As an individual, being responsible for business debt in bankruptcy likely depends on the structure of your business. In some cases it may depend on how it was developed or formed. Many who seek to file for protection may operate a business as a sole proprietor, partnership, corporation or limited liability company (LLC). If you [...]
Business Debt and Your Spouse As a business owner, determining whether your spouse is liable for what is owed in a bankruptcy filing depends on how your business is structured and the debt incurred. In many situations, for married couples it depends on where you live. In other words, an aspect you may need to [...]
It is common for people to have outstanding debt and while the amount owed varies, many may not be aware of how close they are to having their creditor take legal action against them. For a number of debtors, legal action from a creditor comes at a time they least expect it. This reason alone [...]
There are a number of misconceptions about bankruptcy with many consumers under the impression that filing bankruptcy will hurt them. Fortunately, the process can help you and once you gain the necessary knowledge and get clarity about filing, it may improve your financial situation in more ways than one. In short, if you are unsure [...]
Deciding to file for bankruptcy is a significant step toward improving your finances. Whether you have decided to file Chapter 7 or Chapter 13 bankruptcy, one of the most important steps you should take includes getting to know the process and what to expect. In this sense, it helps to make the filing process easier [...]
Getting rid of a lawsuit in bankruptcy depends on a few factors. One of the main factors includes determining if the liability associated with it is dischargeable. Sometimes a debtor may receive a lawsuit or learn of being sued and ignore it. This can turn into a default judgment giving creditors an upper hand on taking [...]
The automatic stay is one of the reasons why bankruptcy can be a powerful tool in helping you regain control of your finances. It is often seen as a stop sign to creditors or anyone looking to proceed with legal action against you. Whether you are behind on paying your bills or feel repossession is [...]
Brandon Barber recently pled guilty to several charges including money laundering and bankruptcy fraud. He reportedly changed his plea to guilty from not guilty when appearing in court this week for a hearing. While other people were involved in what investigators are calling a real estate scheme, Barber plead guilty to one count of bankruptcy [...]
If you're seeking an alternative option in helping you get caught up on mortgage payments, Chapter 13 bankruptcy may be a helpful solution. The plan can help you make missed payments to cure the default with your mortgage. This option has helped a large number of homeowners avoid foreclosure, while making affordable payments. Chapter 13 [...]
Chapter 13 bankruptcy helps debtors reorganize debt obligations into an affordable 3 to 5 year repayment schedule. The amount you pay depends on a few factors such as your monthly income and the type of debt. Some debtors are under the impression that they must repay all of their debt under this plan. In many [...]