Bankruptcy Protection For Trade Creditors and Vendors
Instead of having the uncertainty of when and how much they are going to be paid, many vendors simply want their goods returned. In the bankruptcy context, this is referred to as reclamation. While not an ideal solution, it avoids having to file a proof of claim and waiting for payment from the (read on...)
Bankruptcy – Why People File For One
Recession has taken its toll, not only to business owners but even to employees as well. People from all walks of life are greatly affected of the current state of our economy. Truly, no one is exempted from the effects of recession. Now, more than ever, many people had to file for bankruptcy not (read on...)
Chapter 11 Bankruptcy For Individuals – Or is it Just For Business?
Individuals have a very different set of circumstances to consider than large corporations. In the worst case, a corporation can simply liquidate its assets and cease to exist. AN individual has no such option. Though they too can liquidate their assets, they must continue to live and work in (read on...)
Filing For Bankruptcy – Quick Overview
Well, you want to know about filing for bankruptcy. This is just a fast overview of what to do. I am going to presume that you have yourself a large mountain of debt you can’t get rid of. You may be bad with money. You may have lost your job. This is nothing to worry about. Now you’re (read on...)
Chapter 7 Bankruptcy – Petition For Discharge Of Unsecured Claims
A Chapter 7 bankruptcy petition is a liquidation (sale/disposition) of a debtor’s nonexempt property to generate cash for creditors in exchange for a discharge of all dischargeable debts. A debtor has a “no asset” estate if the scheduled or recoverable assets, less encumbrances (read on...)
You Can Get Bankruptcy Loans!
You may have the notion that after having filed for bankruptcy, you are far from a possible candidate to get a loan, however, this is a big misconception. Of course, it may seem hard to believe that a bank would give out any type of loan and take the risk with anyone who has gone bankrupt, but as (read on...)
Bankruptcy Isn’t the Only Way Out For Struggling Businesses – Explore Workouts and Turnarounds First
You’ve worked hard to build your business, so don’t just throw it all away by filing for bankruptcy. Workouts and turnarounds offer other potential resolutions for your company’s financial woes. Contact your local bankruptcy attorney today to learn more! The business (read on...)
2 Types of Personal Bankruptcy and 4 Types of Business Bankruptcy
Bankruptcy can be defined as a legal procedure that helps a debtor or a business to make a fresh financial start by either paying back or getting discharge from the debts. Upon successful completion of the bankruptcy proceedings, the debtor or the business gets relieved of the debt obligations. (read on...)
Alternative to Bankruptcy – You Do Have Options
Over the past several years, many people have found themselves buried in unsecured debt and are looking for an alternative to bankruptcy. With the state of the economy, many folks are resorting to using their credit cards to pay for living expenses which is a recipe for disaster. If you are one (read on...)
Creditor Exposure in Retail Bankruptcies
Rejection of Leases Bankruptcy Code 365 provides that subject to court approval, the debtor may assume or reject any executory contract or unexpired lease. This gives the debtor the power to pick and choose amongst their executory contracts and leases. In the retail context, this allows the (read on...)