bankruptcy attorney

How Can a Business Bankruptcy Give You Something to Be Thankful for?

The holiday season can be a stressful one for anyone. Add to that seasonal stress the worries of a business struggling with debt, and you may feel like you have nothing worth being thankful for this holiday season

If your business is buried in debt or having trouble paying bills, learn more about how business bankruptcy can give you something to feel thankful for in the coming year:Why Should You Consider Filing for Business Bankruptcy?

There are many reasons why a business may consider filing for bankruptcy. The last three years have taught the entire world to be kinder when judging the financial decisions of others. Extending some of that grace to yourself and your business during these difficult financial times is important.

Whether you are buried under a mountain of unmanageable debt or just need help to reorganize those debts to make a better plan for the future, business bankruptcy might be the answer.

Businesses that find themselves in need of financial relief have two options when it comes to bankruptcy – liquidation or reorganization. This is the primary difference between Chapter 7 business bankruptcy and Chapter 11 business bankruptcy.

Chapter 7 business bankruptcy is often

Read the rest

Chapter 7 Bankruptcy: What to Expect & How Bankruptcy Works | Business

Filing for bankruptcy is never an easy choice.

But sometimes, it can feel like the only way to escape the vice grip of debt and move on with life.

Most personal bankruptcy filers will turn to a Chapter 7 bankruptcy, which offers almost total debt forgiveness and a quick discharge time.

But before you can get a fresh start from a Chapter 7 bankruptcy, you should know the basics — and what to expect from the bankruptcy process.

What Is Chapter 7 Bankruptcy?

In researching your options, you’ll find there are two common types of bankruptcy for individuals and couples: Chapter 7 and Chapter 13. While similar in many ways, they differ in some big areas.

Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” is a bankruptcy by which individuals or couples who are deemed to not have a high enough income to pay back debts can absolve themselves through liquidating their assets. You can include both secured debts and unsecured debts.

If the liquidation doesn’t cover the entire debt, then the remaining balance is typically forgiven.

Chapter 13 bankruptcy, also known as “wage-earner bankruptcy,” is for those whose income or other qualifiers make them ineligible

Read the rest