Thursday, December 18, 2008
Generally speaking, there are 3 main types of bankruptcy:
Chapter 11: Corporate Reorganization.
Chapter 13: Consumer Reorganization
Chapter 7: Liquidation- both Corporate & Consumer.
Therefore, for most people looking to file for bankruptcy, they file for Chapter 7 in order to discharge some of their unsecured debts.
Look on the left hand collumn for our extensive posts on Chapter 7 [...]
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Also tagged 13, 13 bankruptcy chapter, bankruptcy, bankruptcy chapters, chapter 13, chapter 7, chapter 7 bankruptsy, consumer, filing bankruptcy, types, types of bankruptcy
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Tuesday, December 9, 2008
Arizona is suffering from the number of foreclosures they’ve experienced during the last few years…and it seems the hangover from the property bubble is affecting business owners too…
…she and her husband, Ronald, were recently advised to file for bankruptcy because of rising debt…
http://www.azcentral.com/arizonarepublic/business/
Luckily, the new bankruptcy laws allegedly shield business people from the new constraints [...]
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Also tagged arizona, az, bankruptcy, bankruptcy and foreclosure, bubble state, can bankruptcy stop foreclosure, companies, credit, debt, foreclosure, foreclosure or bankruptcy, foreclosure vs bankruptcy, phoenix, real estate, real estate bubble
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Tuesday, November 4, 2008
This continues yesterday’s post about small businesses owners who should plan ahead before facing themselves filing for bankruptcy:
The article notes that:
people in the trades — electricians, roofers, framers, concrete finishers
are finding themselves filing now that the housing boom has worn off.
http://www.mercurynews.com/business/ci_10808374?source=rss
What about small business owners?
Should they be concerned about their personal finances during business downturns like the one we are in now?
According to this article, yes:
http://www.dallasnews.com/sharedcontent/
Wednesday, September 3, 2008
So, you are a debtor filing for bankruptcy protection and you have income north of $25,000 every month. Can you discharge your unsecured debts in a Chapter 7 proceeding?
You’d think that the answer would be “no” after 2005’s BAPCPA, right?
But, what if the debts were mainly related to business instead of being consumer debts?
Interesting question, [...]
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Also tagged 7, bankrupt, bankruptcy, card, chapter, chapter 7 bankruptcy rules, chapter 7 bankruptsy, chapter 7 discharge, credit, debt, file chapter 7
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