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Earlier this year, I helped a client purchase real property out of a chapter 11 California bankruptcy case. The process can be confusing and stressful, but it is worthwhile for a potential buyer who has found the right real property and is willing to pay above and beyond what the next best offer is in the bankruptcy case. It’s even more confusing for a potential buyer when real estate is being transferred as part of a third party settlement in a bankruptcy proceeding, and an outside buyer wants to come in and overbid on the real estate to provide more value to the bankruptcy estate than the settlement offers.
Now while a buyer of real estate just wants to buy the real estate and wants nothing to do with a third party settlement between the Debtor and other creditors, it is important one understand the settlement matters because the real estate is involved in the settlement. So the settlement can’t be ignored and it’s not as simple as just buying a piece of real property outright by necessarily offering more money.
Here’s the standard to determine whether the settlement can be approved: In determining whether a settlement is fair and equitable where disposal of estate property is contemplated, the Court must consider the possibility of a higher sales price obtained through a competitive process as part of a § 363 sale. (March, Ahart & Shaprio,CAL. PRAC. GUIDE: BANKRUPTCY (TRG 2014),§ 20:302)( citing to In re Mickey Thompson Entm’t Group, Inc., 292 B.R. 415 at 421-422 (B.A.P. 9th Cir. 2003).
Whether a Court should “impose formal sale procedures is ultimately a matter of discretion that depends upon the dynamics of the particular situation.” Id. at 422. The Debtor in Possession, wherein no trustee has been appointed, nonetheless has a fiduciary duty to maximize the value to the estate over any agreement that requires court approval. Id. at 421.
So this all means a bankruptcy court should consider whether a settlement is fair and equitable and in doing so must consider a higher sales price offered by someone such as a third party buyer for the real estate. Ultimately, a court has some leeway in determining the multitude of factors, and the Court must make considerations that best benefit the bankruptcy estate. This is a concept sometimes that gets lost in the weeds. The Court must do what’s best for the bankruptcy estate, not just what’s best for a buyer or a seller, or another third party, or even the Debtor. The bankruptcy court has the tough task of balancing all these factors and weighing them against the interests of differing parties with different agendas.
In my case in which I helped my clients purchase acres of real property, my client presented an offer valued higher than what the settlement in the bankruptcy offered as value for the real property. However, our offer required financing and was not an outright cash offer. The problem is that the Debtor who owned the property in the chapter 11 case structured the process so that only cash offers could be contemplated. Ultimately, the bankruptcy court made a tough call in this case where both parties could not agree on this point. The court determined that if my clients offered a non-refundable substantial good faith cash deposit, it would allow us to move forward coupled with a very short closing window to get everything completed and funded. If my clients failed to fund, the deposit would be lost and the bankruptcy estate would have a extra money to administer the estate than it previously did and could move forward with its settlement as proposed.
Ultimately, my clients were able to close the deal and are now owners of the real estate they coveted. Who would have thought the world of bankruptcy would have best provided them with this unique opportunity?
JCH Law Firm has experience dealing in these matters. Attorney Jeff Hsu is a California state certified bankruptcy specialist & attorney. We have successfully represented clients in bankruptcy cases of various shapes and sizes. Give us a call at 626-999-5959 or email us your inquiry at [email protected]. Thank you and we look forward to hearing from you.
The post The Art of Bidding at 363 California Bankruptcy Sales Involving Settlement Offers appeared first on JCH LAW FIRM.
Earlier this year, I helped a client purchase real property out of a chapter 11 California bankruptcy case. The process can be confusing and stressful, but it is worthwhile for a potential buyer who has found the right real property and is willing to pay above and beyond what the next best offer is in the bankruptcy case. It’s even more confusing for a potential buyer when real estate is being transferred as part of a third party settlement in a bankruptcy proceeding, and an outside buyer wants to come in and overbid on the real estate to provide more value to the bankruptcy estate than the settlement offers.
Now while a buyer of real estate just wants to buy the real estate and wants nothing to do with a third party settlement between the Debtor and other creditors, it is important one understand the settlement matters because the real estate is involved in the settlement. So the settlement can’t be ignored and it’s not as simple as just buying a piece of real property outright by necessarily offering more money.
