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Chapter 7 Business Bankruptcy Filings in SDNY and EDNY
Chapter 7 Business Bankruptcy Filings in SDNY and EDNY
Chapter 7 Business Bankruptcy Filings in SDNY and EDNY
Chapter 7 Business Bankruptcy Filings in SDNY and EDNY
Chapter 7 Business Bankruptcy Filings in SDNY and EDNY
Facing the Loss of Your Home? Call Us for Help!
If you have received a foreclosure summons, a notice of acceleration, or a foreclosure date from your lender, the Fort Worth bankruptcy attorneys at Allmand Law Firm, PLLC may be able to help. From the date the foreclosure notice is sent, you could have as little as three weeks to save your home. For this reason, you will need to act quickly.
Ignoring foreclosure notices won’t make them go away. Similarly, falling further behind on your mortgage payments will only increase the risk of foreclosure. If you want to save your home, you should move quickly to secure the help of a skilled foreclosure defense lawyer. Contact Allmand Law Firm, PLLC today to request your free consultation.
How Allmand Law Firm, PLLC Can Assist You
Having helped tens of thousands of debtors throughout the Fort Worth area, Allmand Law Firm, PLLC has the skill, experience, and resources to help you fight the loss of your home. Whether you have already received a notice of foreclosure or you have started to fall behind on your mortgage payments, you can turn to us for the help you need.
If you are facing foreclosure, our firm may be able to help you:
- Stop, halt, or prevent foreclosure proceedings
- End your mortgage on favorable terms
- Avoid potential tax liability from foreclosure
- Lessen unsecured debt while keeping your home
- Minimize the impact on your credit history
Fight Foreclosure Through Chapter 13 Bankruptcy
There are several different foreclosure defense methods, including short sales, deeds in lieu of foreclosure, and filing for Chapter 13 bankruptcy. Chapter 13 is one of the most popular methods of fighting foreclosure because it allows you to repay your mortgage arrears over three to five years. If you stay current on your mortgage and pay back your arrears by the end of your bankruptcy, you should be able to keep your home.
Contact Our Board Certified Bankruptcy Expert
If you are facing the loss of your home, Allmand Law Firm, PLLC should be your next call. During a free financial empowerment session, we’ll help you understand your options.
How can you benefit from working with our team?
- We have helped tens of thousands of debtors in Texas
- We have more than two decades of collective experience
- Reed Allmand is a board certified bankruptcy specialist
- Our firm has been featured on CBS News, Fox News & ABC
Take control of your finances by enlisting the help of our Fort Worth bankruptcy lawyers. We are not here to judge – we are here to help you toward a better future.
The post Stop Foreclosure in Fort Worth, TX appeared first on Allmand Law Firm, PLLC.
Many debtors considering bankruptcy know they need a bankruptcy attorney; but they are afraid of what it will cost and of course how they will pay the fees. If you’re considering filing for bankruptcy and are worrying about how you will pay bankruptcy attorney fees, you’re not alone.
To take away the mystery of bankruptcy attorney fees, let’s take a look a number of factors that will determine the cost of your bankruptcy attorney fees:
The complexity of your bankruptcy case.
The amount of time the bankruptcy attorney will be required to devote to the case.
Whether you are filing a Chapter 7 or Chapter 13 bankruptcy.
The amount of assets involved in the case.
And those are just a few of the determining factor. That’s why there is no one-size fits all for bankruptcy attorney fees. The cost for filing a bankruptcy involving $1 million in assets will not cost the same as filing a bankruptcy for $30,000 in assets.
The only way that a bankruptcy attorney can give a debtor an accurate fee quote is to sit down and discuss the bankruptcy case with the debtor. After discussing the bankruptcy case with the debtor, the bankruptcy attorney can discuss what assets can be used to pay the fees and other payment options that may be available.
Many debtors view bankruptcy attorney fees as just another bill; but that’s a huge mistake in perception. The fees paid for a bankruptcy attorney is an investment in your financial future.
The post I Know I Need A Bankruptcy Attorney–But I’m Afraid Of The Costs appeared first on Allmand Law Firm, PLLC.
Most debtors file for bankruptcy as a last ditch effort to dig themselves out of the hole when their debt troubles are just too much to handle. But often their last stop right before bankruptcy is debt settlement. There are a lot of companies out there that offer debtors the opportunity to settle their debts with creditors for “pennies on the dollar.” Sound too good to be true? Well, many debtors coming to bankruptcy court after going through “debt settlement” have found that at least in their case, it is too good to be true. What a lot of debt settlement companies fail to tell their customers is that debt settlement is risky and not guaranteed. The debt settlement companies require upfront fees; but they can’t guarantee the debtor that the creditor will accept the debt settlement offer. Many debtors go through debt settlement and still end up having to file bankruptcy because their creditors would not accept the debt settlement offer.
