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Monthly Archives: October 2024

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Is It Bad to File for Bankruptcy at a Young Age?

By Law Office of Adam I. Skolnik, P.A. |

There is a common misconception that only middle-aged and older adults file for bankruptcy. Indeed, many middle-aged and older adults file for bankruptcy. However, even young adults also file for bankruptcy. High credit card debt and student debt are just two factors contributing to young people declaring bankruptcy. Filing for bankruptcy can be a… Read More »

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Understanding Florida Bankruptcy Exemptions

By Law Office of Adam I. Skolnik, P.A. |

Bankruptcy exemptions are legal provisions that allow filers to keep certain property during bankruptcy. Exempt property cannot be sold off or liquidated to pay off creditors. Exemptions can protect things like a debtor’s home, car, household goods, wages, and retirement accounts, among others. In the United States of America, the federal bankruptcy law allows… Read More »

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Debunking Common Myths About Chapter 11 Bankruptcy

By Law Office of Adam I. Skolnik, P.A. |

When businesses face financial difficulties, an option that can offer a path to recovery is Chapter 11 bankruptcy. Over the years, Chapter 11 bankruptcy has grown popular among businesses struggling with overwhelming debt. According to statistics released by the Administrative Office of the United States Court, in 2023, annual Chapter 11 bankruptcy filings totaled… Read More »

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Understanding the 341 Meeting or Meeting of Creditors

By Law Office of Adam I. Skolnik, P.A. |

The 341 meeting, also called the “meeting of creditors,” is a vital part of the bankruptcy process. Individuals and businesses who file for bankruptcy must attend this meeting at the beginning of their bankruptcy proceeding. This is a meeting between creditors and debtors. The 341 meeting is named after section 341 of the Bankruptcy… Read More »

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