Here’s the standard to determine whether the settlement can be approved: In determining whether a settlement is fair and equitable where disposal of estate property is contemplated, the Court must consider the possibility of a higher sales price obtained through a competitive process as part of a § 363 sale. (March, Ahart & Shaprio,CAL. PRAC. GUIDE: BANKRUPTCY (TRG 2014),§ 20:302)( citing to In re Mickey Thompson Entm’t Group, Inc., 292 B.R. 415 at 421-422 (B.A.P. 9th Cir. 2003).
Whether a Court should “impose formal sale procedures is ultimately a matter of discretion that depends upon the dynamics of the particular situation.” Id. at 422. The Debtor in Possession, wherein no trustee has been appointed, nonetheless has a fiduciary duty to maximize the value to the estate over any agreement that requires court approval. Id. at 421.
So this all means a bankruptcy court should consider whether a settlement is fair and equitable and in doing so must consider a higher sales price offered by someone such as a third party buyer for the real estate. Ultimately, a court has some leeway in determining the multitude of factors, and the Court must make considerations that best benefit the bankruptcy estate. This is a concept sometimes that gets lost in the weeds. The Court must do what’s best for the bankruptcy estate, not just what’s best for a buyer or a seller, or another third party, or even the Debtor. The bankruptcy court has the tough task of balancing all these factors and weighing them against the interests of differing parties with different agendas.
In my case in which I helped my clients purchase acres of real property, my client presented an offer valued higher than what the settlement in the bankruptcy offered as value for the real property. However, our offer required financing and was not an outright cash offer. The problem is that the Debtor who owned the property in the chapter 11 case structured the process so that only cash offers could be contemplated. Ultimately, the bankruptcy court made a tough call in this case where both parties could not agree on this point. The court determined that if my clients offered a non-refundable substantial good faith cash deposit, it would allow us to move forward coupled with a very short closing window to get everything completed and funded. If my clients failed to fund, the deposit would be lost and the bankruptcy estate would have a extra money to administer the estate than it previously did and could move forward with its settlement as proposed.
Ultimately, my clients were able to close the deal and are now owners of the real estate they coveted. Who would have thought the world of bankruptcy would have best provided them with this unique opportunity?
JCH Law Firm has experience dealing in these matters. Attorney Jeff Hsu is a California state certified bankruptcy specialist & attorney. We have successfully represented clients in bankruptcy cases of various shapes and sizes. Give us a call at 626-999-5959 or email us your inquiry at [email protected]. Thank you and we look forward to hearing from you.
The post The Art of Bidding at 363 California Bankruptcy Sales Involving Settlement Offers appeared first on JCH LAW FIRM.
Earlier this year, I helped a client purchase real property out of a chapter 11 California bankruptcy case. The process can be confusing and stressful, but it is worthwhile for a potential buyer who has found the right real property and is willing to pay above and beyond what the next best offer is in the bankruptcy case. It’s even more confusing for a potential buyer when real estate is being transferred as part of a third party settlement in a bankruptcy proceeding, and an outside buyer wants to come in and overbid on the real estate to provide more value to the bankruptcy estate than the settlement offers.
Now while a buyer of real estate just wants to buy the real estate and wants nothing to do with a third party settlement between the Debtor and other creditors, it is important one understand the settlement matters because the real estate is involved in the settlement. So the settlement can’t be ignored and it’s not as simple as just buying a piece of real property outright by necessarily offering more money.
Here’s the standard to determine whether the settlement can be approved: In determining whether a settlement is fair and equitable where disposal of estate property is contemplated, the Court must consider the possibility of a higher sales price obtained through a competitive process as part of a § 363 sale. (March, Ahart & Shaprio,CAL. PRAC. GUIDE: BANKRUPTCY (TRG 2014),§ 20:302)( citing to In re Mickey Thompson Entm’t Group, Inc., 292 B.R. 415 at 421-422 (B.A.P. 9th Cir. 2003).
Whether a Court should “impose formal sale procedures is ultimately a matter of discretion that depends upon the dynamics of the particular situation.” Id. at 422. The Debtor in Possession, wherein no trustee has been appointed, nonetheless has a fiduciary duty to maximize the value to the estate over any agreement that requires court approval. Id. at 421.
