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What else can I help you with?
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.
What is the difference between a Chapter 7 and a Chapter 11 business bankruptcy filling?
In Chapter 7 bankruptcy, assets of a business are sold to help pay back their debts. In Chapter 11, businesses can keep their assets and try to negotiate new terms with their creditors.
What is the most common form of personal bankruptcy?
The most common form of personal bankruptcy in the United States is Chapter 7 bankruptcy. This type allows individuals to discharge most unsecured debts, such as credit card debt and medical bills, providing a fresh financial start. In Chapter 7, certain assets may be liquidated to repay creditors, but many personal assets are often exempt from this process. It is typically faster and simpler than other forms of bankruptcy, such as Chapter 13, which involves a repayment plan.
What happens to all your personal property in your home after chapter 7 bankruptcy?
Generally, these are exempt assets and they remain yours, preumably to take with you.
If you own a small business and you want to file personal chapter 7 on credit card debt do you have to file a business bankruptcy?
This is rather complicated. If your personal and business expenses were totally separate and there was no commingling of assets or debts, than probably not. Your business will, obviously be included in the disclosure of your assets. You should explore this throughtly with legal counsel in order to protect all your property and be certain you claim all your exemptions.
If you file Bankruptcy on your business can they take your personal assets?
Only if then can show that you committed fraud, by piercing the corporate veil (i.e. using the business as your personal property), or if you gave a personal guarantee for business loans/debts.
Would our judgment awarded by courts prior to defendants chapter 13 bankruptcy take precedent to the assets before the assets are taken in the bankruptcy?
No.
What does chapter 11 bankrupty mean?
Chapter 11 is a form of bankruptcy that involves a reorganization of a debtor's business affairs and assets. It is generally filed by corporations which require time to restructure their debts.
What type of bankruptcy requires the liquidation of most of your assets?
Chapter 7
What is the difference between chapter 11 vs chapter 7 bankruptcy?
The major difference between Chapter 11 bankruptcy and Chapter 7 bankruptcy is that Chapter 11 offers more flexibility so that debtors can negotiate terms without having to sell their assets. Under Chapter 7 bankruptcy, the debtor's assets are almost always sold to pay off their debt. Chapter 7 also features a level of debt forgiveness, whereas Chapter 11 does not.
What can you lose in bankruptcy?
This is largely dependent on the chapter of bankruptcy that you're filing under. Is it for an individual? Is it for a business or a corporation. I will take the most common type of bankruptcy-Chapter 7-for an example. Under Chapter 7, the bank is technically allowed to take personal assets and property and liquidate it/them in an attempt to pay back debtors. But there are a number of exemptions and for many people, they do not lost personal items after filing for Chapter 7. Common exemptions when filing for bankruptcy include tools of the trade-such as a car that is used to commute to and from work-and clothing under a certain dollar amount. The article below lists many of the possible exemptions for different chapters.
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.
