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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.
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∙ 10y ago
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Does filing for bankruptcy re-age delinquent accounts included in?
"Included in" bankruptcy? No. It stops any interest or penalties on unsecured debts. If the bankruptcy fails, the accrued interest or penalties will be added to the account, and the statute of limitations starts ticking from where it was on the date of filing.
How long does it take for your credit to get better after you are discharged from Chapter 13 bankruptcy?
Your credit score starts going up the minute the bankruptcy is filed. Debts incurred after the filing (even the day after), are exempt from the bankruptcy. If you make house and/or car payments on time, your score goes up Legally, they can hold it for up to 10 years.
What happens when first day of month is a Sunday for business or contract purposes?
The contract starts on the first "business" day so it would begin on Monday.
Who starts a new business hoping to make a profit?
A person who starts a new business is an entrepreneur.
Before someone starts a business, he should consult with a small business attorney. ?
Before someone starts a business, he should consult with a small business attorney.
What is something that starts with A and happens once a year?
An annual event starts with A and happens once a year.
Person who starts a new business hoping to make a profit?
A person who starts a new business is an entrepreneur.
What happens if earth starts rotating faster what happens if earth starts rotating faster?
Nothing will happen because of the gravity
What happens when lighting strikes grass?
It starts to be on fire the it starts to smoke
What is a business that starts with e?
The entertainment industry is a business. It begins with E.
What is the cut off for not filing taxes?
There is no point at which it becomes OK if that is what you mean. If you don't file you are perpetually open to audit and assesment for that period. (The statute that regulates how long you can be questioned about your filing starts running from the time it is filed...don't file and it never starts or ends). You can get automatic extensions for filing (NOT FOR PAYING...you do that by estimate when askling for the extension on when to file), starting with the date they are due.
Is there a statute of limitations on filing additional items on a fire claim in California?
It will depend on who you are filing with. If it is with the insurance company, it is specified in the contract. There may be a clause regarding discovery of damages and when the clock starts.
