Chapter 11 Audit Case Study

When you file bankruptcy, whether it be a Chapter 7 or Chapter 13 filing, the bankruptcy trustee plays a big role in the process. Once you and your bankruptcy attorney have filed a successful bankruptcy petition, the bankruptcy court assigns a bankruptcy trustee who will be charged with executing your estate. In a chapter 7 bankruptcy the trustee will sell your non-exempt property and use the proceeds to pay back your creditors. In a Chapter 13 bankruptcy case, you make one monthly payment to the trustee who then devise it up to your creditors according to the payment plan that the court approves. Anyone filing bankruptcy must be completely honest and forthcoming about their accounts, assets, money, and property. You cannot hide or get rid of money or property before or during a bankruptcy without getting it approved by the trustee and courts. A bankruptcy attorney will be able to explain this to you in greater detail and offer you advise on property that you do want to get rid of.

When considering bankruptcy, pre-bankruptcy planning is one of the most important steps for Harv and Lois. In a Chapter 7 bankruptcy, the TIB will take all non-exempt valuable property that he can sell to distribute the money to the creditors. The main idea behind the Chapter 7 bankruptcy is ‘liquidation’. However, Harv and

Next, you will want to make sure that you feel comfortable with the bankruptcy lawyer you choose. Since bankruptcy can be a very touchy

Skillful legal support will help, whether the problem is regulatory compliance help for your business, or a direct challenge to your professional license. Knowledgeable and accessible attorneys offer the advantage needed to maintain your credentials or help your regulated business grow.

Everyone struggles financially at one time or another. Sometimes it’s very simple to get back on your feet and other times you might need to turn to a legal professional to help you figure out a solution. If you are in a difficult financial situation and need to declare bankruptcy, William J Sedor, Esq. of Rochester is ready to help. This personal bankruptcy attorney is no stranger to bankruptcy cases and can provide you with all the information you need to fully understand how declaring Chapter 7 bankruptcy works.

Legal Know-How: For most of us, the legal arena is a world full of confusing terminology and labyrinthine routes of red tape. When you hire a bankruptcy lawyer, he or she is a knowledgeable professional who has a thorough understanding

You can, however, contact the attorney or court appointed trustee to work out an arrangement on how your debt is handled in the bankruptcy Brown, 2013).

If the debtor decides that filing a Chapter 7 bankruptcy petition is their best course of action to get a renewed start of finances, the debtor must first consult with an attorney. At the consolation, the attorney will perform the means testing which formulas

When filing for Chapter 7 bankruptcy, your income is taken into consideration. You must qualify under the income portion of the Chapter 7 bankruptcy. You have to consider your assets. If you have too many, you may not qualify. An inheritance would definitely be counted as an asset. It will require careful

Chapter 7 personal bankruptcy involves liquidating your assets and turning them over to the courts. A trustee of the courts follows a court-supervised procedure, reduces your assets to cash, and then pays the creditors. State or federal law will exempt some assets in both types of bankruptcy. A Chapter 13 bankruptcy should be filed if you have valuable assets, such as a house, that you wish to keep. Under this type of bankruptcy, a re-payment plan is established with the creditors over a period of several years. Your Oakland bankruptcy lawyers will review your records and paperwork and help you decide whether filing Chapter 7 or Chapter 13 personal bankruptcy is appropriate for your situation.

There are basically six bankruptcy chapters an individual or business can file. These chapters are 7, 9, 11, 13, 12, and 15. Chapter 7 bankruptcy lasts three to six months, and can include property liquidation or secured debt. Property liquidation means some of the individual’s property may be sold by an appointed trustee to repay the debt. However,

Both credit-counselling certificate and petition need to be submitted to bankruptcy court along with the fees for filing.

Chapter 11 bankruptcy gives the debtor a chance to reorganize debts. After filing a Chapter 11, the bankruptcy court issues an automatic stay that keeps creditors from attempting to collect repayment from the business. While the automatic stay is in place, the debtor works on a repayment plan. As with Chapter 13, the plan typically includes reduced amounts owed or reduced interest rates. The repayment plan under Chapter 11 is called a reorganization plan. The business’s goal is to stay profitable while paying back debts, so they try to renegotiate contracts, leases, or other debts to get amounts reduced or discharged.

There are many factors that lead you into handling the process of filing for bankruptcy without a lawyer. The most common among them is the lack of resources to cater for the fees that are charged by the lawyer. This is made worse by the fact that some practicing lawyers are out to take advantage of your situation and rip you off your little and almost non-existent finances.

Over the years, the process of declaring bankruptcy has become incredibly simple. Because of this change, the number of people declaring bankruptcy is at an all time high. Today, bankruptcy is a common thing among companies and individuals alike. The American bankruptcy law allows people to avoid paying their debts by offering the debtors a discharge without a harsh consequence. By not having repercussions for their actions, bankruptcy filers often plan future bankruptcies, allowing them to steal even more money from creditors with no punishment. There are 13 different chapters in the bankruptcy system with the principal chapters being 7,11, and 13. You can only file for bankruptcy under these three chapters, the others are there to