trustee in bankruptcy Tag

18 Jul Is Bankruptcy the Right Option For My Business?

Filing bankruptcy for your business can end the frustration and stress of trying to keep the “doors open” on a failing endeavor. But is it necessary? If you have a sole proprietorship, you can’t file bankruptcy just for the business without including all of your personal assets and debts. That may be a good thing, and will give you a “fresh start” so you can get on with your life. After the bankruptcy, all of your debts; both personal and business; that can be discharged will be gone.
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20 Sep Homestead Exemption In Bankruptcy – 9th Circuit Pitfalls

Home equity you thought was safe from creditors may become vulnerable during the course of a bankruptcy if the value of a home increases. In some states, cash proceeds from a pre-petition home sale can lose their exempt status if not reinvested promptly. These are the lessons of two recent Ninth Circuit decisions. Klein v. Chappell and Ford v. Konnoff. Suppose you, as debtor, own a home with a hefty mortgage obligation. You decide to keep the house and are able to negotiate and adhere to an affordable schedule of payments, which gets you off the hook as far as the secured debt is concerned.
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