Recent Blog Posts
Documents Needed to File for Chapter 7 Bankruptcy
Chapter 7 bankruptcy offers relief to individuals, partnerships, corporations, or other business entities struggling with overwhelming debt. However, Chapter 7 bankruptcy is popular among individuals. Unlike Chapter 13 and Chapter 11 bankruptcies, Chapter 7 bankruptcy does not involve a repayment plan. Instead, the bankruptcy trustee sells the debtor’s nonexempt property and uses the money… Read More »
Is It Bad to File for Bankruptcy at a Young Age?
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 »
Understanding Florida Bankruptcy Exemptions
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 »
Debunking Common Myths About Chapter 11 Bankruptcy
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 »
Understanding the 341 Meeting or Meeting of Creditors
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 »
Understanding Secured and Unsecured Debts in Bankruptcy
If you are struggling with overwhelming debt, bankruptcy is one of the options that may offer you relief. Bankruptcy provides individuals or businesses unable to repay their debts with a way to wipe out or restructure their debts. If you are considering bankruptcy, it is crucial to understand the difference between secured and unsecured… Read More »
How To Prepare for a Chapter 11 Bankruptcy Filing
Chapter 11 bankruptcy generally allows corporations or partnerships to reorganize their debts. With this type of bankruptcy, a business repays outstanding debts over a period of years under the bankruptcy court’s supervision. Filing for Chapter 11 bankruptcy can be a vital step for businesses struggling with financial difficulties, allowing for an opportunity to recover…. Read More »
Can I File for Bankruptcy More Than Once?
When facing insurmountable debt, bankruptcy can be a necessary step. Bankruptcy can help alleviate the burden of overwhelming debt once and for all and allow for a fresh financial start. However, for some debtors, bankruptcy does not alleviate the burden of overwhelming debt once and for all. Some debtors who file for bankruptcy begin… Read More »
Pros and Cons of Bankruptcy for Businesses
It is normal for businesses to take on debt at the beginning. However, getting out of debt can be challenging. When a business faces financial difficulties that it cannot overcome through regular means, bankruptcy can offer a viable solution. Bankruptcy can offer a business an opportunity to discharge or re-arrange debts. Bankruptcy filings are… Read More »
How Does Bankruptcy Affect Child Support Obligations?
If you are a parent paying child support to your child’s other parent and are considering filing for bankruptcy, you might be wondering how bankruptcy will affect your child support obligations. Or, if you are a parent receiving child support from your child’s other parent, you might be wondering how your co-parent’s bankruptcy filing… Read More »