Credit Debt Bankruptcy – The Best Debt Relief Option To Avoid Filing For Bankruptcy
Credit debt bankruptcy filings are expected to increase as we head into yet another uncertain and volatile economic environment. While bankruptcy for many might seem like the easy way out of debt, it really is not. Since the new laws were passed in 2005 filing bankruptcy has become less advantageous and more of a utter nightmare. If you are on the verge of filing for bankruptcy it would behoove you to explore your debt relief options first.
When the new bankruptcy laws were passed in 2005 it made the filing process much more difficult. The application process usually requires the help of an attorney and even if you do everything right, the chances are that you will not qualify for Ch. 7. Ch. 7 bankruptcy is thought of to be the “clean slate” type where all your debts are completely written off and forgiven. Up until 2005 this was easy to qualify for and pretty advantageous. Read more…
Categories: Bankruptcy Tags: Bankruptcy, Credit Debt Bankruptcy, Free Debt Advice.
What Happens to Intellectual Property During Bankruptcy
Intellectual Property during a Chapter 11 Bankruptcy
Many of you would recognize the name CBGB from t-shirts and slogans, all without knowing that the name originated from a legendary music venue in Manhattan. Even more interesting, the club has been closed since 2006. Yet, the investors who purchased it bought it for the naming rights, not the club. These rights, called intellectual property rights, are now in the midst of a Chapter 11 Bankruptcy filed on behalf of the investors. So the question is, what happens to those intellectual property rights during a Chapter 11 Bankruptcy? Read more…
Categories: Bankruptcy Tags: Arizona Bankruptcy Lawyer, Bankruptcy, Internet Law Attorney, Property During Bankruptcy
Bankruptcy in a Nutshell: The Different Types of Bankruptcy
When considering whether to file bankruptcy, it is important to take into account all of the options available. For many, the need for and advantages of bankruptcy are obvious. To others, it will be a last resort. As the debts pile up and the creditors hound you, it is important to consider what can be done. This article will provide basic information on the types of bankruptcies available to both consumers and businesses.
Chapter 7 Bankruptcy – Liquidation
Chapter 7 Bankruptcy is designed for debtors who are having financial difficulties and are not able to repay their debts. If your current monthly income is above the State Median Income you will be required to perform a Means Test to determine if you are eligible for this type of bankruptcy relief. If you do not meet the requirements of the Means Test then you may be precluded from filing a Chapter 7 Bankruptcy and have the option of converting to Chapter 13 Bankruptcy or filing a Chapter 13 Bankruptcy. Read more…