0
What are the pros and cons of a condominium association filing for chapter 11 bankruptcy protection?
From the association's viewpoint, a positive aspect is that this filing presents a position to all creditors that the association is working through its cash flow/ debt issues, so that payments can be made to retire debts albeit under terms different from the original debt terms.
Because this statute provides for the appointment of a trustee who essentially takes over the business operations of the association, the volunteer leaders of the association can learn from a knowledgeable leader about how to operate the business of the association and prevent the issues that precipitated the bankruptcy.
One disadvantage may be for association vendors that are small businesses, who depend on the original terms of their agreements to provide services to the association and its members, for their livelihoods.
Your association attorney can best review your particular situation and point out specific pros and cons for your association.
Bankruptcy-centric amendments to this answer are welcome, as are debtor-centric amendments.
What else can I help you with?
Can bankruptcy hurt you?
Whether you are filing Chapter 13 or Chapter 7 bankruptcy, your credit score will be directly impacted for 7-10 years AFTER you exit protection.
Will you get your tax refund if you file for bankruptcy?
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
How long does it take after a bankruptcy is discharged to show on your credit report?
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
How often can I file for Chapter 7 bankruptcy?
You can file for Chapter 7 bankruptcy once every 8 years.
How often can you declare Chapter 7 bankruptcy?
You can declare Chapter 7 bankruptcy once every 8 years.
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.
Can bankruptcy hurt you?
Whether you are filing Chapter 13 or Chapter 7 bankruptcy, your credit score will be directly impacted for 7-10 years AFTER you exit protection.
Has bachrach filed for bankruptcy?
Yes, on May 6th, 2009, Bachrach LLC filed chapter 11 bankruptcy protection.
Did Vlasic go bankrupt?
In 2001, Vlasic filed for Chapter 11 bankruptcy protection
Where can one find experienced chapter 13 bankruptcy lawyers?
Rick Mitchell Law offer experienced Chapter 13 Bankruptcy Attorneys. Most clients who need Chapter 13 bankruptcy protection have issued with businesses and partnerships that need to be unwound or otherwise dealt with.
Will you get your tax refund if you file for bankruptcy?
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
Is Indalex filing bankruptcy?
indalex and it's 4 holding companies have filed for chapter 11 bankruptcy protection in us court in Delaware
How is the monthly dues of a home owners association handled in a chapter 7 bankruptcy?
Your bankruptcy attorney is best prepared to answer your question, especially if you expect to continue living in the home.
What happened to World Religious Travel Association?
The World Religious Travel Association filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Colorado on Jan. 7, 2011.
Is Bally's total fitness filing bankruptcy?
Yes, they are filing Chapter 11 bankruptcy protection with a restructuring agreement that allows them to raise $77.5 million in new cash.
The Bankruptcy Abuse and Prevention and Consumer Protection Act limited the number of debtors who could declare which type of bankruptcy?
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 primarily limited the number of debtors who could declare Chapter 7 bankruptcy. The act introduced a means test to determine eligibility, making it more difficult for higher-income individuals to file for Chapter 7 and forcing many to seek Chapter 13 bankruptcy instead. This shift aimed to reduce perceived abuses in the bankruptcy system and encourage debtors to repay a portion of their debts.
Can you file a chapter 11?
Yes, provided you meet the qualifications. Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. Chapter 11 bankruptcy is a type of reorganization bankruptcy, like Chapter 13. Chapter 11 is available to individuals, corporations, and partnerships. It has no limits on the amount of debt, again, like Chapter 13. Chapter 11 is the typical bankruptcy choice for large businesses seeking to restructure their debt and become profitable again. Chapter 11 is the most flexible of all the bankruptcy chapters, which makes it generally more expensive to the debtor. The rate of successful reorganizations is very low.