So this all means a bankruptcy court should consider whether a settlement is fair and equitable and in doing so must consider a higher sales price offered by someone such as a third party buyer for the real estate. Ultimately, a court has some leeway in determining the multitude of factors, and the Court must make considerations that best benefit the bankruptcy estate. This is a concept sometimes that gets lost in the weeds. The Court must do what’s best for the bankruptcy estate, not just what’s best for a buyer or a seller, or another third party, or even the Debtor. The bankruptcy court has the tough task of balancing all these factors and weighing them against the interests of differing parties with different agendas.
In my case in which I helped my clients purchase acres of real property, my client presented an offer valued higher than what the settlement in the bankruptcy offered as value for the real property. However, our offer required financing and was not an outright cash offer. The problem is that the Debtor who owned the property in the chapter 11 case structured the process so that only cash offers could be contemplated. Ultimately, the bankruptcy court made a tough call in this case where both parties could not agree on this point. The court determined that if my clients offered a non-refundable substantial good faith cash deposit, it would allow us to move forward coupled with a very short closing window to get everything completed and funded. If my clients failed to fund, the deposit would be lost and the bankruptcy estate would have a extra money to administer the estate than it previously did and could move forward with its settlement as proposed.
Ultimately, my clients were able to close the deal and are now owners of the real estate they coveted. Who would have thought the world of bankruptcy would have best provided them with this unique opportunity?
JCH Law Firm has experience dealing in these matters. Attorney Jeff Hsu is a California state certified bankruptcy specialist & attorney. We have successfully represented clients in bankruptcy cases of various shapes and sizes. Give us a call at 626-999-5959 or email us your inquiry at [email protected]. Thank you and we look forward to hearing from you.
The post The Art of Bidding at 363 California Bankruptcy Sales Involving Settlement Offers appeared first on JCH LAW FIRM.
Do Chapter 13 payment plans really work? How many customers actually finish the plan and become debt free? How does it stack up to other options like consumer credit repayment plans? If you don’t know how likely a plan of action will succeed, how do you know what to do?
Historically, only one in three chapter 13 cases are completed nationwide. That is a pretty bad success rate in my opinion. Law professor Katherine Porter (@bankruptprof) wrote a provoking article about chapter 13 success rates in 2011 that basically called for an elimination of chapter 13 cases. Her study confirmed the dismal success rate of these cases.
Chapter 13 is a pretend solution. I use this term to mean a social program that does not work as intended but is not critiqued or reformed because its flaws are hidden.
That study always struck me as wrong. It seemed wrong because we were achieving a much higher success rate in Nebraska and in our firm’s cases. It seemed wrong because chapter 13 has so many advantages over chapter 7 that allow debtors to stop foreclosures, retain work vehicles and basically even the playing field against big bill collectors.
So I began to review success rates of bankruptcy cases and other debt solutions. In reviewing the 283 Chapter 13 cases our firm filed in 2011, our clients obtained chapter 13 discharges in 198 of those cases. That is a 70% success rate! Chapter 7 success rates are even higher. Of the 321 chapter 7 cases our firm filed in 2011, clients received discharges in 320 cases. That is a 99% success rate.
Bankruptcy Judge Brian D. Lynch reports a similar success rate for cases filed in the bankruptcy court for the the Western District of Washington. (See Measuring Success in Chapter 13) Another study by Ed Flynn of the American Bankruptcy Institute (Chapter 13 Revisited) revealed a nationwide chapter 13 completion rate of 50% for confirmed cases.
HOW DOES CHAPTER 13 STACK UP TO OTHER DEBT SOLUTIONS?
It is important to know the average success rate before starting a debt program. Here is what our studies indicate:
- Chapter 7. Nationally, about 95% of chapter 7 cases complete successfully.
- Chapter 13. It varies a lot from state to state and from law firm to law firm. Success rates vary from 40% to 70%.
- Credit Counseling Payment Programs. This is a hard figure to track since the credit counseling industry does not publicly report their success rate. But industry insiders report success rates of 20% to 25%. (See this article: Does Credit Counseling Work?)
- Debt Settlement. The “save-up-and-settle” programs are basically a scam with success rates well under 10%.
