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Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
Image source: Getty Images. For many years, I was a bankruptcy lawyer. As opposed to when I practiced litigation (suing people and defending lawsuits), bankruptcy was a dream practice.
If you want to avoid filing for bankruptcy but get a better handle on your debt, you have some options. Alternatives to bankruptcy include debt consolidation loans, debt settlement or debt relief ...
Most bankruptcy attorneys predicted that this will result in increased attorneys fees and will make attorneys less likely to take on some cases. In addition, bankruptcy filings are now subject to audit in a manner similar to tax returns. Increased compliance requirements for small businesses. The new law increases the bureaucratic compliance ...
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 ...
A fraudulent transfer is an illegal attempt to avoid paying a debt by transferring money to another person or entity. Critics have argued that a Texas divisive merger meets the definition of a fraudulent transfer when done in preparation for bankruptcy, because the divisive merger causes the spin-off to become insolvent (unable to pay its debts ...
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