Business owners are often advised to set up a limited liability company (LLC) in order to protect themselves should the business fail and require bankruptcy protection. In most cases, a business owners liability is then limited to the value of the shares they have in the company, not the debts themselves. An LLC is a [...]
Filing for bankruptcy can be a very emotional time, even more so if you are filing under a Chapter 7 petition and you know you are going to lose some of your hard earned possessions. One emotion that should never become a factor is that of guilt. For most people, bankruptcy has not been caused [...]
One of the major causes behind bankruptcy petitions is credit card debt. There are many petitioners who receive a rather rude surprise when they find that one or more of their credit card debts are not going to be discharged through the bankruptcy process. This leaves the debtor still obligated for these debts and the [...]
When a debtor is underwater, they will often try a number of avenues before facing bankruptcy. Sometimes, those avenues work and the debtor is saved from the perceived loss of face through bankruptcy. Some of the methods used do come with side effects that debtors need to be aware of. They also need to be [...]
Bankruptcy law is designed to allow debtors relief from burdensome debts, especially when that debt has become burdensome through no fault of the debtor. Sudden and unexpected unemployment, illness, and marital separations are common areas that create problems for debtors. Bankruptcy law is also designed to provide creditors with as much protection as possible. For [...]
Bankruptcy knows no boundaries so just because your heading for, or already in, retirement, it doesn’t mean you’re free from its clutches. In fact, statistics are showing that there are far more senior citizens going through the bankruptcy process than at any time in our history. Sure, we are growing older, but not at the [...]
