What Happens When a Small Business Files for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy can affect small businesses in radically different ways. Especially if the owner has a personal guarantee in the company’s debt, then the filing could trigger the pursuit of said person’s personal assets.
What Happens When a Business Files for Chapter 11 Bankruptcy?
Although Chapter 11 bankruptcy offers significant protections for struggling businesses, the resulting reorganization may not be worth the time, effort and money involved. It’s important to understand what actually happens through the filing to make sure it’s right for you and your business.
What Happens After Filing for Personal Bankruptcy?
After filing for personal bankruptcy, you’ll be granted the protection of the automatic stay. From there, the court will assign your case a trustee and that person will organize a Meeting of Creditors to alert them of your filing.
Rebuilding Personal Credit After Personal Bankruptcy
Personal bankruptcy affects an individual’s credit score in a variety of ways. However hopeless it may seem, there are responsible ways to begin building credit again almost immediately. Most importantly, stay on time and consistent with any and all repayments.
What Happens After a Chapter 13 Bankruptcy?
There’s much to consider following the closure of a Chapter 13 bankruptcy proceeding and repayment plan. You may be able to pay off more debt than you think, but your credit score will take a significant hit as a result.
What is the Homestead Exemption?
The homestead exception was established to help struggling homeowners stay in their homes through a bankruptcy proceeding. The Arkansas homestead exemption allows qualifying debtors to protect urban homesteads on quarter-acre lots and rural homesteads on eighty-acre plots to protect the full value of their home and land. For debtors who don’t qualify for the Arkansas exemption or who have substantial personal property, federal exemptions provide for a great deal of asset protection as well.
What Military Personnel Need to Know About Bankruptcy
Military members both active and retired have extra rights and options when it comes to bankruptcy. It’s important to understand each route as there are exclusion periods, security clearance issues, and more to consider.
5 Things to Know About Chapter 7 and 13 Bankruptcy
There are a lot of facts – along with a lot of myths – out there about individual bankruptcy. This post highlights five facts anyone considering either should know about what happens in Chapter 7 and Chapter 13 proceedings.
How Companies Can Strategically Use Bankruptcy to Stay in Business
Chapter 11 bankruptcy should be the last resort option for a business in a financial crisis, but it can be used strategically to help companies recover and come out in a better financial state on the other side.
Investment Real Estate Issues in Chapter 7 and 13 Bankruptcies
Real estate ownership plays a big role in paying back debts to creditors through a Chapter 13 Bankruptcy proceeding. There are specific rules and requirements to follow in order to keep property and other assets.