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Use our guide to learn more about bankruptcy, the alternatives to declaring bankruptcy, the drawbacks and the positives of bankruptcy. What does bankruptcy mean? Bankruptcy is a court order that you can apply for if you're in overwhelming debt. If you are declaring bankruptcy the court will ta...
Bankruptcy A lawful procedure, guided by the Bankruptcy and Insolvency Act, that allows discharge from most debts. Creditor An entity or individual to whom a debt is owed. In the context of insolvency, it refers to a person, partnership, or corporation recognized by law as having the same ri...
It is sometimes alleged that in cases of bankruptcy, there is often not much left for the creditors, especially for the ordinary unsecured creditors. This article examines, in an exploratory way, what the different classes of creditors, depending on their priority position, recover in cases of ...
Discovering what debts the court can and cannot wipe out when you file for bankruptcy may surprise you. Read on to find out how this would affect you.
Chapter 11 bankruptcy is typically used by financially struggling businesses and results in a reorganization of the business. All bankruptcy cases in the United States go through federal courts. What does it mean when an individual files for bankruptcy? Bankruptcy is a legal process that helps to ...
Let me point out what is new about this process versus the old credit repair process: A) In the old process of credit repair you need to write numerous letters pertaining to each account and/or use codes stipulated in the fair credit rep... ...
Bankruptcy does not come without cost, however. In the short term, it is recommended that you hire an attorney to walk you through the process, which means you need to be able to pay those fees. In the long run, bankruptcy will remain on yourcredit reportfor seven or 10 years, dependin...
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 ...
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...