- Dave Ramsey Debt Snowball Plan. There is absolutely no reliable information about the success rate of these programs. I would estimate that only about 1 in 3 of those folks who begin this program become debt free.
WHY DO SOME BANKRUPTCY FIRMS HAVE HIGHER SUCCESS RATES?
Success is no accident. Some attorneys just work harder at it and have a higher commitment rate to clients. In every chapter 13 case there comes a time when a client needs help. Clients get injured and they lose jobs or go through divorce and they face many other problems that can cause a payment plan to fail. Successful chapter 13 attorneys have many tools to help clients through temporary problems:
- Motion to Suspend Payment. From time to time a debtor may ask the court to stop or reduce the bankruptcy payment if good cause exists.
- Amended Plans. When income decreases due to lower paying jobs or expenses increase due to medical problems, the original plan may be amended to make the payment affordable. Skilled attorneys know how to adjust payments when circumstances change.
- Home Loan Modifications. Chapter 13 can stop a home foreclosure and give a homeowner extra time to modify their home loan. When home loans are modified the monthly bankruptcy payment can be lowered typically.
- Referrals to Tax and other professionals. A good chapter 13 attorney can refer clients to other skilled professionals. Perhaps a client needs great accountant to prepare tax returns. Perhaps a good real estate agent is needed. Getting clients to the right professional help is key.
- Understanding the Real Cause of Financial Problems. Money problems are often secondary. Listening to your client and helping guide them through difficult times can make a real difference.
Does chapter 13 work? The evidence is overwhelming. In the hands of a skilled attorney, chapter 13 is a very real debt solution.
If you have been struggling with debt, now may be the best time to consider filing for bankruptcy. For starters, with the holidays ahead you could dig yourself deeper into debt. Our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn, lists four reasons why you may want to consider filing for bankruptcy before the holidays.
4 Reasons To File an Elkhorn, Wisconsin Bankruptcy Before the Holidays
1. Stop accruing more debt during the holiday season. You are already in debt. The last thing you need is even more debt. Family dinner ingredients, travel expenses, and gifts can put you past the point of no return. If you file bankruptcy before the holidays, you won’t use your credit cards to pay for holiday expenses and gifts. Our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn, wants to remind you that paying for holiday gifts on your credit cards may prolong or prevent you from filing bankruptcy. The bankruptcy trustee may think you purposely racked up credit bills for fraudulent reasons. You may not get these charges discharged.
2. Stop embarrassing phone calls while hosting family, guests, and holiday parties. The last thing you want happening while entertaining family and friends is for your phone to be ringing off the hook with bill collectors on the other end. Not only is this situation embarrassing, but it is also depressing. The holidays are hard enough without being reminded about your financial problems. Our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn, wants you to know that as soon as you file for bankruptcy, all collection attempts must stop, including letters and phone calls. So, you won’t have to hide your mail during the holidays, either.
3. Start budgeting now, before spending even more on holiday items. Budgeting isn’t fun, but it is important. With the holidays approaching, you may be considering spending money on decorations, food, and gifts. Can you even afford all of this right now? Start a budget now while filing for bankruptcy to keep your finances in check.
4. Start 2017 with a clean slate. Wouldn’t it be great to start the new year debt free? Think of the great New Year resolutions you can make regarding your spending habits. No more collection attempts. The New Year is the perfect time to start rebuilding your credit. It’s a second chance for a fresh start.
Contact Our Elkhorn, Wisconsin Bankruptcy Lawyer, Shannon Wynn
If you are dreading the holiday season because of your financial situation, give us a call. Don’t put yourself further into debt. Don’t ruin your chances of ever being able to file for bankruptcy by racking up more credit card debt during the holidays. Now is the perfect time to strategize wisely about your finances. Before the holiday bills hit you like a freight train, contact our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn. You can schedule a free, initial consultation by calling our bankruptcy office at 262-725-0175 or by stopping one of our offices in Delavan, Muskego, Salem, or Lake Geneva.
Find out if you qualify for bankruptcy.
Click Here to Get a Free Bankruptcy Assessment
from Wynn at Law, LLC
.
It’s Free. It’s Easy.
*The content and material on this web page is for informational purposes only and does not constitute legal advice.
