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If you are considering bankruptcy, you are not alone. In 2023, nearly 435,000 Americans filed for bankruptcy, according to data from U.S. Courts. If you’re considering taking similar action, an ...
A "presumption of abuse" will arise if: (1) the debtor has at least $182.50 in current monthly income available after the allowed deductions (this equals $10,950 over five years) regardless of the amount of debt, or (2) the debtor has at least $109.59 of such income ($6,575 over five years) and this sum would be enough to pay general unsecured ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
In United States bankruptcy law, an automatic stay is an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code , [ 1 ] the stay begins at the moment the bankruptcy petition is filed.
Each year, 2.9 million children under 18 are threatened with eviction, while 1.5 million are evicted — representing 2 in 5 of the entire population that face eviction each year.
Aug. 21—Several local counties saw big increases in eviction filings last year — Butler County had the highest eviction rate in the state, and Montgomery County had the most new eviction cases ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Companies tend to use the Chapter 11 process to wind down some operations, tackle mounting debt and save on costs by closing locations. Here are some of the most notable bankruptcies of 2024 ...