ABC or what is also known as a general assignment for the benefit of creditors is a private process designed to liquidate a business outside of bankruptcy. As the recession presses on, some creditors are encouraging troubled but honest debtors to liquidate their business outside of bankruptcy using ABCs. But some business debtors are finding [...]
The bankruptcy process can be made relatively quick and painless with the help of a qualified bankruptcy attorney. However, there are some things that debtors do which can make the bankruptcy process more painful than necessary. Below are a few examples of how uninformed debtors raise the suspicions of the bankruptcy court: Giving inaccurate information [...]
Dismissal of Bankruptcy Cases and Your Assets We've talked about the dismissal of bankruptcy cases, the reasons behind a dismissal and how to avoid a dismissal; but what happens to the assets which have become a part of the bankruptcy estate after a case is dismissed?Let's take a look at a few facts: In the [...]
Creditor Claims in Bankruptcy When a debtor files bankruptcy, their creditors are required to submit what is called a claim if they want to get paid. A claim is basically a right to payment in a bankruptcy case. Below are the different types of claims you may see in you bankruptcy case: Secured Claims - [...]
Filing Bankruptcy As A Joint Account Holder A 55-year-old debtor is considering bankruptcy while his 81-year-old mother is a joint account holder on several of his credit cards. How will filing bankruptcy impact his mother's credit history and her relationships with her creditors? First let's take a look at how joint accounts are viewed by [...]
Did you file bankruptcy a few years ago and are now facing financial difficulties again? Well, you may benefit for a second bankruptcy filing, but there are a few things you need to consider: What type of bankruptcy did you file? Was your recent bankruptcy a Chapter 7 bankruptcy or a Chapter 13 bankruptcy ? [...]
Most don't imagine that it can happen to them...a city files bankruptcy and/or stops making payments on their pension obligations right before filing bankruptcy. It may not sound like a probability; but it is happening and many seniors are finding themselves considering their own personal bankruptcy filings to help soften the blow. Let's take a [...]
Facing a Bankruptcy Audit? When the 2005 bankruptcy reform law was passed, a provision was added that mandates that one out of every 250 non-business related bankruptcy filings be randomly selected for audit. Some debtors filing bankruptcy fear having to face a bankruptcy audit; but knowing what you could face during an audit could help [...]
The first thing that enters everyone's mind when evaluating just about everything in life is: how much does it cost? Legal fees are never cheap, that is true. We try to keep our cost down as much as possible because we know the situation our clients are in. After all, if you had money you [...]
One thing that all bankruptcy filings have in common is what the older generation would call "a heap of bad luck". Beyond just the regular collapse of the economy and the jobless so-called "recovery" that has put millions of Americans out of work, there are numerous other life factors that happen to consumers outside hard [...]