2024. Check out this expertly drafted article that looks back on 2024 bankruptcy cases...
In a Chapter 13 bankruptcy student loans are paid through the plan, however any remaining balance must still be paid after the plan payments have been made and the debtor has been discharged.Another exception to discharge is certain income taxes. Generally in Chapter 7, the tax assessment must...
Chapter 11 bankruptcy’s definition is quite specific. In bankruptcy, there are two groups to consider: the debtor and its creditors. A company that files for bankruptcy is referred to as a “debtor,” and any entity—or person—who has claims against that debtor is referred to as a “cre...
A creditor is allowed to petition the bankruptcy court to lift the stay if they can show the stay is not accomplishing the intended purpose. Assume you file for bankruptcy days before your car is set to be repossessed. You have virtually no equity in the car, are unable to pay your past...