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2 days ago · In a consumer proposal, the creditor’s role is to weigh the benefits of receiving a percentage of the owed amount through the proposal versus potential losses or even a zero return in the event the proposal is rejected and the debtor files for bankruptcy. Consumer proposals should be mutually beneficial for debtors and creditors.
3 days ago · We also address common myths, provide life after-bankruptcy tips, and answer frequently asked questions to give you a comprehensive understanding of what declaring bankruptcy entails. What is bankruptcy. Bankruptcy is a legal process intended to help an honest debtor have a fresh financial start.
5 days ago · An informal debt settlement is a voluntary arrangement negotiated between you and your creditors, without the comfort of ensuring you have a legally binding agreement and the step-by-step guidance provided by a Licensed Insolvency Trustee.
5 days ago · In Chapter 7 bankruptcy, the court sells your assets to pay off the creditors you owe. This doesn’t mean you have to sell everything you own. For example, if your house falls below a certain value, you can keep it. Filing for Chapter 7 only takes four to six months to complete.
4 days ago · Consumer Bankruptcy is bankruptcy for individual debtors. Consumer debtors usually seek relief under either Chapter 7 or Chapter 13. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) made sweeping changes to all aspects of bankruptcy law, especially those affecting consumer debtors.
- Susan M. Giusti
- 2012
5 days ago · You will have to wait eight years before discharging debt in bankruptcy again. The automatic stay (which, upon filing for bankruptcy protection, legally suspends lawsuits, evictions, foreclosures, and collection activity) is weakened for multiple filers.
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1 day ago · Bankruptcy may become a less attractive way to resolve sprawling lawsuits after a U.S. Supreme Court ruling scuttled OxyContin maker Purdue Pharma's Chapter 11 settlement and sharply scaled back a court's ability to wipe away legal claims against entities that have not filed for bankruptcy themselves. Bankruptcy courts offer several attractive tools for companies and other organizations to ...
