Many people struggling with overwhelming debt do not consider bankruptcy because they believe if they file bankruptcy, they will lose property. This is not true. According to the National Association of Chapter 7 Trustees, 90% of the people who file bankruptcy are “no asset” cases. Does this mean 90% of the people filing bankruptcy don’t [...]
Tag Archives: chapter 7 bankruptcy
Worried About Losing Property in Bankruptcy?
Posted in bankruptcy, chapter 7, exemption Also tagged assets, chapter 13 bankruptcy, exemptions, property Leave a comment
How Small Business Can Prepare if Bankruptcy is a Possibility
The owner may need to file an individual bankruptcy and dissolve the company. Sometimes a bankruptcy for both the individual and the LLC is best. If the owner believes that the business would be viable if it didn’t have to service the overwhelming debt, starting over by filing a Chapter 7 and starting a new business may work. Meet with a qualified bankruptcy attorney before making any decisions on how to proceed. Pre-bankruptcy planning is essential.
Posted in bankruptcy, chapter 7, economy, longview, marshall, small business Also tagged business debt, business owner, limited liability company, longview, marshall, small business, small business bankruptcy Leave a comment
Can Bankruptcy Help If You Have Been Laid Off?
While East Texas unemployment is somewhat lower than the nation, the unemployment rate doubled in 2009. We’ve seen major employers, such as Pilgrim’s Pride, U.S. Steel, Trinity, and Titek close or layoff hundreds of workers. This affects the individuals and families of the laid off worker, and it also impacts the businesses that these families [...]