A chapter 7 bankruptcy is a filing with the U.S. bankruptcy court to obtain a discharge of listed debts. In other words, at the end of the bankruptcy, the debts listed you will not be owed money anymore. It’s oversimplification because there are debts that are not discharged and there are debts you wish to […]
What Is A Chapter 7 Bankruptcy? Read Post »
Bankruptcy Chapter 7 VideoLAST RESORT Banks, credit card companies, and finance companies insist that Bankruptcy is the last resource. Why? From their point of view it makes sense: they will be able squeeze the last few dollars from people and small business with severe financial problems. When the Bankruptcy law was changed in 2005 banks said by people
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Bankruptcy VideoHome ownership is one of the great American dreams. Very little compares to the pride of home ownership. It gives one the status of being in the middle class. One that has provided security and comfort for the homeowner’s family and self. For most of us to buy a home or other real estate requires
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Homeowner VideoCorporations (including Not-For-Profit Corporations), Partnerships, and Individuals who exceed the debts limits for a Chapter 13 are candidates for a Chapter 11. The definition of a Small Business in a Chapter 11 is one where the debts don’t exceed about $2.5 million (currently $2,566,050). The debt limit excludes amounts owed to persons considered “insiders” such
What Is A Chapter 11 Reorganization For Small Businesses? Read Post »
Chapter 11 Small Business VideoIn Illinois, a home owner has 30 days after he or she has a notice of intent to foreclose notice by mail before a foreclosure suit can be filed. WILL MY FINANCIAL REPUTATION BE RUINED IF I GO INTO FORECLOSURE? Foreclosure filings are listed on one’s credit report. It does lower the score. CAN I
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Foreclosure VideoNot being able to pay your bills as they become due lowers your score dramatically to the lower 500s, sometimes the 400s. If it is multiplied with a lawsuit, a garnishment, repossession, multiple items with the credit bureau, your score goes down dramatically. If you get rid of all those debts, you start from scratch,
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Bankruptcy Credit Score VideoFor reorganizations there are 2 main Chapters available: Chapter 13 and Chapter 11. Only an individual may file a Chapter 13. High amounts of debt can push an individual into Chapter 11. Corporations and partnerships must file Chapter 11, although there is a provision for a small business Chapter 11 with slightly different procedures from
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Chapter 13 Reorganization VideoOne of the most common questions we get is whether student loans are dischargeable. And we have to be the bearer of bad news — no, you cannot get rid of school loans in bankruptcy. Only in very rare cases of “undue hardship” can student loans be forgiven. BANKRUPTCY MAY STILL BE PART OF THE
After the filing of the case the first motion usually filed is for a Cash Collateral Order. Generally there is property that will be used for the business that generates revenue. If the property has been used to secure a loan the creditor must be given Adequate Protection. For instance, if Accounts Receivables have been
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