Disadvantages Of Bankruptcy

Most people file for bankruptcy because they’re indebted to a person or corporation, like a bank for example. When you file for Chapter 7 bankruptcy, an impartial trustee is appointed to your case and handles the liquidation of

A bankruptcy lawyer can provide invaluable help throughout bankruptcy proceedings, offering the advice and insights that are instrumental in making the entire process smoother and easier. Denham Law, PLLC, is a Fort Mitchell, Kentucky-based bankruptcy lawyer who has been serving clients throughout Northern Kentucky and Southwest Ohio since 2004. They understand the important role an attorney plays throughout the bankruptcy process.

Chapter Seven personal bankruptcy is many times known as "straight" or alternatively "liquidation" bankruptcy -- it cancels your current debt, but one may have to let the bankruptcy court liquidate some of an individual's possessions for the benefit of your debt collectors. ("Chapter 7" pertains to the section of the particular federal government Bankruptcy Code which has the bankruptcy legislations.)

Most people would like nothing more than to be freed from their financial debt. Personal bankruptcy can provide you with legal protection from your creditors and take care of much or all of your debt. There is the chance you will get to keep your home and car. In other words, personal bankruptcy can be the salvation to financial ruin. By wiping out your old debts, you will find yourself in a better position to pay your current bills.

Many companies in the United States are struggling to survive. These companies are experiencing significant decreases in revenue, reduced assets, and increases in liabilities. Companies that already filed, or are at-risk for filing bankruptcy are struggling with keeping up with their competitors, causing the companies to lose their value. When a company files for bankruptcy, the company no longer gets to make the business decisions. The bankruptcy courts begin to make the decisions for the companies in efforts to restore the businesses. If the company is unable to revive itself from bankruptcy status, the company goes out of business. If this occurs, the company must sell everything it owns in order to compensate its shareholders and repay

The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income is known as Chapter 13 bankruptcy. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.

Awhile back many of our bankruptcy laws we have today were not in place a while back. If a person went bankrupt they would be on their own and would not be able to get help from the government or learn how to manage their money. Today we have many new laws to help people in these situations. In 2005 is when the laws were last updated. Many of these laws state that if a person does not have enough money or is running out of money they are required to go to court and file for bankruptcy. Once filed for bankruptcy people can get some money from the government or they get a person that helps them manage their money and make plans on how to save their money. Today we have many laws in place to help people in these situations.

We know declaring bankruptcy is not a decision you made lightly. These are tough economic times and we know that there are so many things that can get out of hand and out of control.

Although a fundamental lack of money is the essence of most types of bankruptcies, there are some common causes as well. For instance, Krulick (2016) reports that, “Chapter 11 is used primarily by larger companies that want to continue doing business throughout the bankruptcy process and after it is completed” (p. 3). In addition, even some solvent firms may elect to seek the shelter of a chapter 11 proceeding to allow them sufficient time to reorganize (Krulick, 2016). Some of the common causes of consumer bankruptcies include the following:

1.Unemployment at rates higher than the national average: This is one of the main reasons that people file for Chapter 13 Bankruptcy Protection-- to keep from losing everything they have worked for when they lose their job, to include their home and their vehicles.

Like many in Tennessee who are dealing with financial challenges, you may have considered filing for bankruptcy. However, the possibility of losing your home may have stopped you from taking this step. At Rothschid & Ausbrooks, PLLC, we are often asked what options you have for saving your home. In this post, we will discuss how filing for Chapter 13 bankruptcy may allow you to keep your property.

bankruptcy because bills and health care bills are piling up so high that they are unable to afford it. This all trickles down and effects everyone in different ways.

If you're amongst the smaller and have devastating debts, you're probably scared stiff. You feel stupid, cry at night, and fight with your family. Going bankruptcy is a bummer. So listen up. This is how to get your life back.

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

Henry has just graduated from college. After graduation, Henry finds gainful employment. Henry accumulated student loans totaling $45,000.00 and also has a number of credit cards with a total of outstanding debts being $25,000.00. In addition, Henry purchases a new car and also buys a home. Henry is involved in a car accident and is unable to work. Henry incurs mounting medical bills and is unable to pay his debts. Henry contemplates filing a bankruptcy. Henry stops paying his house note, becomes in serious arrearage in all of his debts. Henry transfers his car to his brother for a nominal amount. Henry runs all of his credit cards to the maximum. Henry rents a storage unit under another name to hide some valuable assets. Discuss the above in terms of voluntary/involuntary bankruptcy, what chapter might he be eligible for, estate, trustee, exemptions, distribution, discharge and reaffirmation. Also, be sure to include the "means test".