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6 or 8 Years Before Your Chapter 7 Bankruptcy You are eligible for a Chapter 7 discharge after 8 years have passed from the date you filed a prior Chapter 7 case and received a discharge; or after 6 years have passed if you filed a Chapter 13 case and received a discharge. 2 or
The ability to file for bankruptcy is dependent on the chosen type of bankruptcy. You can file a Chapter 7 once every eight years, starting from the filing date, not discharge. You can file for Chapter 13 after successfully completing a Chapter 7 case. However, if you file within four years of the Chapter 7
Filing for bankruptcy can be a difficult and overwhelming process. With proper planning and precautionary measures, individuals can navigate it smoothly. Consulting with an attorney can ease your mind and ensure you do things the right way. This article highlights the crucial steps one should avoid before filing for bankruptcy to ensure a more favorable
While it is not legally required to have a lawyer before filing bankruptcy, it is highly recommended to consult with one. Bankruptcy law can be complex and navigating the process without proper legal knowledge and representation can be challenging. An experienced bankruptcy attorney can help you avoid mistakes, ensure that your rights and interests are
As you may know, the Federal Reserve has made more than $11 trillion in repo loans for the bigger banks to gamble in the stock market and bundle and trade derivatives. With the repeal of Glass-Steagall, the banks are allowed to use customer deposits to fund their market trading if in reading this you think
The debtor listed a personal injury claim against his former employer, James Simms (“Simms”), on his schedule of assets. Subsequently, a personal injury lawsuit was filed against the former employer, as well as another party, Bureau of Workers’ Compensation (“BWC”). The claim against BWC was not included in the debtor’s schedules. The debtor claimed no
Janee Hotel Group formed Lexington Hospitality Group (LHG) and acted as its manager. Janee acquired a hotel with acquisition financing provided by PCG Credit Partners (PCG). PCG required LHG to include certain “Bankruptcy Restrictions” in its operating agreement. As a condition to the loan, the lender required the affirmative vote of an “Independent Manager” and
in March (2020), a Bankruptcy Court in Michigan allowed a debtor who had filed for bankruptcy before the Small Business Reorganization Act of 2019 (SBRA) amendments, to proceed under Subchapter V of chapter 11. The judge’s opinion joins a growing set of decisions that hold that cases that are already proceeding in a “traditional” chapter
Small Business Reorganization Act Subchapter V of Chapter 11 Amendments For a period of one year from February, 2020, the CARES Act allows more small businesses to qualify as a debtor under the small business reorganization provisions of chapter 11 recently added by the SBRA. The Bankruptcy Code provides special rules and procedures for “small
In February, Access Entertainment Group LLC, Louisville, filed Chapter 11 bankruptcy. Chapter 11 allows a company to reorganize while continuing to operate. The company listed debts of almost $1 million and assets around $75,000 in the filing. It listed fewer than 50 creditors, the largest of whom is Dennis Jourdan of Indianapolis for more than
