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Fасіng business bankruptcy for buѕіnеѕѕ оwnеrѕ may ѕееm dаuntіng. If уоu аrе a sole proprietor tо уоur business, уоu саn gеt rіd оf buѕіnеѕѕ and реrѕоnаl debts аt оnе tіmе іf уоu fіlе a Chapter 7 bankruptcy. Thіѕ dоеѕ nоt necessarily mеаn thаt you wоuld lоѕе your business, аѕ іt could bе аn аѕѕеt thаt is eligible fоr exemption. Yоu соuld ѕtіll run уоur business after business bankruptcy, whіlе beginning to re-build уоur credit. Hоwеvеr, if уоu аrе not the ѕоlе proprietor and you оwn thе buѕіnеѕѕ as a раrtnеrѕhір or соrроrаtіоn, you wоuld lіkеlу be forced to ѕеll the buѕіnеѕѕ assets as part of thе lіԛuіdаtіоn рrосеѕѕ tо settle the debt оwеd.If уоu саnnоt ԛuаlіfу for a Chapter 7 bаnkruрtсу, уоu mіght bе еlіgіblе fоr a Chарtеr 13 bankruptcy. If you аrе a ѕоlе рrорrіеtоr, уоu соuld wоrk оut a рауmеnt рlаn thаt thаt wоuld аllоw уоu tо kеер all...

Any person would not want to file bankruptcy. As we see on television and social networking sites, to file bankruptcy is to lose everything. In its terms, bankruptcy simply pertains to a system of federal laws permitting businesses and individuals to get relief from debts in order for them to restart their financial state. This law was constituted in order for an individual to forge a new future without pressure from creditors who collect pre-existing debts.Different Kinds of BankruptcyBankruptcy is described in two parts, namely:Chapter 13 bankruptcy. This refers to repayment plan that will help in reorganizing and adjusting debt. This is the right choice when you have income but you do not want foreclosure of your home or catching up present debts.Chapter 7 bankruptcy. This will liquidate all the non-exempt assets in order to pay creditors. Generally, this is a good option when you already have a huge amount of...

If you want to save your home, the most viable option is typically going to involve filing for protection in bankruptcy under Ch. 13. This leaves you an option to keep the house out of foreclosure, or remove it out of foreclosure because you have a repayment plan in the bankruptcy to catch up payments. Alternatively, other options involve homeowners who prefer to let their mortgage go because they do not feel the desire to keep a home that has a mortgage putting it underwater financially.If your house has a mortgage balance putting it underwater, our team will still help you keep the home if that is your choice. Often, keeping a home that is underwater still makes financial sense due to the opportunity cost with respect to rent. For example, if your mortgage costs $900/month and a Ch. 13 bankruptcy would put you into a repayment plan that has a...

There is a common misconception that those who file bankruptcy are somehow getting away with something. While this is true in a few rare circumstances, the great overwhelming majority of bankruptcy clients who file to receive protection are looking at bankruptcy as a last resort. They have often struggled, scrimped, and limped by trying to make things work financially until they finally throw in the towel.Our Dallas bankruptcy lawyer Richard Weaver understands how families can be terribly affected by medical problems. With medical problems rated as the number one reason to file bankruptcy, it is common for the bills themselves to rack up. Additionally, there is the impact on the earning capacity. Even on top of the medical bills, there is the inability to earn money due to being down and out for the count. Even when coming back to work, there are often major restrictions on the ability to work....

Having your wages garnished is one of the most upsetting things that can happen to a person. Wages are garnished after a creditor gets a judgment against you that you don't pay and then goes back to the court to get the order of garnishment. When this goes into effect, money goes right from your paycheck to the creditor without ever getting to you. If this happens and you need it to stop, you need to understand the rules for wage garnishment under chapter 7 bankruptcy.Chapter 7 Bankruptcy and Wage GarnishmentIn the cases of most types of wages garnishment, with a few possible limited exceptions for non-dischargeable debts like past due child support, bankruptcy under Chapter 7 of the United States code should put a permanent stop to your wage garnishment.When you file for bankruptcy, the law immediately begins protecting you from creditors by imposing an "automatic stay." The stay orders...