If you have been struggling with debt, now may be the best time to consider filing for bankruptcy. For starters, with the holidays ahead you could dig yourself deeper into debt. Our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn, lists four reasons why you may want to consider filing for bankruptcy before the holidays.
4 Reasons To File an Elkhorn, Wisconsin Bankruptcy Before the Holidays
1. Stop accruing more debt during the holiday season. You are already in debt. The last thing you need is even more debt. Family dinner ingredients, travel expenses, and gifts can put you past the point of no return. If you file bankruptcy before the holidays, you won’t use your credit cards to pay for holiday expenses and gifts. Our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn, wants to remind you that paying for holiday gifts on your credit cards may prolong or prevent you from filing bankruptcy. The bankruptcy trustee may think you purposely racked up credit bills for fraudulent reasons. You may not get these charges discharged.
2. Stop embarrassing phone calls while hosting family, guests, and holiday parties. The last thing you want happening while entertaining family and friends is for your phone to be ringing off the hook with bill collectors on the other end. Not only is this situation embarrassing, but it is also depressing. The holidays are hard enough without being reminded about your financial problems. Our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn, wants you to know that as soon as you file for bankruptcy, all collection attempts must stop, including letters and phone calls. So, you won’t have to hide your mail during the holidays, either.
3. Start budgeting now, before spending even more on holiday items. Budgeting isn’t fun, but it is important. With the holidays approaching, you may be considering spending money on decorations, food, and gifts. Can you even afford all of this right now? Start a budget now while filing for bankruptcy to keep your finances in check.
4. Start 2017 with a clean slate. Wouldn’t it be great to start the new year debt free? Think of the great New Year resolutions you can make regarding your spending habits. No more collection attempts. The New Year is the perfect time to start rebuilding your credit. It’s a second chance for a fresh start.
Contact Our Elkhorn, Wisconsin Bankruptcy Lawyer, Shannon Wynn
If you are dreading the holiday season because of your financial situation, give us a call. Don’t put yourself further into debt. Don’t ruin your chances of ever being able to file for bankruptcy by racking up more credit card debt during the holidays. Now is the perfect time to strategize wisely about your finances. Before the holiday bills hit you like a freight train, contact our Elkhorn, Wisconsin bankruptcy lawyer, Shannon Wynn. You can schedule a free, initial consultation by calling our bankruptcy office at 262-725-0175 or by stopping one of our offices in Delavan, Muskego, Salem, or Lake Geneva.
Find out if you qualify for bankruptcy.
Click Here to Get a Free Bankruptcy Assessment
from Wynn at Law, LLC
.
It’s Free. It’s Easy.
*The content and material on this web page is for informational purposes only and does not constitute legal advice.
The post 4 Reasons to File Bankruptcy Before the Holidays appeared first on Wynn at Law, LLC.
Be honest Be honest with yourself, your attorney, the trustee, the court and anyone else involved in your bankruptcy case. The first question to ask is do you really need the help? Are you someone who has a small amount of debt that is manageable over the course of six months to a year or+ Read More
The post 3 Tips For A Successful Bankruptcy Experience appeared first on David M. Siegel.
Here at Shenwick & Associates, the debtors that we represent (we represent creditors, too) are primarily looking to get their debts discharged in bankruptcy. However, what most debtors don't know is that besides getting rid of unsecured and secured debt, some liens or judgments secured by property can be eliminated by making a motion under § 522(f) of the Bankruptcy Code, which permits a debtor to wipe out the interest that a creditor has in property if the debtor's interest in the property would be exempt but for the existence of the creditor's lien or interest.
The most common types of liens that can be avoided under § 522(f) are judicial liens (a lien created when someone obtains a judgment against you and attaches the judgment against your property), but not including liens that secure a domestic support obligation); and nonpossessory, nonpurchase-money security interests. To qualify as a nonpossessory, nonpurchase-money security interest: (1) you (not the creditor) still possess the collateral; and (2) you used property you already owned as collateral for the loan, not money that you borrowed.
A lien is considered to impair an exemption to the extent that the sum of: (i) the lien; (ii) all other liens on the property; and (iii) the amount of the exemption that the debtor could claim if there were no liens on the property, exceeds the value that the debtor's interest in the property would have in the absence of any liens.
