Common law bankruptcy was established centuries ago to handle debtors that couldn’t repay their debts. In a successful economy, the best way to handle debts that can’t be paid by the borrower is with a bankruptcy system that stabilizes that debt load, returning consumers to the trade of goods and services while remaining fair to
Like any legal proceeding, bankruptcy is a big step to take in your life, and if you’re considering filing, you should prepare to be completely frank with your bankruptcy attorney about your financial circumstances/problems and you should prepare to collect paperwork that substantiates the assets you own and the debts you owe. Due diligence and
The year 2020 was a blockbuster one for disaster, with a global pandemic and a contentious U.S. presidential election, respectively, as the opening and closing credits. For many Americans, the biggest impact was the financial changes they had to face due to COVID-19’s effect on the U.S. economy. Despite the small boost the Coronavirus Aid,
Even if you’re facing severe financial difficulties, the social stigma around filing for bankruptcy can get in the way of making decisions that will positively affect your circumstances in the long term. But, getting past the negative social ideas around filing for bankruptcy might be the best choice you can make for your household’s financial
For individual consumers and businesses alike, bankruptcy is always an option that can help restructure, dissolve, and generally treat debts that filers wouldn’t be able to repay. The process of bankruptcy is designed with fairness to both the filers and creditors, but also serves to support economies from local municipalities to the national economic system.
Of the eight American Midwest states, over 127 million acres are made up of agricultural land that, just twelve years ago, generated a market value of over $80 billion annually. That value steadily declined from 2013 to today. Meanwhile, farm bankruptcies climbed to their greatest peak since the 2009 economic crash, with total Midwest cases
In the United States, different types of bankruptcy processes are available to a wide range of filers, from individual consumers filing Chapter 7 bankruptcies to large corporations filing complex Chapter 11 cases. At Behm Law Group Ltd., we primarily work with individuals filing for Chapter 7 liquidation or Chapter 13 reorganization bankruptcy, but we
For those who haven’t been able to meet debt payments on time for several months and suspect they may never be able to fully repay their debts, bankruptcy is always an option. Bankruptcy was designed to support consumers and businesses that can’t repay debts. It’s a failsafe support system that benefits filers, creditors, and the
There are several types of business ownership in the United States, from large corporations to sole proprietorships. When it comes to the bankruptcy code, each type of business is handled in a specific way. For almost every type of business, the owner’s debts are separated from the business bankruptcy case. However, because sole proprietorships are
The United States bankruptcy code is in place to discharge many different types of individual consumer and business debts. However, some debts are more difficult to have discharged and some debts are not discharged in bankruptcy at all. For example, there is a common misperception that student loans cannot be discharged in bankruptcy. While student
