How You Should and Should Not Handle Bankruptcy Estate Assets When a debtor files Chapter 7 bankruptcy , a bankruptcy estate is created. The bankruptcy estate is made up of all the debtor's assets, even those assets which may be later declared exempt. The bankruptcy debtor is not allowed to liquidate any assets in the [...]
In a recent Chapter 11 bankruptcy, the bankruptcy court ordered that a debtor reimburse qualified bidders for expenses incurred in connection with the sale of a substantial asset of the debtor's estate. The bankruptcy court determined that such reimbursements were proper under the business judgment standard in section 363(b) of the Bankruptcy Code. Section 363 [...]
Renewing Your Business After You've Filed Bankruptcy When a business files bankruptcy, it doesn't need to be the end of entrepreneurship. The business owner can go on to either rebuild their business after bankruptcy or start a new one. Below are a few tips on renewing your business after bankruptcy: Chapter 7 Bankruptcy Not The [...]
How to Get a Bank Account After Bankruptcy If you're like most debtors, you probably filed bankruptcy with a few bounced checks and/or an overdrafted account. If that's the case, you may run into some problems opening a bank account after bankruptcy if you don't take certain important steps as listed below. The first thing [...]
According to a Department of Defense study, 19% of junior military personnel failed to pay at least the minimum on their credit cards, 12 percent took out payday loans and 11 percent bounced checks. While financial integrity is important in civilian life, it is extremely important in military life where a bounced check can get [...]
As unemployment remains above 9 percent and many American families find themselves falling out of the middle-class, some people who don't understand the bankruptcy system are promoting the idea that high income debtors in bankruptcy are abusing the system. This is a false and dangerous assumption. Many high income debtors are in similar situations as [...]
How to Maximize the Benefits of the Financial Management Course After bankruptcy reform was passed in 2005, debtors filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy were required to take a personal financial management course before they could receive their bankruptcy discharge. Bankruptcy debtors who fail to take the personal financial management course within [...]
Facts About Bankruptcy's Automatic Stay The automatic stay is probably the most important protection provided by bankruptcy. When a debtor files bankruptcy, the automatic stay stops debtors from taking any action against the debtor. Below are a few important facts every bankruptcy debtor should know about the automatic stay: The automatic stay becomes effective from [...]
Can You Keep Inheritance Money If You Filed Bankruptcy? How to Protect Inheritance From Creditors The bankruptcy code has specific rules about how an inheritance is treated during bankruptcy. If a debtor inherits money before filing bankruptcy or within 180 days after filing bankruptcy, that money will become part of the bankruptcy estate. This bankruptcy [...]
Thinking of Filing Bankruptcy On Family Loans? If you're like most debtors you've probably borrowed cash from family and friends as you struggled to stay afloat and avoid filing bankruptcy. And like most debtors you probably don't want to discharge your loved one's loans in bankruptcy. But if you're tempted to avoid listing your family [...]
