If you are self-employed and think you might need to file for personal bankruptcy protection, your case is probably going to be a bit more complicated than if you worked for someone else. There are various types of business entities and bankruptcy treats them differently – the rules aren’t one-size-fits-all.
It can be hard to admit you need help getting out of debt, or that you can’t do it alone. But that’s why our government has bankruptcy laws to protect not only the creditors, but you! If you have a nerve-racking debt-load, it may be time to face financial facts.
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Filing for bankruptcy is complicated and the information provided here is not exhaustive. You can learn more about what bankruptcy can do for you by speaking with a local bankruptcy lawyer, or, for a more in-depth explanation of both Chapter 7 and Chapter 13 bankruptcy, see The New Bankruptcy by Attorney Cara O’Neill.
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If you file for Chapter 7 bankruptcy, you will get to keep your car because the exemption will protect the equity fully. In the same example, if your car is worth $15,000, the bankruptcy trustee will likely sell your car, pay you $5,000 for the exemption, and pay the rest to your unsecured creditors.
Peabody chief executive glenn kellow called the current market “historically challenged” and said the bankruptcy filing was “an in-court solution. over which of its mines secured lenders can lay.
If you are unable to keep up with your credit card and loan payments, filing Chapter 7 bankruptcy can erase some of your debts. Chapter 7 bankruptcy is an option for consumers with limited income. If your income is too high to qualify for Chapter 7, you can file for Chapter 13 bankruptcy protection.
Campbell County lawyers objected to last week’s proposal in a West Virginia bankruptcy court on Friday. “We’re not trying to protect a profit margin here.” The county’s mounting difficulty.
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Anyone can set up a trust and doing so can save an heir the avoidable complications of dealing with a inheritance in the midst of a bankruptcy. Find an Attorney. If you file for bankruptcy and receive an inheritance, bankruptcy laws require that you disclose the new assets to the court and trustee.