Can I File Personal Bankruptcy and Keep My Business? If you're filing a personal bankruptcy, Chapter 7 or Chapter 13 , and you own a business, your business can survive. Here's what you need to know: Depending on the type of business you have, (sole proprietorship, LLC, corporation etc.) your business creditors might be separate [...]
When You Should File an Emergency Bankruptcy Timing is everything when it comes to protecting your assets from creditors. That's why it is important that debtors not wait until it is too late to file bankruptcy. But unfortunately, because of the pressure many debtors feel to pay debts which are clearly destroying them financially, many [...]
Does Bankruptcy Restrict Your From Certain Professions? There are a lot of myths about bankruptcy; but one is particularly damaging for debtors who are unemployed and NEED to file bankruptcy now to save their assets while they are looking for a job. There is a nasty rumor going around that bankruptcy filers are restricted from [...]
Debtors considering bankruptcy often make the mistake of failing to educate themselves about bankruptcy or failing to hire a knowledgeable and skilled bankruptcy attorney. Just like in other areas of the law, ignorance can mean the difference between success and horrible failure. Most people, in their right mind, will not attempt to represent themselves if [...]
The State of Bankruptcy In China Many American debtors don't realize how unique our bankruptcy system is and how many foreign nations lack even a basic bankruptcy system. China for example has NO individual bankruptcy system. That means that individuals cannot discharge their debts in Chapter 7 bankruptcy or Chapter 13 bankruptcy type systems. A [...]
New median family income guidelines have gone into effect as of November 1, 2010. Texas Median Family Income For the state of Texas the median family income is as follows: Single Wage Earner: $37,676 Family of Two: $54,288 Family of Three: $55,534 Family of Four: $64,420 For a family of more than four, an additional [...]
Claiming Your Car as Homestead in Bankruptcy As an unfortunate side effect of this recession many previously gainfully employed individuals are finding themselves living in their vehicles. This situation has created scenarios where bankruptcy trustees must decide if a debtor can claim the homestead exemption on their vehicles under the bankruptcy law. Such was the [...]
Whether you're filing Chapter 7 bankruptcy or Chapter 13 bankruptcy finding a good bankruptcy attorney is essential if you want to maximize the benefits that bankruptcy offers. Below are a few of the most important characteristics of a great bankruptcy attorney: The bankruptcy attorney understands the CURRENT bankruptcy laws. While it may seem obvious, knowledge [...]
If you're a corporate debtor with operations in the United States and abroad, there are several factors you need to consider before filing bankruptcy. Let's take a look: Chapter 15 of the Bankruptcy Code, which was created in 2005, allows U.S. courts to recognize the bankruptcy proceedings of foreign countries. This means that when a [...]
Who is Good Candidate for Bankruptcy? Many debtors considering bankruptcy are unsure of whether they are a good candidate for discharging or repaying their debts using bankruptcy. Below are four signs that you may be the perfect candidate for bankruptcy: If you were to repay your debts outside of bankruptcy and it would take you [...]