If a business has huge debt, the owners or incorporators may opt to file for bankruptcy. Filing for bankruptcy is not an easy decision and selecting the kind of bankruptcy to file takes some planning to do. They should carefully choose what type of bankruptcy to file from the following options: Chapter 7, 13, 11 [...]
It is going to be a nightmare to face foreclosure. Now, if you really want to keep your home, you can avoid it by filing chapter 13 of bankruptcy. In order to validate bankruptcy, you need to file it prior to the foreclosure date. Because if it is filed after the date, your house will [...]
There are 5 types of bankruptcy, namely: chapter 7, chapter 9, chapter 11, chapter 12 and chapter 13. Every chapter has its own set of policies and procedures to follow. The most common types of bankruptcy are chapter 7 and chapter 13. Here are some basic information about every chapter of bankruptcy. Chapter 7 is [...]
Effective October 17, 2005, new bankruptcy laws have been implemented 180 days after President Bush approved and signed into them. These changes are made and applicable on chapter 7 and chapter 13. Also, according to the new laws, everybody who wishes to file for bankruptcy should attend credit counseling education in a government-approved program within [...]
When 3 or more debtors make a request from the bankruptcy court to liquidate the assets of the debtor as they claimed that he or she is not responsibly paying the debts on time, this is referred to as involuntary bankruptcy. Creditors do this to exercise their rights. There are 2 ways for a debtor [...]
