When you file for bankruptcy, you are seeking to eliminate or reduce the debts you owe to your creditors. Depending on whether you file for Chapter 7 or Chapter 13 bankruptcy, you may come out of the process with no debt or significantly reduced debt. Bankruptcy does not come without cost,...
it’s highly unlikely that the auto industry professionals at GM would have reached such a deal if the government had not been watching them or providing the money needed to keep the factory doors open. GM is widely expected to file for bankruptcy before the end of this month. If this ...
Chapter 7, also referred to as liquidation bankruptcy, is when the court appoints a trustee to oversee the sale of as many of debtor's assets as are needed to pay their creditors.Unsecured debt, such as credit card debt, is usually erased. However, Chapter 7 does not forgive any tax obl...
Detroit Bankruptcy: What Munis Needed.[ABSTRACT FROM PUBLISHER]Jonathan RoddenInvestors Business Daily
As mentioned above, a great deal of preparation is needed to file for bankruptcy. An essential part of that preparation — whether you’re filing for Chapter 7 liquidation or Chapter 13 reorganization — is listing all your assets. You must provide an inventory of everything you own, whether...
But prior to late 2022, some people had to file a Chapter 7 first and eliminate the unsecured debt before they filed a Chapter 13 because they were over the debt limits. Chapter 20 Bankruptcy is still often needed however to make the plan more affordable or as the bankruptcy code calls ...
The debtor can present a plan for debt repayment under Chapter 11, as well as the accompanying business and financial restructuring that's needed to accomplish that repayment. The plan must be approved by the courts. Any business or individual can file for Chapter 11 bankruptcy protection. ...
Bankruptcy Declaring bankruptcy is never fun, but it may be preferable to debt settlement in some cases. You might be able to remove most of your outstanding unsecured debt and the process typically takes a few months. When compared to the years debt settlement can require, bankruptcy can somet...
What documents are needed to apply for an FHA loan? Expect to provide identification, proof of income, credit history and details about the property. Special cases like self-employment may require additional documents. Are there any waiting periods after foreclosure or bankruptcy for an FHA loan?
While the automatic stay associated with your Florida bankruptcy can give you some much-needed relief, there are instances where your creditors may be able to work around the automatic stay. A creditor is allowed to petition the bankruptcy court to lift the stay if they can show the stay is...