The other problem with debt settlement is that many debtors, actually most debtors are not good candidates for debt settlement. The best candidates for debt settlement are people who have so much income and/or assets that bankruptcy is not a viable or easy option. These people can afford to pay debt settlement fees and can afford to pay for the taxes owed on the forgiven debt. Yes, debt settlement leaves a tax bill.
Any debtor considering debt settlement should speak with a bankruptcy attorney first to find out if bankruptcy would be a better option.
The post Debt Settlement Or Bankruptcy? appeared first on Allmand Law Firm, PLLC.
Some People file Bankruptcy After They Drained their TSP
Some people file bankruptcy after they drained their TSP. Those people, people I meet as a bankruptcy lawyer, should have talked to me sooner and left their money safely in their TSP.
One of the many wonderful advantages of the TSP is this: your creditors can’t get to it. (Well, an angry ex-spouse can get to it in divorce. And so can the IRS). But, if you owe money on a credit card or personal loan. even if they take you to court with a Virginia warrant in debt, and get a judgment and a garnishment, they can’t touch the TSP.
Suppose you’ve been RIF’d, or DOGEd, you need a place to live, you need to eat, you probably need a car. But how important is it to pay those credit cards?
If you can, you’d like to protect your credit score. But compared to having enough to buy groceries….
Borrowing from the TSP is drastic action, it’s a last resort. Some people also say that bankruptcy is a last resort. So if you arrived at that last resort, think about what’s better for you.
“Just business.”
Is Bankruptcy Really a Last Resort?
For some people, the decision to file bankruptcy is “just business.”
In fact, one famous person bragged, “I’ve used it three, maybe four times; came out great.”
Remember, the purpose of bankruptcy is to help you. The Supreme Court said, way back in 1934, bankruptcy relief is in the “public interest.” The country is better off if you can take care of yourself and your family. The Bank of America and Amex can take care of themselves.
The post Is It Smart to Borrow from my TSP to Pay my Credit Cards? appeared first on Robert Weed Virginia Bankruptcy Attorney.
If you are considering filing bankruptcy, it can be difficult to know which chapter to choose: Chapter 7 vs. Chapter 13. Bankruptcy can be daunting, and the process often seems complex. There are eligibility requirements to consider, as well as a different timeline for each chapter. It’s best to seek the assistance of an experienced Dallas bankruptcy lawyer. Call Allmand Law Firm, PLLC today at 214-974-3278 to learn about your options. We can help you determine which chapter of bankruptcy best suits your situation.
What Are the Benefits of Filing Bankruptcy?
Bankruptcy is a legal process that can help you manage your debts when they become overwhelming. You may be able to completely eliminate or restructure your debt so that it is easier to pay. Filing bankruptcy can also stop legal procedures such as repossession of your car or foreclosure on your house. Creditor harassment will also be stopped through the bankruptcy process.
Although you may be aware that bankruptcy is a logical choice for you, you may be unsure of whether to choose Chapter 7 vs. Chapter 13. A skilled attorney can help you understand the difference and start the legal process for you.
What Is Chapter 7 Bankruptcy?
Often called “liquidation bankruptcy,” Chapter 7 bankruptcy eliminates most of your debt quickly and efficiently. Unsecured debts, such as credit cards and medical bills, may be discharged completely. Secured debt, such as car loans and mortgages, may either be eliminated through liquidation of that property and payment to the creditor, or reaffirmed so you can keep your belongings.
You must qualify for Chapter 7 bankruptcy through a Means Test. The test will determine if your income is low enough and if you have little or no disposable funds. If you make too much money, you may not qualify for Chapter 7.
You may be considering Chapter 7 vs. Chapter 13 and be unsure of which is right for you. Consider the following reasons that you might choose Chapter 7 bankruptcy:
- You do not have enough income to repay your debts.
- You need to quickly manage your debts.
- Most of your debt can be discharged through bankruptcy.
If you would rather get out of debt quickly and start rebuilding right away, Chapter 7 may be right for you. By discussing your specific situation with a skilled Chapter 7 vs. Chapter 13 bankruptcy attorney, you can find out which options are in your best interests.
What Is Chapter 13 Bankruptcy?
Chapter 13 is often called “reorganization bankruptcy.” It allows debtors to develop a manageable repayment plan for debts so that they can retain their personal property while paying it off. Repayment plans often allow the debtor to reduce interest rates and eliminate late fees and penalties that may have been applied to past due accounts.
When considering qualification for Chapter 7 vs. Chapter 13, it’s important to know that Chapter 13 does not require proof of eligibility through a Means Test.
