In the Red

FEBRUARY 15, 2019

The total debt amount in the definition of small business debtor in Section 101(51D) will rise to $2,725,625. Other adjustments will affect consumers more than business debtors. Official bankruptcy forms will likely be updated as April 1st draws near. Image Courtesy of Flickr by Pictures of Money.

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Credit Corp

MAY 3, 2023

In This Piece Understand the Types of Bankruptcy How Do You Know Which Bankruptcy Type is Right for You? What Is Chapter 11 Bankruptcy? What Is Chapter 7 Bankruptcy? What Is Chapter 13 Bankruptcy? Should You File for Bankruptcy? What Is Chapter 13 Bankruptcy?

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Sawin & Shea

AUGUST 23, 2023

Before you decide if bankruptcy is the best option for you, it’s important to understand the two different types of bankruptcy that are available to individuals: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Most Debtors, however keep everything they have.

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Sawin & Shea

JANUARY 5, 2022

Filing for bankruptcy is often a necessary yet scary and confusing process for debtors. No one plans to accumulate so much debt that they can’t pay it back, but things happen. While you may not want to file bankruptcy, it is often the best choice if you are struggling to get by. Pre-Petition Debts.

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Debt Free Colorado

MARCH 3, 2023

Do Bankruptcies Come in Different Types? There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter 7 and Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed.

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Titan Consulting

AUGUST 23, 2020

If you do not qualify for a Chapter 7 bankruptcy to liquidate your debts, you may be required to pay back a significant portion of your debts under a Chapter 13 Bankruptcy, and still suffer the negative impact to your credit score. Chapter 7 liquidates assets and discharges qualified debts.

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Debt Free Colorado

JANUARY 10, 2022

Federal courts have exclusive jurisdiction over bankruptcy cases. As such a bankruptcy case cannot be filed in a state court. Bankruptcy laws are in place to protect not just the debtor, but also the creditors. There are several types of bankruptcy. . Secured debts can be discharged.

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Sawin & Shea

JANUARY 12, 2022

Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. While filing for bankruptcy is often the best course of action if you are overwhelmed by debt and struggling to stay afloat, it’s important to understand what debts can and cannot be discharged in bankruptcy.

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Sawin & Shea

NOVEMBER 15, 2023

In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. Laws called exemption statutes determine what a person or married couple can keep through the Chapter 7 process. This is what is called a “surrender” under bankruptcy law.

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Sawin & Shea

APRIL 12, 2023

There are five different types of bankruptcy filings, but for clarity’s sake, we’ll be emphasizing Chapter 7 and Chapter 13 bankruptcy-related issues as they are two of the most common ways to file. What is the Difference Between Chapter 7 and Chapter 13?

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PBWT

MAY 4, 2021

Debtors who ignore instructions from the Bankruptcy Court do so at their own peril, as a recent case from the First Circuit Court of Appeals illustrates. ” [1] Otherwise, debtors risk dismissal of their petition and denial of a discharge.

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Sawin & Shea

JANUARY 25, 2022

However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13. What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral.

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