Explaining the best and worst sides of each bankruptcy Chapter

Chapter 7 Best aspects It brings instant debt relief, means the debtor receives a full discharge on all debts. The bankruptcy under Chapter 7 allows keeping some property (a cheap car, clothing, and other personal stuff), so the debtor is not left with nothing in his hands. Chapter 7 is the easiest to apply andContinue reading

Rich and famous who went bankrupt!

Contrary to common belief bankruptcy is faced by many famous and wealthy people too. Nothing is guaranteed in life and celebrities also know how to suffer from financial hardship, moreover, their fall hurts much more, because they fall from highest heights of social and financial peaks. Hundreds of cases of bankruptcy where well-known people areContinue reading

Chapter 11 bankruptcy: an overview

Chapter 11 is one of the most popular among business entities, as it was designed especially for financially drowning business corporations. Chapter 11 is named after the Bankruptcy Code 11 and it allows businesses reorganize their debts, obligations, business processes, and assets in order to keep the business afloat. Chapter 11 for business basically playsContinue reading

Bankruptcy Chapters and their main features

Bankruptcy is a legal process of debt relief that allows individuals or business entities cancel or reorganize their financial obligations. Many see bankruptcy as a non-acceptable or even dreadful solution due to social and financial complications it leads to. However, for the majority of desperate debtors, bankruptcy may become the only reasonable way of gettingContinue reading

Bankruptcy. What is it?

Bankruptcy could become a great solution for those who don’t see any other way to get rid of debts and financial obligations they are unable to repay. For many, bankruptcy is the “final hope” which brings long-awaited debt relief and a chance to start everything from a blank sheet. Some chapters allow debtors eliminate theirContinue reading