Tag Archives: Chapter7

If you have made the decision to file for Chapter 7 bankruptcy and believe you do not need an attorney, it will help to stick around and read this blog. Perhaps medical bills have piled up or credit card payments have become unpayable. Whatever the case may be, filing bankruptcy without an attorney is not only extremely time consuming, but very risky. Some people filing for Chapter 7 bankruptcy will have to take the means test, which requires careful attention to detail. The means test requires debtors to show various types of income such as salary, state disability insurance, property income, workers’ compensation and pension income. It also requires several deductions, such as health insurance, union fees and taxes. Attorneys have years of experience gathering paperwork for the means test while most of the general population does not. Chapter 7 bankruptcy has many rules. Some rules might be unknown to…
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Longtime members of The Kansas City Club, located at 918 Baltimore St., are likely disappointed to hear that the 133-year-old business is closing its doors forever. The Kansas City Star recently reported that the local mainstay had previously planned to reorganize its debts and reopen in a new location. However, the now-padlocked iconic club is set to file Chapter 7 bankruptcy, liquidate its assets and shut down.   The club owes $1.17 million to three different lenders for mortgages on the building. The building is by far the largest asset of the club, which the filing estimates to be worth $1.9 million. Luckily for the unsecured creditors, the combined debts are $1.45 million, meaning they will likely be paid after the secured debts to the banks are paid off. How Does Chapter 7 Work for Business Bankruptcy? Chapter 7 bankruptcy for business is an ideal solution when a company is…
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