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If a sole proprietorship files a chapter 7 bankruptcy can they keep ther truck which is their business?
Wiki User
∙ 14y ago
You need to let your attorney know that you wish to reaffirm the debt on the truck. In order to keep it, you have to remove the debt from bankruptcy protection, keeping in mind, that you can't seek protection from the debt for seven more years.
Wiki User
∙ 14y ago
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What protection does Chapter 11 Bankruptcy offer?
Chapter 11 is the bankruptcy code issued to a business who files for bankruptcy. This type of bankruptcy protects a business and will allow it to get running again. If a business fails and applies for chapter 7, they must sell everything and give the proceeds to creditors. A person on chapter 11 does not have to do this.
How does a client get their money back if the business files for bankruptcy?
It depends on the chapter they filed and the financial state of the company, most likey not, that is why the filed for bankruptcy, they have no funds.
What happens to home warranties when a home builder files Chapter 11 Bankruptcy?
Gone unless someone buys his business and assumes debts and obligations.
What happens when a business starts filing bankruptcy?
When a business files for bankruptcy it basically means it can not repay the debts it owes to creditors. Generally a trustee will sell remaining assets and pay off creditors. The exact rules of what happens depends on what type of bankrupcty that is filed. In US for example there are Chapter 7, Chapter 13 etc.
Can you file a chapter 7 bankruptcy if a lender files a personal judgment for deficiency?
Yes
How do you get payment on child support if your ex spouse files chapter 7 bankruptcy?
Yes, bankruptcy does not effect spousal support or child support.
What happens when a business is owed money by a company that files for bankruptcy?
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Does a personal chapter 7 bankruptcy cover a sole proprietership dba business as well?
Yes, a personal chapter 7 bankruptcy covers a sole proprietership (dba) business as well. A sole-proprietorship is simply another name a debtor uses to do business. Since it is not a separate entity like a corporation or LLC, then a person who files an individual bankruptcy petition normally just lists the business name as a "dba" on the front page of his or her Voluntary Petition, and then the debts in the debtor's name and the debts in the dba name are all listed in Schedules D, E, and F (as is applicable). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Yes, a personal chapter 7 bankruptcy covers a sole proprietership (dba) business as well. A sole-proprietorship is simply another name a debtor uses to do business. Since it is not a separate entity like a corporation or LLC, then a person who files an individual bankruptcy petition normally just lists the business name as a "dba" on the front page of his or her Voluntary Petition, and then the debts in the debtor's name and the debts in the dba name are all listed in Schedules D, E, and F (as is applicable). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Can the primary borrower continue paying car loan if co-signer files chapter 7 bankruptcy?
Has to
What is a bankruptcy review of plan?
A bankruptcy plan review occurs?æwhen a business or individual files for bankruptcy. All parties involved will review the suggested plan for settlement.
Has anesiva filed for bankruptcy?
Yes. Source: http://www.scripintelligence.com/business/Anesiva-files-for-bankruptcy-after-Arcion-merger-falls-through-185934
What is chapter 7 bankruptcy liquidation?
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
