There are both advantages and disadvantages to filing for bankruptcy. Chapter 7 is often known as debt liquidation bankruptcy and is a good options for many individuals are couples that are in dire financial straits. As soon as a debtor files for bankruptcy, there is an automatic stay and most creditors must stop their collection efforts. Thus, the debtor can begin rebuilding his credit; financially-speaking, the debtor can start over.
It is true that filing for bankruptcy ruins a debtor's credit from a number of years and may cause embarrassment. However, incurring more debt and facing the harassing phone calls, letters and potential lawsuits from creditors can have the same effect. Filing for bankruptcy will allow many debtors to get started sooner on rebuilding their credit in peace.
The advantage to a Chapter 11 filing is that the debtor is permitted to remain in possession of the entity, which is especially important in business filings since the debtor may continue to operate the business.
One of the reasons that someone would have to apply for a Chapter 11 filing would be for bankruptcy or reorganization of a company. This filing is available for any business regardless of size.
There are a number of reasons why one would need to file for bankruptcy. However Chapter 12 bankruptcy is one of the less common forms. The main reasons for this type of bankruptcy are for family fishermen or family farmers to restructure their finances.
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
You need to contact a bankruptcy lawyer since you need to have one to file. Which chapter depends on how much money you have, you may not qualify for chapter 7 if you have too much money.
You can file Chapter 13, but you would need to pay all creditors in full because you are not eligible to receive a discharge. If you want file Chapter 13 and receive a discharge, you must wait to file until 6 years have passed since your Chapter 7 case. You would to wait 7 years if you want to file another Chapter 7 case.
You can file chapter 7 bk. Unless you have another revenue source, you would not qualify for a chapter 13 bk because you need to have "regular income" for a 13 bk.
Yes.
Yes.
You can file for bankruptcy in Illinois at the United States Bankruptcy Court District of Illinois. You will need to decide whether you are filing for Chapter 7 or Chapter 13 bankruptcy. If you are unfamiliar with the process, it is recommended to seek the help of an attorney. Securing legal representation can be helpful for those who are overwhelmed by the bankruptcy process.
You don't need a job to file Chapter 7!
If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.
If you filed a Chapter 7 bankruptcy in MI and it is discharged, you can amend whatever document you want at any time. It does not matter whether it is during the process of bankruptcy or after the discharge.
No, you don't need assets to file for bankruptcy, except for money for the attorney's fees. For a chapter 7 case, the average fee will be $1,500.00. For a chapter 13 case, the average fee is usually about $3,000.00, but it's paid out in monthly installments over a 3-5 year period.
You don't need any forms - child support is not discharged in bankruptcy.