What Documents do I Need in Order to File for Bankruptcy?

  • October 11, 2016

Filing for bankruptcy is never a simple decision you take lightly. If you’ve determined bankruptcy is the right choice for you, your next step is to gather all the necessary documentation and find out if you’re eligible for chapter 7 or chapter 13 bankruptcy.

Whether your bankruptcy involves liquidating your assets or creating a repayment plan, you’ll need to gather the same documentation. An attorney can help you with filing paperwork and determine what course is best for you. To make the most of your time, make sure you bring all necessary documentation with you.

How Long Does It Take to Process a Bankruptcy?

  • May 23, 2016

Making the decision to file for bankruptcy is certainly difficult. Once you’ve decided to file, you must determine which chapter of bankruptcy is most appropriate for your situation. Each chapter of bankruptcy has a different time range for completion.

In general, Chapter 7 bankruptcies are processed the most quickly as they are a form of liquidation. Chapter 12 bankruptcy and Chapter 13 bankruptcy often take longer as they involve repayment plans.

Although you’re likely eager to have your case over and done with, you will have to wait for debts to be officially discharged. In this blog post, we’ll look at some of the most common forms of bankruptcy and their average completion times.

Which Kind of Bankruptcy Should You File?

  • April 18, 2016

Let’s face it. There’s a lot to know about bankruptcy. Whether you’re thinking of filing or have already made the decision to file, the sheer amount of information out there can be overwhelming to even the calmest individual.

Filing for the right form of bankruptcy is the first step to achieving a favorable outcome. Let’s go over the most common forms of bankruptcy as well as the advantages and disadvantages of each type.

Frequently Asked Questions Regarding Bankruptcy

  • March 2, 2016

Filing for bankruptcy is a difficult decision and one that you’ll want to make wisely. You likely have plenty of questions regarding the process, filing procedures and potential outcome. To…

How Will Bankruptcy Affect My Children?

  • February 17, 2016

When you decide to file for bankruptcy, you likely have more things on your mind than your financial future alone. You’re considering the future of your family and of course, your children. How will filing for bankruptcy affect them? Are there any adverse effects I should be aware of?

We’ll answer these pertinent questions and more in our blog post below.

What Is the Difference Between Chapter 7, 11 and 13 Bankruptcy?

  • January 29, 2016

When you have trouble paying your bills, deciding to file for bankruptcy can be the first of many steps on your path to a better future financially. Next, you must determine what type of bankruptcy to file based on your situation, debts and plans for the future.

The most common types of bankruptcy are Chapters 7, 11 and 13. Knowing the difference between these 3 chapters is a lot like reading a textbook. It takes some time to digest all the information and learn the facts.

To save you the time and frustration of muddling through tons of information online, we’ve created this blog post as an easy reference to understand the definitions of each chapter of bankruptcy.

Did You Know that Donald Trump Has Declared Bankruptcy 4 Times?

  • December 30, 2015

Donald is known for his real estate ventures, television shows and recently, political ambition. He’s come to be one of the most easily recognizable celebrities with a flashy style, iconic hairdo and straightforward manner. But did you know Trump has filed for bankruptcy four times?

And he’s not the only one. Plenty of celebrities from Mike Tyson to Francis Ford Copolla have filed for bankruptcy, be it personal or corporate. It leaves us with a common conundrum: “How can someone known for having so much wealth seemingly go broke so many times?

Am I Too Rich to Declare Bankruptcy?

  • December 16, 2015

There’s a strange phenomenon of people seemingly having plenty of money but filing bankruptcy. Many appear to come out successful after filing even multiple times. There are cases like Donald Trump, who has filed for bankruptcy through his corporations four times but maintains a net worth of $4.5 billion. Billy Joel has gone bankrupt three times despite a net worth of $160 million.

However, when you take a quick look at the requirements for filing for bankruptcy, you may wonder if your income limits your options.

Is it possible to be too rich to declare bankruptcy? Upon reviewing cases like Trump’s and Joel’s the answer appears to be a resounding no. However, there are some critical distinctions to be aware of.

Asked and Answered: Business Bankruptcy in Eastern VA

  • November 18, 2015

partnerships, you may file Chapter 7 or Chapter 13 bankruptcy. Be aware that filing for Chapter 7 on your own behalf will not discharge business debts.

You may also file for Chapter 7 on behalf your business. Chapter 11 bankruptcies are also available to LLCs, corporations and other small businesses. Only individuals are eligible to file for Chapter 13.

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