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A bankruptcy lawyer can assess your financial situation, advise you on the most suitable type of bankruptcy to file (such as Chapter 7 or Chapter 13), prepare and file all necessary paperwork ...
Section 109(h) provides that a debtor will no longer be eligible to file under either chapter 7 or chapter 13 unless within 180 days prior to filing the debtor received an "individual or group briefing" from a nonprofit budget and credit counseling agency approved by the United States trustee or bankruptcy administrator.
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
It's not uncommon for business owners to worry about paying creditors, especially during times of extended economic downturn. But when a business is struggling with debt to the point that it can...
When financial troubles mount and debts are piling up, filing for bankruptcy protection may be a last resort option. Personal bankruptcy filings usually involve Chapter 7 or Chapter 13, but when ...
Very commonly, the debtor-in-possession in a Chapter 11 reorganization of a business debtor will initiate adversary proceedings against a party with whom the debtor had an executory contract, against whom it had a claim in tort, or to whom it made a preferential transfer prior to filing for bankruptcy, intending to collect funds to maximize ...
The U.S. Bankruptcy Court also charges fees. The amounts of these fees vary depending on the Chapter of bankruptcy being filed. As of 2016, the filing fee is $335 for Chapter 7 and $310 for Chapter 13. [52] It is possible to apply for an installment payment plan in cases of financial hardship.
Continue reading ->The post Chapter 11 Bankruptcy, Explained appeared first on SmartAsset Blog. Personal bankruptcy filings usually involve Chapter 7 or Chapter 13, but when businesses need help ...
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