Tag Archive for: automatic stay

How can filing Chapter 7 bankruptcy affect your business?

When a Chapter 7 bankruptcy is filed, an immediate hold goes on any collection activities by your creditors. In a personal bankruptcy, all dischargeable debts go away and the debtor is no longer responsible for paying the debt. A trustee sells of any non-exempt assets and pays creditors in order of their priority. For a […]

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The Role of the Bankruptcy Trustee

The Trustee’s Role in a Chapter 7 Bankruptcy When a debtor files a Chaptor 7 bankruptcy the United States Trustee appoints a trustee to liquidate any non-exempt assets of the debtor and dispense those funds to the creditors.  Each state sets different exemption amounts for different types of property. The Trustee’s Role in a Chapter 13 […]

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When is it a good idea not to file Bankruptcy?

Benefits of filing Bankruptcy Perhaps the best way to start this post is to lay out the reasons why one would want to file bankruptcy.  In a Chapter 7 the benefits are discharging all of your unsecured debt and in a Chapter 13 the benefits can range from saving your house from foreclosure and your […]

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Bankruptcy and Divorce

Divorce or Bankruptcy-which comes first? Unfortunately, in many circumstances divorce and bankruptcy fall hand in hand. Couples often decide to end their marriage due to financial difficulty and the question becomes should you file bankruptcy before you file for divorce or petition for dissolution or vice versa. The answer really depends on your response to the following […]

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