Filing for bankruptcy under Chapter 7 can help you solve your business debt problems. When your business is badly in debt and you know you will not be able to pay your creditors, you can file. Learn how Chapter 7 can help you and determine if it is a good option for your business.
At Liviakis Law Firm, you will find answers to your questions about whether or not filing for bankruptcy will eliminate your credit card debt. Most people have unsecured and secured debt. Unsecured debt is debt that is not tied to any property. Medical bills, utility bills, personal loans, and credit cards are all considered unsecured debt. Home mortgages and vehicle loans are examples of secured loans.
You are behind on your mortgage payments and foreclosure is looming. Alternatives to foreclosure are a short sale, loan forbearance, and a deed in lieu of foreclosure. When none of these alternatives are possible there might be one option you might not know about: filing for bankruptcy. Many people have been able to keep their homes by filing for bankruptcy at just the right time.
When the economy takes a turn downward, many people have to make changes to both what they purchase and how they purchase it. Many Americans have begun to make a budget in order to better manage finances. But for necessary expenses, some turn more heavily to credit cards.
Credit cards can be a tool to finance everyday purchases until the economy turns around. But relying on credit cards can lead to credit card debt. In many cases, increasing credit card debt can be taken care of by the consumer by cutting back spending and paying it off. For some, the balance can get out of control and the consumer has few options to pay off the balance. One option for those facing substantial credit card debt is bankruptcy.
Running a business at any time can be difficult and stressful. However, over the last few years, running a business has been nearly impossible. It does not take very many missed or late payments for a business to be in financial trouble. This may leave the owner with few options to get out of debt. One option is to file for business bankruptcy. This is a way for business owners to get out of debt while also allowing the owner to reorganize.
An ambulance operator, Rural/Metro Corp., filed for Chapter 11 bankruptcy protection last week. The company continues to provide ambulance services but is facing substantial debt.
In most bankruptcy cases, the fees an attorney charges are disclosed. In fact, the Court also provides guidelines covering the range of legal fees applicable to work on consumer bankruptcy cases. In chapter 11, an attorney is paid after filing a motion for compensation which lays out exactly how much the attorney is charging and how much time was spent on particular tasks.
The past few years have forced many residents of Sacramento to rely more heavily on debt to finance everyday tasks. Many have seen their debt increase in the form of credit card debt, student loan debt or mortgage debt if the house has lost value.
In some cases, debt can be beneficial to the individual. Debt can help a student make it through school. Debt can also help a business get an idea of the ground. For example, the electric car company Tesla received a loan from the government, which it was able to fully repay in 2009. Tesla would never have been able to create the electric car without incurring that debt.
Last Wednesday, the bankruptcy judge overseeing the Detroit bankruptcy case put a hold on all lawsuits that were challenging Detroit's bankruptcy filing, as well as most other litigation against Detroit. However, this does not mean an end to Detroit's legal troubles. The bankruptcy judge pointed out that his ruling did not decide whether Detroit could modify its pension benefits in bankruptcy, or even whether Detroit was eligible for bankruptcy protection.
What is bankruptcy court? To put it simply, bankruptcy courts are the courts in which all bankruptcies must be filed, including those for Yreka bankruptcy attorneys. After a person has prepared his or her petition, schedules, and other documents, that person must file those documents at the bankruptcy court for his or her district. As bankruptcy courts are federal courts, they are often found in federal buildings along with other federal courts.
Businesses face many challenges but can also reap several benefits. Business owners must manage all the issues that arise in a business such as submitting and paying for orders, hiring and paying employees, paying rent or buying the location. Business owners also get the satisfaction of being their own boss and managing it how he or she wants to manage it. But business owners can also be affected by changes in the economy. For example, the recent economic downturn has forced many business owners into business bankruptcy because they see no alternative way out of the debt they are dealing with.
A local family owned business in Northern California, Mi Pueblos, has filed for Chapter 11 bankruptcy. This grocery store chain has filed because of a dispute with a secured creditor. The chain has indicated that it is not currently defaulting on any obligations.
Bankruptcy is not just for individuals and businesses. In certain states, municipalities can file for bankruptcy as well. Recently, the city of Detroit filed for bankruptcy, becoming the largest municipal bankruptcy in terms of both population size and debt load.
Many companies face financial challenges at some point in their existence. Many are able to turn it around, but some are forced to turn to bankruptcy to get out from under mounting debt. There are two types of bankruptcy that a company can file, and one is Chapter 7 bankruptcy.
Chapter 7 allows the debtor to discharge their debt. A recent report indicated that an international trade company is now facing Chapter 7 bankruptcy. Gannon International is being forced into bankruptcy by three creditors who are owed almost $3 million. The Chapter 7 bankruptcy petition was filed on July 9 in bankruptcy court.
The vast majority of bankruptcy cases are voluntary in Rancho Cordova, CA. When a business or person has trouble paying debts filing for bankruptcy helps create debt relief. However, in very rare cases, it is possible for creditors to force a person into bankruptcy.