Motion for Summary Judgment | Debt Collection Lawsuit (2021)

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How the Chapter 11 Process Works

Sometimes an individual or business entity's financial difficulties reach a point where filing for bankruptcy, or Chapter 11, is the only sensible option. However, this process is much more complicated than simply signing a couple of forms. It requires the guidance of qualified lawyer.

What Is Chapter 7, Chapter 11 and Chapter 13 Bankruptcy

Bankruptcy is the legal remedy available to individuals and businesses that become insolvent and are unable to repay debts. Insolvent businesses often file for Chapter 11 reorganization when their financial situation has become untenable, but not insurmountable. By the time that an individual files for bankruptcy, however, the situation often has progressed past the point of salvaging.

The Ins and Outs Of Business Bankruptcy

When it comes to filing for bankruptcy in business there are many aspects to consider. While some of the basics may be similar to a personal bankruptcy, there are also some very important differences. Depending on the financial situation of the company, bankruptcy offers two options for businesses to resolve debts.

Filing a Proof of Claim in a Chapter 13 Bankruptcy Case

In Chapter 13 bankruptcy cases, debtors propose a plan to pay creditor's through a trustee. But the trustee doesn't pay the creditors automatically just because they are listed in the plan. The creditors must file a proof of claim with the court.

Chapter 13 Bankruptcy and the Hardship Discharge

Debtors must pay all payments required under their Chapter 13 plan in order to receive a discharge in Chapter 13 bankruptcy. However, there is an exception to this rule known as the "hardship discharge." Section 1328(b) of the Bankruptcy Code allows Chapter 13 debtors to receive a discharge without completing their plan if they can satisfy three prerequisites.

Filing Bankruptcy and Marriage

Money problems in marriage are stressful for any couple. In fact, money trouble is the number one cited reason for divorce in the country today. With so much at stake, it is a wonder how any couple makes it through. Luckily, filing for bankruptcy can provide some much needed financial relief for a couple. However, there are some things to consider about how to best proceed with a bankruptcy both in marriage and after a divorce.

The Intersection of Bankruptcy and Divorce

In the current economic environment, many people are considering bankruptcy as a way to manage overwhelming debt. With the stress of financial difficulties straining relationships, more couples are also getting divorced. Before filing for bankruptcy and divorce, though, spouses should understand how each process affects the other process, future debt obligations and marital property division.

Pre-Bankruptcy Checklist

There are numerous ways for a case to become unsuccessful and be dismissed, which is why taking precautions to complete a few steps prior to filing can be highly beneficial. The best way to maximize success is through preparation.

Taking A Look At Finances

Most people never set out to end up in debt or bankruptcy, but it happens to the best of us. Job loss, divorce and unexpected medical illnesses can all play an integral role in pushing finances out of bounds and into debt.

Important Terms To Know In Bankruptcy

Although the bankruptcy process can seem to be complicated, it doesn't have to be. In fact, just learning about a few key terms can help make the process smoother and less stressful.

Which Bankruptcy Is Best For Your Debt?

When it comes to filing for bankruptcy, the choice is often a difficult one. To make matters worse, most people have very little idea of how the process actually works. The problem with having a limited understanding of the bankruptcy process is that it is easier for mistakes to be made, ones that could drastically impact the outcome of the case.

Filing Bankruptcy Is Not A Mark Of Shame

Many Americans these days that are experiencing financial difficulties and are seriously considering filing bankruptcy should seek consultation with a bankruptcy attorney. They can then factor in all of their options, weighing the advantages and disadvantages that come with filing bankruptcy. The most obvious and common reason that individuals file bankruptcy is to gain a fresh financial start.

Bankruptcy Considerations At A Glance

Filing for bankruptcy is no small task. In fact, many people find filing overwhelming because they know very little about the ins and outs of the process. Bankruptcy is meant to be a tool of valuable help and relief, not difficult or intimidating. Knowing what to expect and how to go about the process can be a great way to get started and save a lot of headaches in the end.

Credit Tips For Bankruptcy

Many people worry about what will happen to their credit in bankruptcy. Actually, any credit damage that may result has already been done long before a person files for bankruptcy. Missed payments and delinquent account statuses are what cause credit damage, both of which are highly common in bankruptcy filers. While bankruptcy itself does not damage credit, there are some things to be aware of in order to ensure the best chance of rebuilding credit after a discharge.

How to Prevent Bankruptcy From Happening

Many people get out of debt by filing for bankruptcy. It seems to be the most convenient, easy way, but if you can avoid having to go in that direction, it will be better. Consumers should try to stay away from this financial failure as much as possible.

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