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-...
Depending on the type of bankruptcy that’s filed, consumers can erase some amount of unsecured debt or enter a repayment plan with better payment terms. Interested in working with an advisor? Work 1:1 with our advisors to help build a personalized financial strategy that’s built around you...
Customers at neobanks Yotta, Copper and others lost access to their money in mid-May after the middleware fintech firm Synapse Financial Technologies filed for bankruptcy. The bankruptcy case is ongoing, but Evolve Bank & Trust, one of the banks involved, has released a timeline for distributing...
If a debtor fails to list the IRS on its schedule of liabilities (or otherwise fails to notify the IRS of his bankruptcy case), his tax debt is not dischargeable, unless the IRS learns of the bankruptcy proceeding, allowing it to file a timely claim....
As you may have noticed, not all debts are handled the same way under bankruptcy law. Bankruptcy courts can issue a discharge that relieves you of your liability to pay back certain debts. Creditors no longer have a legal claim to discharged debts and can't pursue any legal action to colle...
Taking on debt is a common way to finance a business, but it can be risky. If you can’t repay your small-business loan, it may fall into default. A business loan default can have a range of negative consequences, from losing your personal assets to bankruptcy. Here, we’ll review w...
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.
collectively called the U.S. Bankruptcy Code. The Code is divided into chapters, some of which lend their chapter numbers to the type of bankruptcy filing they describe, such as Chapter 7 and Chapter 11. But Chapter 5 is not a type of bankruptcy you can file; it’s simply one of the...
Outdated negative information: A credit bureau should remove most late payments, foreclosures, and debt collections after seven years and bankruptcies between seven and ten years, depending on the type of bankruptcy. Fraudulent credit inquiries: If you spot credit inquiries you don't recognize, like...
bankruptcy filing. One type of administrative expense claim is not for post-petition debt: if the debtor purchased goods on credit in the ordinary course of business and received the goods within 20 days before the date of the bankruptcy filing, the vendor who sold the goods has an ...