Sawin & Shea

APRIL 24, 2024

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. Which creditors can they pay? This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first.

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Sawin & Shea

APRIL 10, 2024

Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy.

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ABI

JANUARY 19, 2024

In 2017, Allegiance Bank loaned Burts Construction, Inc. the “Debtor”) $1.5 The loan was secured by a lien on “all assets of the debtor, including all accounts.” [1] 1] In May of 2020, Allegiance filed a UCC-1 Financing Statement with the Texas Secretary of State to perfect its lien on the debtor’s assets. [2]

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Debt Free Colorado

JANUARY 27, 2022

They will sell them and use the revenues to pay for the bankruptcy’s fees , charges, and expenditures before paying creditors. The Trustee confiscates your bank and savings accounts when the bankruptcy order is issued. ” The Trustee has the authority to seize and liquidate non-exempt property to benefit creditors. .”

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Fraser

JUNE 25, 2020

The petition date is the date on which a debtor files a chapter 11 bankruptcy proceeding. The debtor is required to serve all known creditors with notice of the commencement of the chapter 11 case. Such relief may include a request to pay some unsecured creditors (such as employees or “critical vendors”) ahead of others.

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Sawin & Shea

APRIL 17, 2024

The reason why creditors prefer you file Chapter 13 is because Chapter 7 bankruptcy discharges unsecured debts after the trustee liquidates nonexempt assets. This means that unsecured creditors, such as credit card companies, won’t receive what the debtor owes.

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Debt RR

DECEMBER 13, 2019

Banks can seize business assets and liquidate as a last resort to cut their losses. Many businesses are both debtors and creditors. Missing payments on secured debt causes the creditor to repossess the property as recourse. Some creditors issue bonds, which demand principal and interest payments. Secured Creditors.

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