Chapter 11 of the United States Bankruptcy Code is a debt relief option specifically available to corporations, partnerships, and limited liability companies. It’s commonly referred to as the “reorganization bankruptcy” option because it allows businesses to restructure their debts, obligations, and assets. In rare cases, individual debtors can also file for Chapter 11 so long as they don’t qualify for…Read More
In the last 10 years, there have been countless studies and news reports detailing how medical bills have become the #1 reason Americans are filing for bankruptcy. Each year, thousands of people with health insurance leave hospitals fearing poverty and concerned about their overall financial situation, and it shouldn’t be this way. One bad fall or accident shouldn’t dictate the…Read More
Adversary Proceeding An “adversary proceeding” (AP) is a civil lawsuit that is filed in relation to a bankruptcy case. A debtor, creditor, or bankruptcy trustee can file an adversarial proceeding to address certain legal issues that can’t be directly resolved by the bankruptcy court. It costs about $350 to file an adversary proceeding. These proceedings have their own case numbers…Read More
An automatic stay is an injunction that halts any creditor action once a debtor formally files for bankruptcy. This means that a creditor is legally prohibited from directly contacting, pressuring, and harassing a debtor for payments. The purpose of an automatic stay is to allow the bankruptcy court time to thoroughly review the debtor’s estate. During this time, any creditors…Read More
Many people have mixed emotions when it comes to paying homeowners’ association (HOA) or condominium association fees. For some, it’s a costly hostage situation managed by their nosy neighbors; for others, it’s a necessary monthly fee that keeps the house community – as a whole – safe and in excellent condition. If you live in a home, condominium, or townhouse…Read More
A qualified attorney has the skills and resources to temper the outcome of your bankruptcy case into the start of a stable, debt-free chapter of your life. Of course, it’s not unusual for former debtors to stumble a bit as they adjust to their new circumstances and explore their limited financial options. But once a former debtor’s confidence starts climbing…Read More
People often associate Christmas with chilly weather, warm cocoa, colorful decorations, and a heap-load of presents, presents, presents! But with the average American spending over $1,000 on Christmas gifts each December, overspending might as well be considered a holiday tradition. Unfortunately, how you manage your finances this holiday season could lead to some interesting complications in your bankruptcy case. The…Read More
Young adults in the United States are facing a future of great financial insecurity. On one hand, they are inheriting the social and political repercussions of a dangerously high national debt. On a more personal note, they need to balance the country’s rising living costs with college debts and fluctuating unemployment rates. Many desperate young adults are turning to bankruptcy…Read More
By filing for Chapter 7, debtors can liquidate their assets to pay off their creditors and eliminate any forgivable debts. However, this doesn’t necessarily mean that the overall legal process is simple or straightforward. There are countless forms that need to be accurately completed before your assets can be assessed and liquidated by the court. If you’re planning to file…Read More
In 2016, the U.S. Census Bureau reported that the average median income was $59,039 per household. While popular media doesn’t openly publicize it, 16.2 million American families are currently struggling well below the federal poverty level, and many citizens are finding it difficult to pay their monthly bills. Prioritizing Your Debts & Expenses When your household is running on a…Read More
