Having to face a lawsuit is by far one of the most stressful things a person can endure. By filing for bankruptcy protection, you are automatically given what is called an “automatic stay” which legally stops creditors from collection activities, including lawsuits which they are pursuing against you. Stop Debt Lawsuits The automatic stay prevents…
Continue reading ›When one files for bankruptcy their debts are divided into three main classifications to determine what they will have to pay back and what will be wiped out. The three classifications of debts are secured, unsecured, and priority. Priority debts or priority claims are special types of unsecured debts, meaning they aren’t backed by any…
Continue reading ›When you file a petition for Chapter 13 bankruptcy protection, you present a payment plan that, once approved, obligates you to make monthly payments to the bankruptcy trustee, who will then pay your creditors with the money. In order to obtain a discharge of your remaining unsecured debts, or have them wiped out at the…
Continue reading ›Faced with over $2.5 million in debt, the Cedarville California-based Surprise Valley Health Care District filed for Chapter 9 bankruptcy protection this week. The company is the owner and operator of a 26-bed hospital named Surprise Valley Hospital, located in Modoc County and provides medical services to an estimated 1,500 people. The hospital’s board of…
Continue reading ›Bankruptcy is a legal procedure which allows individuals, businesses, and even government entities to eliminate debt with the protection of the federal bankruptcy court. A bankruptcy case is filed under one of the chapter of title 11 of the United States Code, or more specifically, the U.S. Bankruptcy Code. For individuals, most bankruptcies fall under…
Continue reading ›A recent survey by CareerBuilder showed that over 75% of households in America are living paycheck-to-paycheck. This issue, exacerbated by overspending, is potentially dangerous especially without an emergency savings account or line of credit. The report highlights an overreaching problem for Americans that we spend everything we earn and then more through going into debt.…
Continue reading ›A personal guarantee is an agreement to make oneself personally liable for a debt to a lender. These are often used by small business owners to secure lines of credit by putting up their personal assets to repay the loan. Personal guarantees play an important role in small business in America. Many banks understand that…
Continue reading ›Bankruptcy lawyers in Sacramento California are most commonly asked how an individual can qualify for Chapter 7 bankruptcy and what qualifications or standards need to be met in order to file. Determining who can file for bankruptcy can be complicated and so seeking out a Sacramento bankruptcy attorney can ensure that this step in the…
Continue reading ›The US Trustee assigned to the Chapter 11 Bankruptcy protection case for Global Brokerage Inc. raised concerns this week about the exchange broker’s bankruptcy reorganization plan. Global Brokerage Inc., is a holding company with indirect effective ownership of Forex Capital Markets (FXCM), which is a retail foreign exchange broker. The company filed a voluntary petition…
Continue reading ›The previous 24 months has been a tough one for retailers with a high brick-and-mortar footprint. No less than 21 major brand name companies with traditional retail models filed voluntary petitions for Chapter 11 bankruptcy protection under the US Bankruptcy Code breaking a record previously set in 2008 during the housing crisis. Additionally, 6,700 stores…
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