Bankruptcy courts are vigilant about ensuring the process is not abused. As a result, concealing assets, making fraudulent transfers within one year of filing, destroying financial records or lying on bankruptcy forms will typically disqualify your case and could potentially result in criminal charges...
Not all bankruptcy filings are approved by the courts. Here's what could happen if yours is turned down.
Well, it’s one of the most serious financial decisions you can make. Bankruptcy can seem like the only way out of a dire financial situation, and it may be. But bankruptcy won’t erase every type of debt, and it won’t solve all of your financial problems. Bankruptcy also has long-...
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
Filing for Chapter 11 Bankruptcy: What You Need to Know (Quick Prep)Michael Torkin
want the benefit of being debt-free without the inconvenience of giving up what they own and as such, may be tempted to forget to list their Faberge egg collection or their vacation property in Mexico on their bankruptcy paperwork. When this knowingly happens, the bankruptcy court calls it fra...
Bankruptcy filings create what is referred to as the automatic stay. The automatic stay is a court order that freezes all or most collection activity – including lawsuits, bank account seizures, and wage garnishment. Once a creditor receives notice of a bankruptcy filing it is their duty to f...
Giving, selling, or transferring the title to your assets before you file for Florida bankruptcy. It is extremely important that you avoid doing any of these things for at least six months (preferably a year) prior to filing for bankruptcy. You could be charged with bankruptcy fraud if you ...
Bankruptcy is a high-stakes game for creditors and debtors. Understanding the process steps of a Chapter 11 reorganization is critical for related parties looking to protect their interests.
Bankruptcy counseling is a crucial step in the process of filing for bankruptcy. Here's what it is and how you can do it.