Keeping Your Employees During Chapter 11 Bankruptcy Handling your employees properly during Chapter 11 bankruptcy is essential if you want to retain the best and brightest workers for your business. Below are a few tips on how to retain employees during bankruptcy: Open the lines of communication and always be honest with your workers about [...]
If you're a business owner with an LLC or corporation and you decide to file bankruptcy, your interests in your business may be in jeopardy; but there are ways to protect yourself. Here's what you need to know: When an individual debtor files bankruptcy, the stock they own in a business becomes part of the [...]
Bankruptcy Treatment of Judgments Many debtors wait until they are facing a creditor lawsuit, wage garnishment or bank levy before they file bankruptcy. If this is the case, the debtor usually has at least one judgment against them already. Can these judgments be discharged in bankruptcy? In some cases yes, but it will depend on [...]
What Determines the Cost of Hiring a Bankruptcy Attorney? The cost of hiring a bankruptcy attorney scares many debtors. But this fear is mostly fueled by the unknown. Debtors considering bankruptcy don't understand the process and they certainly don't understand how the cost of their bankruptcy case is calculated. Let's take a look at how [...]
While more Americans take advantage of their right to file bankruptcy and get a fresh financial start, there are still some who do their best to discourage necessary bankruptcy filings. Many bankruptcy opponents have repeated their ill-informed opinions so often and so loudly that some debtors take it for truth. Or, even if they don't [...]
If you only have a year or two left on your vehicle loan, keeping it in bankruptcy may be a good choice. Even if the vehicle loan is upside down, you may come out ahead financially if you avoid buying another vehicle. Will The Lender Require You To Reaffirm The Debt? Debt reaffirmation during bankruptcy [...]
If a couple files a joint bankruptcy and one of them dies, the Bankruptcy Code states that the bankruptcy case does not automatically end. Instead, the bankruptcy case continues with assets being liquidated as allowed by law and debts being discharged according to the law. Here's what you need know: If a couple filed bankruptcy [...]
In a recent bankruptcy filing where a debtor's homestead exemption was successfully challenged, the debtor filed a Motion For Stay Pending Appeal. What this means is that the debtor wanted to stop the creditors from repossessing his property while he appealed the decision to strike down the homestead exemption. But, for a debtor to win [...]
Chapter 11 Bankruptcy for Individuals In most cases, debtors who do not qualify for Chapter 7 bankruptcy file Chapter 13 bankruptcy . However, when a debtor owns lots of property but has little or no income, he/she may want to file Chapter 11 bankruptcy. Let's take a look at some of the benefits of Chapter [...]
Things You Shouldn't Do To Avoid Bankruptcy Debtors often go to great lengths to avoid bankruptcy. Unfortunately many of these drastic measures not only fail to help the debtor avoid bankruptcy; but may worsen their financial situation. Let's take a look at a few of the drastic actions debtors should avoid: Ignoring the debt problem [...]