Suing Someone Who Just Filed Bankruptcy
Many times bankruptcy is filed in order to stop a lawsuit. Once a person or business files for bankruptcy, there will be an “automatic stay” put on the debtor's debts. The automatic stay is a lega...
Legal
What will happen to my stocks or bonds in a business bankruptcy?
When a business goes bankrupt, there will be winners and losers amongst its creditors and stockholders. Those who hold debt, like bondholders, will stop receiving interest and principal payments while...
Meeting with a Bankruptcy Attorney – How to Prepare & What to Expect
Every 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 ...
Can I get into trouble with balance transfers in the bankruptcy process?
Balance transfers are generally seen as a new debt, and if you don't have the present intention to pay the new debt at the time it was incurred, it might be determined to be the result of fraud and yo...
What is Chapter 11 bankruptcy?
Chapter 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 fil...
Differences between Bankruptcy Chapters
There 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...
What happens to my company if I file for bankruptcy?
A company going bankrupt is not just a source of anxiety for its leaders. Investors, creditors, and employees all share the same anxiety and stress. When a company can no longer pay its bills or even ...
Why would a company choose to file Chapter 11?
Most companies prefer Chapter 11 when facing bankruptcy. It allows a business owner to create a plan for repayment and/or to reorganize and restructure debts, while continuing its normal business deal...
What is the role of the SEC in Chapter 11 bankruptcies?
When a business is struggling with debts, that business may opt for a Chapter 11 bankruptcy. Essentially, this is a reorganization bankruptcy in which the business renegotiates and restructures many o...
What is disposable income for purposes of a Chapter 13 bankruptcy?
Chapter 13 disposable income is whatever is left over from your net income after required payroll deductions and allowable expenses, after applying the means test formula. Put another way, disposable ...
What are my options if I can’t make my Chapter 13 bankruptcy payments because I was laid off?
A Chapter 13 bankruptcy repayment plan requires you to repay your creditors according to the plan you agreed on during your initial bankruptcy filing. If you find yourself unable to make your Chapter ...
Can I file Chapter 7 if I have no property or assets to turn over to the trustee?
Most Chapter 7 cases involve individual debtors who have no assets to satisfy any portion of their creditors' claims. These are called "no-asset" cases. In these cases, the court will hold a discharge...
What are the different bankruptcy chapters under which an individual can file?
There are three different bankruptcy chapters under the Bankruptcy Code through which an individual can file, and they are called Chapter 7, Chapter 11, and Chapter 13. A Chapter 7 case is sometimes c...
Can the state deny a license or permit because of bankruptcy?
The state generally cannot suspend a license because you filed for bankruptcy. It is illegal for a governmental unit to deny, revoke, suspend, or refused to renew a license, permit, charter, franchise...
Colorado Wage Garnishment: Colorado Child Support Garnishment
The process for child support garnishment in Colorado begins if the noncustodial parent is not paying child support as ordered. The noncustodial parent will be assigned an order for child support coll...
How is a judgment perfected?
At the conclusion of a lawsuit or settlement, the court will issue a judgment ordering the losing party to pay or satisfy the judgment. Some states require that a Notice of Entry be sent to the losing...
How are money judgments enforced?
The typical methods employed in enforcing money judgments include voluntary compliance, wage garnishment, judgment lien and execution and levy. When a judgment debtor refuses to pay a money judgment, ...
What is a money judgment?
A money judgment is a court order that awards the plaintiff a sum of money. The award can be owed to the plaintiff for a variety of reasons. Some examples are unpaid rent, damages to a rental unit, mo...
Loss of Driver’s License When You Have Not Paid a Debt: Is That a Possibility?
Creditors and collection agencies cannot have your driver's license suspended for not paying debts. Agencies and creditors routinely use threats of dire consequences for not paying debts, sometimes in...
How does filing bankruptcy affect a co-signer?
How bankruptcy will affect a co-signer will depend on the type of bankruptcy you file and the nature of the debt....
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