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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.
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
Can I claim services not paid for by a company filing bankruptcy?
Yes
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.
When filing an answer to a civil complaint can I deny and say I'm filing for bankruptcy?
When filing an answer to a civil complaint, you can deny the allegations made against you, but simply stating that you are filing for bankruptcy does not automatically affect the response to the complaint. Bankruptcy can provide an automatic stay on certain legal actions, but it is essential to properly file the bankruptcy petition and notify the court. It's advisable to seek legal counsel to ensure that you respond appropriately to the complaint while also handling your bankruptcy filing correctly.
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.
Do i have to take credit counseling before filing bankruptcy?
Yes, you are required to complete credit counseling before filing for bankruptcy. This counseling must take place within 180 days prior to filing and aims to help you explore alternatives to bankruptcy. After completing the counseling, you will receive a certificate that must be included with your bankruptcy petition. Failure to complete this step can result in your case being dismissed.
