Category Archives: Chapter 7 Bankruptcy
Understanding Your Options When a Customer or Client Files for Bankruptcy Protection
The U.S. Bankruptcy Code provides substantial protections to companies that file under Chapter 7 and Chapter 11. However, these protections are not absolute, and the Bankruptcy Code recognizes that creditors have a legitimate interest in enforcing their right to payment as well. As a result, when a customer or client files for bankruptcy, its… Read More »
Proving a Fraudulent Conveyance in a Business Bankruptcy Case
When a business files for bankruptcy, its creditors have the right to protect their interests by seeking payment through the bankruptcy estate. Under the U.S. Bankruptcy Code, businesses that file for bankruptcy must fully disclose their assets that properly belong in the estate, and they may not transfer assets prior to (or during) the… Read More »
15 Common Mistakes to Avoid When Filing for Bankruptcy Under Chapter 7
Filing for bankruptcy under Chapter 7 as an individual or business is a process that requires planning, preparation and active participation along the way. Mistakes before or during the process can prove costly—and, in many cases, they can lead to denial of the debtor’s petition in its entirety. As a debtor seeking relief under… Read More »
5 Issues That Can Lead to Denial of a Chapter 7 Bankruptcy
When you file for bankruptcy under Chapter 7, the outcome of your filing is not a foregone conclusion. While many people have the perception that they can expect to simply file and receive a fresh start (largely due to misleading advertisements from non-law firm servicers), this is not the case. Filing for bankruptcy under… Read More »
Chapter 7 Bankruptcy for Business Owners: When (and How) Do You Qualify?
No As a business owner, you take calculated risks. You make decisions that you think will help drive your business to success, but success is far from guaranteed. The current economic conditions have hit many small and medium-sized business owners particularly hard, and many are struggling despite making decisions that likely would have led… Read More »