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Chapter 11 vs Chapter 13 – What’s the Difference?

Chapter 11 vs Chapter 13 - What's the Difference?

Are you considering bankruptcy and seeking clarification on the distinctions between Chapter 11 and Chapter 13? Filings for Chapters 11 and 13 both increased in 2022. Chapter 11, which provides for reorganization, usually involving a corporation, increased 1.7 percent, to 4,918, compared with 4,836 in the previous year. Chapter 13 filings increased 30.9 percent, from […]

How Long Does Bankruptcy Stay On Credit Reports?

How Long Does Bankruptcy Stay On Credit Reports?

Bankruptcy is a significant financial decision with enduring repercussions. As individuals and businesses contemplate this route to financial solvency, a pressing question looms large: how long will the mark of bankruptcy linger on the credit report? The Importance of Credit Reports and Bankruptcy After filing for bankruptcy, individuals may experience significant effects on their credit […]

What is Chapter 11 Bankruptcy?

What is a Chapter 11 Bankruptcy?

Chapter 11 Bankruptcy Chapter 11 bankruptcy, also known as reorganization bankruptcy, is a legal process that allows distressed businesses to restructure their debt and regain financial stability. The primary purpose of Chapter 11 is to provide struggling businesses with an opportunity to reorganize and continue operating while repaying creditors over a period of time. One […]

Reasons Chapter 7 Bankruptcies are Denied in Michigan

Reasons Chapter 7 Bankruptcies are Denied in Michigan

Have you considered filing for Chapter 7 bankruptcy? When Chapter 7 cases are filed correctly, they result in a successful discharge of debts more than 99% of the time. [1] However, there are some reasons a Chapter 7 bankruptcy application might be denied. Previous Bankruptcies If an individual has filed for bankruptcy in the past […]

Can You Buy a House After a Bankruptcy?

Can You Buy a House After a Bankruptcy?

Have you recently filed for bankruptcy and are wondering if you can still fulfill your dream of owning a home? Here are some answers to your questions. Is Buying a House After Bankruptcy Possible? The good news is that, yes, buying a house after bankruptcy is possible. Bankruptcy can have a major impact on your […]

Can You File for Bankruptcy Multiple Times?

Can You File for Bankruptcy Multiple Times?

Did you know that 16% of bankruptcies are repeat filers? [1] If you have previously filed for bankruptcy, you may be wondering if you can refile for bankruptcy again. The short answer is yes, but there are some considerations to keep in mind. How Many Times Can You File for Bankruptcy? There are limitations on […]

How Much Debt is Worth Filing Bankruptcy?

How Much Debt is Worth Filing Bankruptcy?

The American Bankruptcy Institute says that between August 2021 and August 2022, the number of people filing for bankruptcy went up by 10%. [1] If you have a significant amount of debt, you may be considering filing for bankruptcy. Here we will be covering how much debt is worth filing for bankruptcy, the threshold for […]

Can You File Bankruptcy on Medical Bills?

Can You File Bankruptcy on Medical Bills?

Are Medical Bills Dischargeable in Bankruptcy? In the United States, medical bills are considered unsecured debts, much like credit card debt or personal loans. This means that they can typically be discharged in a Chapter 7 bankruptcy, which allows individuals to eliminate certain types of debt and get a fresh start. The process of discharging […]

Chapter 7 vs Chapter 11 – What’s the Difference?

Chapter 7 vs Chapter 11 - What's the Difference?

When facing financial challenges, individuals and businesses often turn to bankruptcy as a legal remedy. Chapter 7 and Chapter 11 are two distinct chapters within the bankruptcy code, each serving different purposes and catering to specific financial situations. Understanding the differences between Chapter 7 and Chapter 11 is important for individuals and businesses navigating the […]

Can you File for Bankruptcy and Keep Your Car?

Can you File for Bankruptcy and Keep Your Car?

Facing financial challenges often leads individuals to explore options such as bankruptcy to regain control of their economic well-being. One common concern during this process is the fate of essential assets, particularly one’s vehicle. Here we will address a fundamental question: Can you file for bankruptcy and still retain ownership of your car? Navigate the […]

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