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What are the two chapters a business can file bankruptcy under?
Wiki User
∙ 11y ago
You can file bankruptcy for two possible reasons: you are unable to pay your debts or your creditors file for bankruptcy if you owe them more than 1000 dollars.
Wiki User
∙ 11y ago
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How do you file a petition under Section 522 of the Bankruptcy Code?
How do you file a petion under Section 522 (f) 0f the Bankruptcy Code?
Can you file bankruptcy after you have consolidated most of your debt?
no you can not That answer is incorrect. Whether you can file a bankruptcy case and under which Chapter you can file needs to be evaluated under the terms of Bankruptcy code. Whether or not a particular debt is dischargeable needs to be evaluated under the terms of the Bankruptcy code. Consult an attorney. This is serious business. Do not rely on answers by unidentified people without information about their credentials or the basis of their opinion. That goes for people you meet at cocktail parties or the ball game. Consult an attorney.
Can an illegal immigrant file for bankruptcy in the state of California?
An illegal immigrant can file for bankruptcy in California. The federal bankruptcy code does not limit the filing of a bankruptcy to U.S. citizens or legal permanent residents. The bankruptcy code allows a debtor to be a "person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title."Whether it is advisable to file for bankruptcy, will depend on the particular circumstances of that individual.
What is personal Bankruptcy?
It is when an indivdual (or married couple) file for bankruptcy rather than a business or corporation.
What is the Bankruptcy Code?
The Bankruptcy Code refers to a business filing bankruptcy. If a business is unable to pay it's debt or pay it's creditors, the business or it's creditors can file bankruptcy. Upon filing bankruptcy, the business ceases operation, a trustee sells the assets, and then gives the proceeds to it's creditors.
If you own a business do you need to file a business bankruptcy for the business?
yes and read the fine print
Can you file bankruptcy after closing a business and move out of state?
Yes.
What kind of services do business bankruptcy lawyers offer?
A business bankruptcy lawyer can guide your business through the bankruptcy process, and ensure that you can maintain as much of your assets as possible while undergoing the bankruptcy process.
If you file bankruptcy?
What happens if you file bankruptcy differs depending on what chapter of bankruptcy you or your business decides to file under. The most common form of bankruptcy for the individual is Chapter 7. Under Chapter 7 bankruptcy, the banks may liquidate property and assets-except things that are explicitly protected. After this, most debts are forgiven-but not all, as certain debts do not qualify. Your credit score will then be severely damaged by the filing, but you will be free to slowly bring it back up as you will not be suffocated by debt. The article below goes into further detail on the process of bankruptcy.
If you file business bankruptcy do you also file personal bankruptcy?
I suppose you could, but even if you did manage to get the financing together to open another business, any profits from it would be subject to seizure by the court and the bankruptcy trustee to pay off the bankruptcy judgement. There is no bankruptcy "judgment." If the bankruptcy is over and you have your discharge, you can open a business, and any money you make is yours. Providing the first bankuptcy is discharged.
How does an international business file bankruptcy?
Each of the Cos it operates as are incorporated in a specific country and each country has BK laws it files under.
Can a person keep and file bankruptcy if the home is under any mortgage?
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
