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What steps should a company take when considering filing a petition for bankruptcy?
When considering filing for bankruptcy, a company should first assess its financial situation and explore other options such as restructuring or negotiating with creditors. It should then consult with legal and financial advisors to understand the implications of bankruptcy and determine the best course of action. Finally, the company should carefully prepare and file the necessary paperwork with the bankruptcy court.
What else can I help you with?
What is Prepetition?
Any time before the filing of the petition (of bankruptcy I presume) with the court.
Can home owners association fees be included in a bankruptcy?
Your bankruptcy attorney can help you decide what to include in your filing petition.
Can a creditor add an account to your bankruptcy when the account was opened after filing and you didn't include it yourself?
No, debts acquired after the filing cannot be included in the BK petition.
What bankruptcy information should you know before you consider filing for bankruptcy?
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
Can I claim services not paid for by a company filing bankruptcy?
Yes
What do you need to know about filing your tax return if you have filed bankruptcy during that year.?
No, you still owe the government. Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate, which generally consists of all the assets of the person filing the bankruptcy petition. A separate taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the Bankruptcy Code. The tax obligations of the person filing a bankruptcy petition (the debtor) vary depending on the bankruptcy chapter under which the petition was filed. Generally, when a debt owed to another is canceled the amount canceled or forgiven is considered income that is taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. However, the canceled debt reduces the amount of other tax benefits the debtor would otherwise be entitled to. This information is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide. See http://www.irs.gov/publications/p908/index.html
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
If your husband files bankruptcy can they take the wifes' possessions?
It depends on that State's laws, but usually, if the wife is not a co-signor on any of the debt's that the husband is filing, she is exempt. To be on the safe side, check with the bankruptcy lawyer filing the petition.
What is the Typical costs of chapter 7 bankruptcy?
Court Fees: $299 Pre Filing Education: $65 Attorneys or Bankruptcy Petition Preparers: anywhere from $100-3000
Can a debt to a private individual be included in a bankruptcy petition?
Not only can the be included, they MUST be included. All debts whether to Walmart or Aunt Betsy needs to be included in your bankruptcy filing.
If you are married can you still file chapter 7 bankruptcy?
A Chapter 7 case is commenced by the debtor filing a voluntary petition or at least three creditors filing an involuntary petition. A husband and wife can file a joint petition. 11 USC § 302.
We are filing bankruptcy Can you rent an apartment or condo prior to filing?
You can.And in all fairness, you might consider disclosing to your new landlord that you intend to file, especially if you plan to declare any funds due in your new housing situation on your bankruptcy petition.
