Here again, the main benefit of Chapter 13 over Chapter 7 is that the petitioner will be able to keep his properties that would or else be sold off to repay the unsecured creditors whom you owe money. A debtor who will file Chapter 7 can only retain the non-exempt properties by paying the trustee with the cash value of the property. You can repay your debt according to the new repayment plan that will be set by the Bankruptcy court. You can even feel satisfied about paying back a portion of your debt through this type. You can classify your creditors according to the priorities but only if this is accepted and allowed by the court. The automatic stay that will be imposed on the debtor will also be extended to the co-debtors who have even guaranteed the loan on behalf of the debtor.
Source: thestudentappeal.com
Video: File Chapter 7 Bankruptcy Online
Arkansas Coach John Smith Files Chapter 7 Bankruptcy
Smith claims he wanted to mention his financial woes before the football season got underway in July. He states he didn’t want his finances to be a distraction for his players or the school. Smith says he’s not embarrassed about his decision to file and feels a great amount of weight has been lifted off his shoulders. Smith is listed as a creditor in a bankruptcy filing completed by his former business partner John Mason. Mason filed for protection last December with liabilities between $10 million and $50 million. Smith was listed as being owed $250,000. Smith currently has a 10-month contract with the University of Arkansas for $850,000. He was hired in April to replace Bobby Petrino after being an assistant coach under Petrino.
Source: allmandlaw.com
How to file bankruptcy with a Chapter 7 petition in California.
Chapter 7 bankruptcy, also called a straight or total bankruptcy, is a liquidation proceeding designed to erase unsecured debts, such as credit card, personal loans, and medical bills. You are legally allowed to file the petition on your own but it is wiser to contact a bankruptcy attorney who will guide you through every step of the legal process and see that your interests are protected.
Source: patforte.com
College football coach John L. Smith files Chapter 7
This is a common feeling for consumers who face overwhelming debt and must file for Chapter 7. However, the benefits of liquidation and the debt relief that bankruptcy provides should outweigh the embarrassment of filing for Chapter 7. Chapter 7 may also provide consumers with some stress relief, as filing may stop creditor harassment, stop wage garnishment and sometimes stop mortgage foreclosures. Faced with the choice of keeping one’s home and feeding one’s family, filing for bankruptcy may be the only solution that can help avoid the need to make that terrible choice.
Source: bankruptcychattanooga.com
Houston biofuel company files Chapter 7 bankruptcy
When a business files for Chapter 7 bankruptcy in Houston, it must cease operating and will be forced to liquidate all of its assets. The trustee will oversee the sale of the business property in order to raise funds to repay the company’s creditors. However, one of the advantages of this type of bankruptcy is that the petitioner can discharge all of its unsecured debts. Also, this type of bankruptcy is usually simpler and quicker than other options and typically clears the way for the principals to move on to new business ventures.
Source: gipsonandnorman.com
Razorbacks’ coach decides to file Chapter 7 bankruptcy
In Arkansas and all over the South, college football coaches are revered and respected for their hard work and devotion to their schools. However, even these role models are not immune to the financial difficulties that are all too common in our current economy. A recent Chapter 7 filing by Arkansas coach John L. Smith hit close to home for many football fans, who realized that even the coach of a college team may suffer financial disasters. We wrote last month about how Smith was contemplating a bankruptcy filing, but now it is official. Smith elected to file a Chapter 7 bankruptcy, also known as a liquidation, in lieu of a Chapter 13, or reorganization, possibly due to the enormous amount of debt he owes in relation to the assets he possesses. The initial filing shows between $10 million and $50 million dollars in debt with assets of between $1 million and $10 million.
Source: arkansasbankruptcylawblog.com
Small Business Debt: Can Chapter 7 Bankruptcy Grant Debt Relief?
Loss of business – People with business debt may have to shut down their business if they file for Chapter 7 bankruptcy. However, bankruptcy courts sometimes slap a temporary closure notice on a debtor’s business. Those who are not prepared to part off with their business should consider this point very seriously. It is good to note that business owners with less number of personal assets may be eligible to get exemptions on liquidation of their assets and keep their business running while Chapter 7 bankruptcy proceedings are on.
Source: uprinting.com
What You Can Do Instead Of Filing For Bankruptcy
Learn what you can about Chapter 13 bankruptcies. If you have a regular source of income and less than $250,000 in unsecured debt, you can file for Chapter 13 bankruptcy. By filing this way, you can hold onto your home and property, while repaying debts through debt consolidation. Typically, any plan you develop will last around 3-5 years. Afterwards, any remaining unsecured debts will be discharged. Keep in mind that missed payments will trigger dismissal of your case.
Source: glencairngold.com
College football coach files for Chapter 7 bankruptcy
The down economy is affecting all members of the community — from college football coaches to people in Mississippi. In fact, a university football coach in a neighboring state recently filed for Chapter 7 bankruptcy to seek debt relief for some real estate investments. Chapter 7 bankruptcy is a legal tool that many people can use to tackle their financial challenges. However, not everyone can take advantage of this form of bankruptcy. Thus, it is important for individuals struggling with debt to work with an expert to determine whether they can file for Chapter 7 bankruptcy or whether other financial remedies are available.
Source: bankruptcyattorneysouthavenms.com
Bitter Sweet Symphony: When to Declare Bankruptcy
There are other ways to get out of debt besides bankruptcy. A certified credit counseling agency can go over your bills and help you develop a budget and a plan for paying off debt. Some agencies also offer debt management plans, which allow you to combine your debts into a single monthly payment, often with a lower interest rate. If you have cash on hand, you may try negotiating a settlement with your creditors, asking them to accept less than what you owe. If you’ve tried these options with little or no success, bankruptcy may provide the fresh financial start you desperately need.
Source: quickenblog.com
Chapter 7 bankruptcy an option for those with high
In the coach’s petition, he listed assets of between $1 million and $10 million, but debts between $10 million and $50 million. While the coach expressed some concern that he did not want his filing to affect his team’s on-the-field performance, he also noted he was not embarrassed by the situation, which occurred because the investments he made lost value when the market declined.
Source: centralpennbankruptcy.com