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- Benefits of Filing for Chapter 13 Bankruptcy
The life situations that lead to the necessity of filing Chapter 13 bankruptcy are dire and filled with monetary problems where the borrower is unable to pay back his or her debts. However, even in the event where a Chapter 13 is the only possible conclusion, there are benefits that may protect and help the applicant.
- Responding to a Creditor Lawsuit if Filing for Bankruptcy
When filing for bankruptcy, it is important to receive letters and information from current creditors while refraining from an immediate response. During these processes, it is essential to have a professional such as a lawyer to assist with the matter and ensure that all creditors acquire the necessary response per the legal representative.
- Can Bankruptcy Solve Home Mortgage Problems?
Home mortgage problems often lead to default and foreclosure of the property the individual is attempting to purchase. While bankruptcy may be the last resort to solve any financial difficulty, some homeowners seek this process to try to stop a foreclosure from taking the home away.
- Effects on Credit after Bankruptcy
Bankruptcy is a serious process, and only those that are fully aware of what this entails should proceed with all appropriate files, records and information supplied to the officials. The effects this method of debt erasure cause are often negative and detrimental to the credit of applicants seeking to remove arrears.
- Bankruptcy Exemptions in Texas Filings
Texas bankruptcy filings are similar to those found in other regions of the country, but there are certain exemptions available based on specific factors. Most of these exemptions exist with what is possible to retain after the procedure has completed, and this is most beneficial to landowners and those that want to keep their vehicles.
- Is It Necessary to Liquidate My Business If I File for Bankruptcy?
Bankruptcy could affect how a business operates after the process has finalized, and the owner may need to liquidate the company based on which type of process he or she files. Independent bankruptcy may also affect the business entity when there are no personal assets remaining to keep the company afloat in these difficult times.
- Keeping Your Motor Vehicle after Filing for Bankruptcy
When filing bankruptcy, it is likely that most assets may be removed to pay for debts depending on the chapter filed, and for those with few means of travel, it is essential to keep that vehicle after the process has completed. It is important to know what is needed when car payments are behind, and bankruptcy has started.
- Planning for Reorganization in a Chapter 11 Bankruptcy
When a company is unable to remain open for business under the current capacity, bankruptcy is often the option chosen through Chapter 11 to remain functional and keep revenue incoming. While this type of bankruptcy is a reorganization that permits the owner to plan and restructure the company to stay open, most of the assets and other items are sold off when a Chapter 11 is initiated.
- Consequences of Hiding Assets in Bankruptcy
When going through bankruptcy, it is important to ensure all assets are considered so that the right process is utilized for the applicant such as Chapter 7 for individuals with an excess of debts and low disposable income. If the person seeking to complete bankruptcy hides any of his or her assets, he or she may face serious consequences to include penalties and contempt of court.
- Filing for Bankruptcy with Student Loans
When a former student is unable to pay for the debts he or she has accrued, it is then time to think about bankruptcy. However, with student loans mixed into these proceedings, the individual that has accrued debts must ensure he or she is covered either by having them removed with the bankruptcy or through possible payments with the loans.