After the debtor delivers all requested paperwork to his/her bankruptcy attorney, the bankruptcy petition is filed with the bankruptcy court.  The bankruptcy petition is generally 45 to 50 pages long but may be shorter if we are filing an “emergency bankruptcy” which is used when you need bankruptcy fast to stop an imminent foreclosure, wage garnishment etc. Eventually all paperwork must be fully completed.

Once the …

Comment author: Charlotte Bankruptcy

Comment by Charlotte Bankruptcy: … and Greensboro, NC Bankruptcy Lawyers

Category: Chapter 7 Bankruptcy , Dallas Bankruptcy

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The burning question in most potential bankruptcy debtors’ minds is “What can I keep?”  You’re understandably worried about losing everything, but let me just put your mind at ease.  You’re definitely not going to lose everything. In fact, most people keep everything.  Bankruptcy was created specifically to help consumers sinking under the waves of financial overburden, and both state and federal law provide for …

Comment by Jim Ince: … of value in a bankruptcy. Most people worry about …

Category: Chapter 7 Bankruptcy , Dallas Bankruptcy Laws , Fort Worth Bankruptcy Laws , Property Exemptions , bankruptcy law

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Chapter 11 bankruptcy is a type of bankruptcy used by businesses or individuals with at least $1,010,650 in secured debt, such as properties and vehicles and $336,900 in unsecured debt, such as credit cards. We mostly hear about Chapter 11 bankruptcy when companies such as GM file bankruptcy or celebrities such as Michael Vick and Stephen Baldwin seek bankruptcy protection; but Chapter 11 …

Comment by Jacob Decker: … Chp 11 than a Chp 13 or even a Chp 7. You should set up a …

Category: Bankruptcy , Chapter 11 Bankruptcy , Filing Bankruptcy

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Reader’s Digest Association, one of the most popular magazines in the US, has emerged from Chapter 11 bankruptcy, six months after seeking bankruptcy protection.

The company said on Monday it was able to slash its US$2.2 billion ($3.1 billion) debt load by 75 per cent and boost its capital levels. It has access to US$525 million in funding after refinancing certain bonds, which also will save the company US$30 million in interest costs annually. There is another $50 million …

Category: Bankruptcy , Chapter 11 Bankruptcy , Economy , Filing Bankruptcy

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Regent Communications Inc., the owner of 62 radio stations in 13 markets, filed for Chapter 11 bankruptcy along with 40 of its affiliates. Regents owes creditors more than $211 million; but hopes that Chapter 11 bankruptcy will allow it to cut its debt level by $87 million.  Regents and creditors are proposing a debt exchange which will give creditors control of the broadcaster.

Under terms of a reorganization proposal worked out before the …

Category: Bankruptcy , Breaking News , Chapter 11 Bankruptcy , Economy , Filing Bankruptcy , bankruptcy law

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Chapter 7 bankruptcy filings increased by 14 percent in February while Chapter 13 bankruptcy filings decreased 3 percent compared to January.  The irony is that when stricter bankruptcy laws took effect in 2005 they were intended to force more indebted families to file Chapter 13 bankruptcy and repay at least part of their creditors.  Many opponents of bankruptcy falsely claimed that the …

Category: Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Economy , Filing Bankruptcy

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… shopping centers, adding to its $11.6 billion in property-level debt that has been reorganized in Chapter 11 bankruptcy.

U.S. Bankruptcy Judge Allan Gropper approved reorganization plans for Stonestown Galleria in San Francisco and Mall of Louisiana in Baton Rouge, Louisiana. Company lawyer Anup Sathy says General Growth is left with six remaining property-level loans worth $2.8 billion which it is preparing to restructure. Property level loans refer to debt that’s held by the unit …

Category: Bankruptcy , Breaking News , Chapter 11 Bankruptcy

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When a debtor decides to file for Chapter 13 bankruptcy there is process they must follow.  Below we break down the Chapter 13 bankruptcy process into seven simple to understand steps.

Step 1: First discuss with your bankruptcy attorney all of your bankruptcy options, including Chapter 7 bankruptcy. Although Chapter 13 bankruptcy is a viable form of handling your debt make sure that it is the right bankruptcy chapter for …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 13 Bankruptcy

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Chapter 13 bankruptcy allows a debtor to repay all or part of their debts over a 3 to 5 year period of time.  However, some debtors who have filed Chapter 13 bankruptcy may find themselves facing new financial difficulties at some point during the repayment period that prevents them from making agreed upon payments.  This reason alone has been major factor is scaring off some debtors from …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Economy , Foreclosures

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Veoh, an online video sharing service plans to file for Chapter 7 bankruptcy and liquidate its business, according to the company’s founder, Dmitry Shapiro. Shapiro posted a passionate open letter blaming a legal battle with Universal Music Group for the company’s bankruptcy: 

“Two years ago, Universal Music Group (UMG), the largest music company in the world sued Veoh alleging copyright infringement. While we made every effort to convince …

Category: Breaking News , Chapter 7 Bankruptcy , Economy , Filing Bankruptcy

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Many business owners considering bankruptcy find it difficult to decide whether they should reorganize their debts Chapter 11 bankruptcy or liquidate their debts in a Chapter 7 bankruptcy.  Below are a few questions every business owner should ask before they file Chapter 11 bankruptcy.

Is my business viable?  Oftentimes businesses run into financial problems because they are running on faulty business plans or their …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 11 Bankruptcy , Chapter 7 Bankruptcy , Economy , Filing Bankruptcy

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Penton Business Media Holdings Inc. filed for Chapter 11 bankruptcy protection in hopes that the company can reduce the large amount of debt it incurred when the company bought trade-magazine publisher Penton Media Inc. three years ago.  Penton Business Media came to its bankruptcy decision after it became apparent it may not be able to pay its debts.  Penton Business and Penton Media filed Chapter 11 Bankruptcy with a prepackaged …

Category: Bankruptcy , Breaking News , Chapter 11 Bankruptcy , Economy

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