Chapter 11 bankruptcy is a powerful tool for business owners and high-income/debt individuals seeking bankruptcy relief. Some debtors prefer Chapter 7 bankruptcy because it allows a simple liquidation and discharge of debts giving the debtor a relatively quick fresh start. But there are some essential differences and benefits of Chapter 11 bankruptcy that debtors should [...]
As the price of housing has increased in the past 10 years and access to even more extraordinary amounts of credit have opened up to consumers (until recently), many debtors have found themselves drowning in hundreds of thousands or even millions of dollars in debt. Unfortunately, large amounts of debt can close off certain types [...]
In the bankruptcy case of (Craney, Fred C. Jr. and Suzanne M.; In re (Forker v. Craney)), the debtors' bankruptcy discharge was revoked because they spent money that was clearly property of the bankruptcy estate. The details of the bankruptcy case: In this Chapter 7 bankruptcy case, debtors reported that the debtor-husband received monthly payments [...]
In the bankruptcy case (Laroche, Wayne W. and April J.; In re), the bankruptcy court ruled that debtors filing bankruptcy must disclose their tax refund even if it is only an estimate based on previous years. The details of the bankruptcy case: In the Chapter 7 bankruptcy case the debtors failed to disclose their estimated [...]
In the bankruptcy case (Barrows, James R. and Terri L.; In re (Bar¬rows v. Christians, Trustee)), debtors accused of acting in bad faith after borrowing funds from their retirement account on the eve of their bankruptcy filing. The details of the bankruptcy case: In the Chapter 7 bankruptcy case, the debtors completed their bankruptcy paperwork [...]
According to an article in Bloomberg, consumer bankruptcies are on the rise and show no sign or decreasing. Experts predict that consumer bankruptcies will hit a high of 1.4 million by December 31st as more people face job losses and find it difficult to refinance debt. Last month along 126,000 consumers filed bankruptcy, a 34 [...]
All debtors who are considering bankruptcy must calculate their current monthly income beforehand which will help the bankruptcy court determine whether a debtor qualifies for Chapter 7 bankruptcy or if they need to take the means test to determine their ability to repay their debts. Current monthly income is a term that is deceptive because [...]
In the bankruptcy case of Morrison, F. Joseph; In re (Morrison v. Amway Corp, a Chapter 7 bankruptcy debtor is allowed to file compliant against Amway during his case despite Amway's motion to dismiss the complaint. The details of the bankruptcy case: "The Chapter 7 debtor was a former dis¬tributor for the Amway Corporation. In [...]
We've often talked about saving a debtor's home using bankruptcy; but sometimes a bankrupt debtor may discover that surrendering their home during bankruptcy may be the most logical solution to their financial problems. If you file bankruptcy and decide to surrender your home to the mortgage lender, there are a few things you need to [...]
According to an article in the Star-Telegram, the Federal Reserve expects that unemployment will top 10 percent and remain high for the next several years. The article said: In fact, most Fed policymakers said it could take "five or six years" for the economy and the labor market to get back on a path of [...]