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: Chapter 7 Bankruptcy Law- Explained by Detroit Area Attorney William Orlow
Chapter 7 bankruptcy offers protection to businessman
In his filing, the businessman listed about $187,000 in assets in comparison with $13.9 million in debts owed to various creditors, including a number of banks. Times were not always as tough, however. The entrepreneur founded a prominent real estate brokerage in Florida during the real estate boom in the mid-2000s. However, the company failed in 2008. He continued to work, however, and he was even involved in an auction of the entertainer Cher’s home in Hawaii. The businessman made over $400,000 in 2010, according to his filings, but that income dropped drastically to just over $75,000 in 2011. His major asset is a piece of property worth about $150,000.
Source: youngbklaw.com
Overwhelming debt pushes Illinois business, owner into Chapter 7
Financial issues have been part of THR’s reality for a good portion of the year, as the firm has reportedly been cited for several bounced checks in connection with sales of precious metals, antiques and collectible items acquired at buying shows in various regions of the country. Representatives from the Better Business Bureau say that the bounced-check complaints are still filing in, but THR has refused to respond to any further complaints resulting from the payment problems.
Source: affordablebankruptcychicago.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
Reasons to Pursue Chapter 7 Bankruptcy
Chapter 7 Bankruptcy refers to a type of bankruptcy in which many of your debts can be discharged through the process of liquidation. After your property items have been assessed, your non-exempt assets will be liquidated and sold so that the monetary proceeds can be used to satisfy your debts. However, choosing between Chapter 7 and Chapter 13 Bankruptcy takes a good deal of research on your part. Read on to learn more about the top reasons to pursue Chapter 7 Bankruptcy with an experienced bankruptcy law office.
Source: goldenstatelawca.com
KEL partner files Chapter 7 bankruptcy
Craig R. Lynd, co-founder of Kaufman, Englett & Lynd P.A., declared insolvency in a Sept. 7 filing at U.S. Bankruptcy Court in Orlando. He indicated assets of less than $1 million and debts of $10 million to $50 million. He and his wife filed under Chapter 7 of the federal bankruptcy code, seeking to liquidate their assets and shed their unsecured debt.
Source: allenbaughlaw.com
Bankruptcy And Death: Can The Bankruptcy Continue?
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Source: bankruptcylawnetwork.com
Video: How To Qualify For Chapter 7 Bankruptcy
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Source: mellorlawfirm.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
Are there new bankruptcy laws in Virginia?
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Source: russellraylaw.com