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Recent Posts in Chapter 7 Bankruptcy Category

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Developer Files for Chapter 7 due to Belly Up Projects

As the housing economy across the country is struggling to regain its former grandeur, developers left and right have been filing for bankruptcy. One such developer in Wichita was forced to file for ...
Continue reading "Developer Files for Chapter 7 due to Belly Up Projects" »

Rennovator Moves Forward with Chapter 7

A man known for working to renovate the downtown area has filed for Chapter 7 bankruptcy this month. Rather than build on the fringes of the city like many other developers do, this man has made it ...
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American Comsumers' Debt Increases Every Year

The average American consumer's debt is on the rise every year and statistics show that the average low to middle-income family owes $8,650 in credit card debts alone. Based on research conducted ...
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Retirement Community Goes Bankrupt

A decline in the housing economy thwarted the success of an upscale retirement community in Chicago. The retirement home, located in popular yet wealthy section of the city, was expected to draw a ...
Continue reading "Retirement Community Goes Bankrupt" »

Two Types of Bankruptcy Available to Consumers

Are you thinking about pursuing bankruptcy due to your debts? If so, you have likely heard about two different types of bankruptcy offered in the U.S.: Chapter 7 and Chapter 13. Depending on your ...
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Tips to Relieve Debt

Are you in serious debt? If so, there are several ways that you can work yourself out of your financial hardships and back to more stable ground. First, you could use your assets as leverage to get ...
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Bankruptcy Statistics Show Decline

The state of Indiana received good news last month: it had fewer bankruptcies during the last fiscal year compared to the previous year. According to one recent report, the state saw an 8 percent ...
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Chapter 7 Discharge Order

Once you have filed for Chapter 7 bankruptcy and received court approval, you will then need a discharge order. This is an important document that tells your creditors that you have successfully filed ...
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Getting a Bankruptcy Trustee

Have you recently decided to file for bankruptcy? If so, you will soon be appointed a bankruptcy trustee. If you filed under Chapter 7 or Chapter 13 bankruptcy, a judge will appoint you a trustee to ...
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Bankruptcy Can Alleviate Your Financial Stress

Sure, bankruptcy does carry a social stigma for those who file. However, it can change your life for the better if you understand how bankruptcy really works. If you are seriously in debt with no way ...
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Creditors Forcing Company into Chapter 7

A real estate developer in Florida may be forced to file for Chapter 7 bankruptcy if the company's creditors get their way. When a company has serious debts, its creditors can file a motion to ...
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Basic Bankruptcy Questions

Many people interested in filing for bankruptcy typically ask the same questions. First and foremost, people wonder who can file for bankruptcy. The simple answer is that any honest individual in ...
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Business Bankruptcy: Chapter 11 and Chapter 7

Chapter 11 bankruptcy is considered the business bankruptcy. It's a way of restructuring debt to help companies become profitable. Chapter 11 bankruptcy is usually preferable to Chapter 7 ...
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Child Support Still Must Be Paid Post-Bankruptcy

It's important to understand that when filing for Chapter 7 or Chapter 13 bankruptcy, your child support obligations will not be discharged. When your bankruptcy case begins, most of your debts ...
Continue reading "Child Support Still Must Be Paid Post-Bankruptcy" »

Bankruptcy and Your Student Loans

Under Chapter 7 bankruptcy law most debts can be discharged. However, there are certain non-dischargeable debts that even Chapter 7 bankruptcy usually can't wipe away. These debts include student ...
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First Meeting of Creditors

Unlike business bankruptcy cases where you could easily spend hours in court, a Chapter 7 bankruptcy case is usually much simpler. While your lawyer can go to court for you most of the time, there is ...
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Bankruptcy Code Makes it Harder to Qualify for Chapter 7

In 2005 Congress enacted changes to the Bankruptcy Code that made it more difficult to qualify for Chapter 7 bankruptcy. One of the most important changes was the " means test " - a standard ...
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Arizona Racetrack Still Sorting Through Bankruptcy

An Arizona based racetrack has filed for Chapter 7 bankruptcy and has created numerous headaches for the trustee responsible for overseeing the case. The bankrupt racetrack owes millions of dollars to ...
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Deciding Between Chapter 7 and Chapter 13

Both Chapter 7 and Chapter 13 bankruptcy can be used by individuals to pay off their debts. However, Chapter 13 bankruptcy has a number of advantages over Chapter 7. Under Chapter 7 bankruptcy, the ...
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Non-Dischargeable Debt and Chapter 7

The purpose of filing for Chapter 7 bankruptcy is to re-organize your debt and to discharge whatever debts you can. However, there are types of debt that cannot be discharged (forgiven) by the court. ...
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Restaurant Opts for Chapter 7 Bankruptcy

One restaurant company tried to restructure its debts, but failed, and had to seek a different type of bankruptcy. The company, which operates Mexican chain restaurants in California, New York, ...
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Filing for Chapter 7 When You Have Tax Debt

If you are filing for Chapter 7 bankruptcy to erase your federal income taxes, beware: you must qualify under four stipulations in order to have your tax debts discharged. First, the taxes must be ...
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Well Known Chicago Company Files for Bankruptcy

Another great Chicago institution has been forced to file for bankruptcy, but this company will not be remaining open for business. The famous meat store has been forced to shut its doors after 150 ...
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Chapter 13 Allows You to Address Your Debt

Are you considering bankruptcy but aren't sure whether to file for Chapter 7 or Chapter 13 bankruptcy protection? There are a few hints to help make your decision easier. If you are willing and ...
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Former Investment Firm CEO Files for Chapter 7

The CEO of a large investment management firm filed for bankruptcy this month after being approved for a lifetime ban from the securities industry. As with any Chapter 7 bankruptcy filing, the CEO ...
Continue reading "Former Investment Firm CEO Files for Chapter 7" »
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