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Chapter 12 of the Bankruptcy Code is entitled “Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income.” Chapter 12 is designed to help financially distressed family farmers or fishermen who have a regular source of income to repay their debts. Read on for more information on Chapter 12 bankruptcy filings.
→ Read MoreThere are several advantages and disadvantages to Chapter 7 bankruptcy and Chapter 13 bankruptcy. One advantage to a Chapter 7 filing is that the amount of debt you can erase is not limited; whereas with Chapter 13 Bankruptcy it might be that you keep all of your property, both exempt and non-exempt.
→ Read MoreWhen filing for bankruptcy in Virginia, federal exemptions are not available. In this article, you will find a list of state exemptions available to debtors in Virginia.
→ Read MoreThere are four main types of bankruptcy filings – they are known as Chapter 7, Chapter 11, Chapter 12 and Chapter 13. They vary in process, purpose and availability. There are scenarios each is better suited; some types are more appropriate for businesses, while others are meant for individual consumer bankruptcies. Click here to learn more.
→ Read MoreBankruptcy fraud is a criminal offense taking the form of concealment of assets, multiple filings and petition mills. Click here for a detailed definition and description of what it means to commit bankruptcy fraud.
→ Read MoreEvery bankruptcy attorney has their own process when it comes to interacting with potential or established clients, but there are similar items that most bankruptcy attorneys will cover in an initial and subsequent meetings, including general preparation, gathering of documents, completion of documents, and payment of fees.
→ Read MoreChapter 11 is one of the chapters of the US Bankruptcy Code that provides protection to debtors. Chapter 11 bankruptcy is almost exclusively used by businesses due to the expense and complexity of filing for this chapter of bankruptcy. It is appropriate when a business needs to restructure the debts it has and reorganize its finances so it can stay open.
→ Read MoreAlthough states can opt out of most federal exemptions, some are mandatory. These exemptions are called non-bankruptcy exemptions, because they are found in areas of the United States Code other than the bankruptcy code.
→ Read MoreThe bankruptcy term conversion refers to the process by which a debtor, creditor, or bankruptcy trustee transfers a pending bankruptcy case from one chapter to another. Conversion may occur for a number of reasons, and may be voluntary or involuntary depending on the circumstances. Follow this link for detailed information.
→ Read MoreOne significant advantage is the ability to modify the rights of a secured creditor. This means the debtor can actually change the terms of a contract with a creditor through bankruptcy in a provision generally referred to as cramdown. The cramdown provision reduces the amount owed to the fair market value of the collateral that secures the debt.
→ Read MoreFind the right lawyer for your legal issue.
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