1. Once you decide that a business bankruptcy is the appropriate remedy for your failing business, you must prepare a corporate resolution. 2. The bankruptcy petition is then prepared listing all of the assets and liabilities. 3. The business is closed. Employees are terminated, paid their final wages, all taxes are paid, and the doors [...]
July 2011
We have bailed out the mortgage companies that brought us the foreclosure crisis, now the states and a federal government agencies are on the verge of a sellout buyout by the bad guys for fraudulent foreclosures. The Office of Comptroller of the Currency, or OCC, and the attorney generals for all 50 states are participating [...]
There are many issues that can arise when you file a Chapter 13 bankruptcy case and insurance proceeds from a vehicular accident may be one such issue. Let’s presume the following facts: You are two years into a five year Chapter 13 Plan, you have had an accident that has totaled your vehicle, your full [...]
A U.S. bankruptcy court in California agreed with a chapter 13 debtor that the terms of his chapter 13 plan could prevent a foreclosure, even though he had previously filed a chapter 13 which was dismissed in the one year prior to his second case. Mortgage banks will consider this ruling to be an “end run” [...]
So, you meet with an attorney to discuss your options in bankruptcy. The attorney discusses a chapter 13 and says that you can “cram-down” your car in a chapter 13 case. Cram what!? I like the thought of cramming something somewhere for a particular creditor but what exactly is a “cram-down”? Under chapter 13, a [...]
Explaining the differences between Chapter 7 and Chapter 13 bankruptcy can be difficult. There are the obvious ones: Chapter 7 doesn’t involve payments to creditors, and Chapter 13 does. And you can cure your mortgage arrears in Chapter 13 but not in Chapter 7. And there are many others. But what about the differences in [...]
