Tag Archives: Chapter 7 Bankruptcy

Could the Coronavirus Pandemic Lead to More Bankruptcies?

Life is changing for billions of people across the globe as coronavirus (SARS-CoV-2) continues to spread. Here in the United States, there is uncertainty over how a possible shutdown could affect businesses and consumers. In Italy, where authorities are testing thousands of cases each day, most businesses are shut down. An “Italy-style shutdown” is underway in parts of the United States. California recently ordered its residents to stay indoors, with some exceptions. Depending on how the crisis unfolds, recent events could spark numerous personal and business bankruptcies. How Could the Coronavirus Pandemic Affect Families and Individuals? Medical debt is a factor in some bankruptcy cases. For people with chronic health conditions, or those who suffer a serious injury, they could face unaffordable medical bills. People in this situation are likely to have problems paying their other debts. The same could be true by the time the dust settles on the…
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Signs You May Benefit from Chapt 7

Signals that You May Benefit from Chapter 7 Bankruptcy You may be struggling with debt and frequently think that maybe, just maybe, in another month or so, you will get caught up. Instead, another month goes by and you are lagging further behind. It is possible that you are trying so hard to maintain that you overlook the signs that you are on your road to bankruptcy. Here are a few indicators. You avoid answering the phone out of fear that it will be a debt collector. Creditors being making calls when you are more than 30 days late. If you are receiving calls, you are in financial trouble. You have received notice that certain debts are being turned over to debt collection agencies. Your consistently overdraw your checking account. You hide where you park your car out of fear it may be repossessed. You are using your credit cards…
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Actions to Avoid Prior to Filing Bankruptcy

Whether you plan to file for bankruptcy under Chapter 7 or Chapter 13, there are definite actions you need to avoid in order to be sure your debts are discharged or that the court will approve your reorganization plan. These are suggestions and not intended to be a complete list. Your bankruptcy attorney will provide you more detailed information. Avoid transfers of assets that may appear to be preferential. If you repay loans to family members within one year prior to filing your bankruptcy petition, or completely pay some creditors in the 90 days preceding your filing, the trustee has the option of filing an adversary proceeding and asking for the funds to be returned to your estate. The funds will then be used by the trustee and distributed among all your creditors. Quit using your credit cards 70 to 90 days before filing. If you max out your charge…
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