By way of example, let's assume that a house owned by a husband and wife has an appraised value of $500,000. The house is subject to a $200,000 mortgage. The husband and wife file for chapter 7 bankruptcy and have a combined $300,000 homestead exemption under New York State law. Prior to their bankruptcy filing, a judgment creditor records a $75,000 judgment against the house. The debtors may commence a motion under § 522(f) of the Bankruptcy Code to avoid or eliminate the $75,000 judgment docketed against the house.
To discuss whether lien avoidance as part of a bankruptcy filing would be a beneficial strategy for your debt issues, please contact Jim Shenwick.
Bankruptcy is a means through which honest, hardworking Californians who have incurred significant amounts of debt can get a fresh financial start. However, many potential clients at The Bankruptcy Group are often concerned about whether the way they got into debt can be corrected by a Chapter 7 or Chapter 13 bankruptcy filing.
At The Bankruptcy Group, a Sacramento bankruptcy attorney is always ready to listen to your story. We believe that understanding your goals, hopes, and fears prior to taking any action is the best way for us to provide responsive and strategic legal guidance. Over the years, we have seen numerous situations create substantial financial hardships for taxpayers. Many, if not most, of these financial problems occurred through little to no fault of the individual or family. We are proud to help Californians seek recovery from financial difficulties and get a fresh start.
An Injury, Illness, or other Medical Event Frequently Result in Financial Trouble
A medical event that requires hospitalization, rehabilitative therapy, and other disruptions to an individual’s life is likely to create financial turmoil. Plenty has been said about the costs of obtaining medical care in California and throughout the United States; the simple fact of the matter is that most people are a single injury or medical event away from tens or hundreds of thousands of dollars in medical bills.
Further exacerbating the financial stress that is caused by huge medical bills is the fact that most people who experience a serious medical event will need time to recover and heal. This frequently means time off of work. Even if the worker and his or her family are able to draw payments from disability insurance or other sources, these payments are typically only a percentage of the worker’s regular pay.
Divorce of Other Family Issues also Frequently Precede Financial Turmoil
According to a 2004 Harvard study detailed in the book, The Two Income Trap, the American middle-class family is stretched financially thin. Since the book’s publication, many of the problems it identified have actually gotten worse. Costs for child care, health care, education, and all the other goods and services needed to raise a middle-class child continue to increase. Thus, many and probably most families now have both parents in the workforce. Today’s families earn about 75% more than the single parent earner families of a generation or two ago. And yet, today’s two-income family actually has less discretionary income than a family with a single earner from the previous generation.
Thus, disruptions to the family through a divorce or other means are frequently catastrophic to the family finances. Even in an amicable divorce, the family will still attempt to fund two households on income that used to only pay for one home. However, the problem goes even deeper than this. With both parents in the workforce, additional costs arise ranging from transportation and car insurance to child care expenses.
Excessive Use of Credit Cards Is a Common Reasons for Serious Debt Problems
Excessive use of credit cards that typically carry high balances up to credit limits across multiple cards is also a frequent cause of significant financial difficulties. It is quite common for people to use credit cards after the loss of a job or from other difficult financial circumstances to bridge the gap and make ends meet. Unfortunately, and all too often, the difficult financial situation does not turn around as quickly as the individual expected, and it becomes more and more difficult to service the debt. Eventually, the individual may miss one or more payments and penalty provisions kick in. Few people have the ability to make payments sufficient to cover double-digit interest on tens of thousands of dollars in debt. Even fewer people will be able to both service the interest and pay down the principle in a timely manner. Therefore, when it feels as if no amount of hard work allow you to catch up, bankruptcy often provides a pathway to a fresh financial start.
Work with Our Sacramento Bankruptcy Attorneys
The lawyers of The Bankruptcy Group are proud to provide bankruptcy guidance and advice from their Folsom and Roseville law offices. If you have questions regarding whether Chapter 13 bankruptcy or Chapter 7 bankruptcy can fix your financial problems and provide a fresh start, call our law offices at 1-800-920-5351 for a free and confidential consultation, or contact us online.
The post How Do Californians Considering Bankruptcy End up Facing Large Amounts of Debt? appeared first on BK Law.
Updated daily, this blog will keep you informed on the latest bankruptcy news! 
Learn more about how Bankruptcy works and what you need to know.