However, you must be able to show that you have sufficient income to repay your debts through a repayment plan. If you are unsure about whether Chapter 7 vs. Chapter 13 is right for you, consider the following reasons to file for Chapter 13 bankruptcy. You:
- Do not qualify to file for Chapter 7 through the Means Test.
- Want to repay your debts over time.
- Want to keep your nonexempt property.
- Would like to completely avoid foreclosure or repossession of your property.
- Have debts that cannot be discharged through Chapter 7.
- Have a codebtor or someone who has signed loans with you.
Chapter 13 will give you an option to restructure your debt into a manageable payment plan that you can repay over time. Instead of dealing with the situation quickly over the course of a few months, such as with Chapter 7, you can discuss options with creditors and retain your property as you repay them over a three to five year period.
How Long Does Chapter 7 vs. Chapter 13 Bankruptcy Take?
The timelines associated with Chapter 7 vs. Chapter 13 differ greatly. Because Chapter 7 basically eliminates all debt quickly, it can take between four and six months after you file the case. However, Chapter 13 requires completion of payments over a three to five-year time period. Thus, your bankruptcy will be complete in a much shorter time period with Chapter 7; however, Chapter 13 may allow you to retain more of your personal property.
The Bankruptcy Process: Chapter 7 vs. Chapter 13
The bankruptcy process is similar between Chapter 7 vs. Chapter 13. You must take the following steps for both types of bankruptcy:
- Take a credit counseling course within 180 days before filing bankruptcy
- File a bankruptcy petition in federal court
- Submit information about your debts, assets, income, and expenses
- Attend a 341 Meeting of Creditors with your attorney between 20 and 40 days after you file bankruptcy
- Complete secondary counseling within 45 days after the Meeting of Creditors
The major difference is that you will have to qualify for Chapter 7 through a Means Test, and you will have to show proof of sufficient income through a payment plan for Chapter 13. At the end of the bankruptcy process, your remaining debt will be discharged for both Chapter 7 and Chapter 13.
Differences Between Chapter 7 vs. Chapter 13
While both Chapter 7 and Chapter 13 bankruptcy can help you manage your debt and regain control of your financial future, the two bankruptcy chapters function differently. Some of the key differences between Chapter 7 vs. Chapter 13 include the process and characteristics of each.
Who Can File Chapter 7 vs. Chapter 13?
While individuals may file for either Chapter 7 or Chapter 13, businesses can only use Chapter 7. A sole proprietor operating a business with their own name connected to business debt may use Chapter 13. However, a business other than a sole proprietorship may not use Chapter 13.
Eligibility Differences Between Chapter 7 and Chapter 13
In order to qualify for Chapter 7 bankruptcy, you must qualify using a Means Test. Although there is no means test for Chapter 13, you still must qualify according to the amount and type of debt that you have. In order to file Chapter 13, you cannot have more than $394,725 of unsecured debt or $1,184,200 of secured debt. If you do not qualify for either Chapter 7 or Chapter 13, you may have to use another type of bankruptcy, such as Chapter 11.
How Long Does It Take: Chapter 7 vs. Chapter 13
One of the biggest differences between Chapter 7 and Chapter 13 is the length of time it takes to conclude the bankruptcy. Chapter 7 is a relatively quick process and can take four to six months. However, Chapter 13 typically takes three to five years to fully complete the payment plan.
What Happens to Property?
With Chapter 7 bankruptcy, you may be forced to liquidate, or sell, all of your nonexempt property in order to pay creditors. However, you get to keep most of your property in a Chapter 13 bankruptcy and repay creditors over time.
Getting to Start Over With Chapter 7 vs. Chapter 13
While you are able to start fresh with both Chapter 7 and Chapter 13 bankruptcy, you can get a quicker start with Chapter 7. With Chapter 13, you retain many of your debts for several years and still have to pay much of them back. However, Chapter 7 immediately eliminates most of your debt and you can start over.
It can be difficult to know if Chapter 7 vs. Chapter 13 is right for you. It’s best to consider all of the pros and cons of each type of bankruptcy and ask a knowledgeable lawyer about your options. By understanding your finances and how bankruptcy will impact you over time, you can make a positive decision about which chapter will work best for you.
Contact a Bankruptcy Lawyer When Considering Chapter 7 vs. Chapter 13
When deciding between Chapter 7 vs. Chapter 13, you should evaluate the pros and cons associated with both. A skilled bankruptcy lawyer can help you understand your legal options and guide you through the process. Allmand Law Firm, PLLC has helped countless clients achieve financial security by filing bankruptcy and managing debt effectively. Call us today at 214-974-3278 for a consultation to consider your options.
The post Chapter 7 vs. Chapter 13 Bankruptcy appeared first on Allmand Law Firm, PLLC.
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.