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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…
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…
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…
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…
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…
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…
Mistakes To Avoid Before Filing for Bankruptcy If you are in a difficult financial situation because of debts, bankruptcy can help change the situation. Bankruptcy can allow you to eliminate or re-arrange your debts. However, to ensure a successful bankruptcy case, you need to be careful about the actions you take before and after filing for bankruptcy. There are some…
Can You Discharge Medical Debts in Bankruptcy? Health care for Americans can be expensive. Many Americans face financial hardships due to medical bills. Research found that in 2019, 137.1 million Americans faced financial hardship because of medical costs. If you are struggling with medical debts, you may be wondering if your medical debt can be discharged in bankruptcy. So, can…
How To Rebuild Your Credit After Bankruptcy When struggling with overwhelming debt, filing for bankruptcy can help you start over financially. However, while bankruptcy gives you the relief of a clean financial slate, a bankruptcy filing can negatively impact your credit. The good news, however, is that the effect of bankruptcy on your credit is not permanent, and this effect…
Asset Protection: What It Is and Common Strategies for Asset Protection One of the most crucial things a person can have is financial security. One of the best ways to ensure financial security is through asset protection. It is vital for everyone to understand asset protection. Whether you are a business owner, investor, or just someone seeking to preserve your…