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The most common type of bankruptcy, a chapter 7 filing involves liquidating — or selling — your assets to pay off your creditors and debts. Chapter 13 bankruptcy.
The new law adds a number of new requirements for bankruptcy filers that attempt to make the filing process more difficult and costly. These additional requirements include: Additional filing requirements and fees. The new law increases the amount of paperwork involved in filing and raises the filing fees.
Generally, the WARN Act's requirements and penalties apply when an employer continues to run the business in bankruptcy, rather than close the business, and also when an employer plans a closing or mass layoff before filing bankruptcy. The WARN Act does not apply to a trustee in bankruptcy whose sole function is to close the business. [4]
The rules for filing personal bankruptcy in each province and territory differ slightly. In some areas of Canada individuals may be permitted to keep (exempt) certain property. Common items for exemption include clothing, furniture, appliances, motor vehicles, medical and dental aids, a home, family heirlooms , and some insurance.
Before You File for Bankruptcy, Consider These 3 Alternatives. Steve Strauss, The Motley Fool. October 19, 2024 at 7:30 AM ... Click here to read our full review for free and apply in just 2 minutes.
When you file for Chapter 7 or Chapter 13 bankruptcy, you will need to attend credit counseling. Your credit counselor will go over your options and help create a plan. Your credit counselor will ...
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