Tag Archive for: debtor

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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Valuation Services: How much do you actually have?

When an individual files bankruptcy, there is often a dispute between the debtor and his creditors as to how much money the debtor actually has available to pay off his obligations. In these situations, a bankruptcy court (or the individual debtor) may implement a valuation service to determine the worth of assets from an objective […]

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Individual Chapter 11 Bankruptcies

What is an Individual Chapter 11 Bankruptcy and Why would I need one? Chapter 11 bankruptcy is an option available to individuals, even though it is most commonly used by businesses. While most people file a Chapter 7 or Chapter 13 bankruptcy, Chapter 11 favorable to those whose income exceeds the amount allowed by Chapter […]

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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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Tax Implications of Debt Settlement

How Debt Settlement Works A debt settlement company acts as a middleman to help you negotiate your debt.  The first thing that a debt settlement company will likely instruct you to do is to stop paying your credit cards.  The debt settlement company will then contact the creditor and negotiate a settlement for your outstanding […]

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