What is bankruptcy?

By |2019-03-06T02:06:33+00:00March 6th, 2019||

Bankruptcy refers to the federal law that permits certain entities to obtain permanent relief from many debts and obligations. The intent of the bankruptcy law is to enable debtors to get a “fresh start” in their financial affairs. The bankruptcy law underwent a major revision [...]

What happens if I file a chapter 7 bankruptcy?

By |2019-03-06T02:06:49+00:00March 6th, 2019||

A Chapter 7 bankruptcy proceeding is commenced by filing a petition with the bankruptcy court. The person filing a Chapter 7 is referred to as the “debtor.” The debtor is required to disclose to the court all of its property and debts and turn over [...]

Who can file a Chapter 7 bankruptcy petition?

By |2019-03-06T02:07:07+00:00March 6th, 2019||

Almost any individual, partnership, or corporation may file a chapter 7 bankruptcy petition if he or she resides, has a domicile, a place of business, or property in the United States. If you filed a prior bankruptcy petition and the prior proceeding was dismissed within [...]

Who can file a chapter 13 bankruptcy petition?

By |2019-03-06T02:07:34+00:00March 6th, 2019||

Individuals may file chapter 13 bankruptcy petitions if they: (1) Reside, have a domicile, a place of business, or property in the United States; (2) Have a source of regular income; and (3) On the date the petition is filed owe less than $290,525 in [...]

How long after filing will the creditors stop calling?

By |2019-03-06T02:08:26+00:00March 6th, 2019||

Once a creditor becomes aware of a filing for bankruptcy protection, it must immediately stop all collection efforts. After you file the bankruptcy petition, the court mails a notice to all the creditors listed in your bankruptcy schedules. This usually takes a couple of weeks. [...]

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