In contrast to the liquidation approach, when you opt for a reorganization Chapter 11, you’re not selling off assets. You're just restructuring your debt in a way that’s more favorable to you. In many ways, a reorganization Chapter 11 “rhymes” with a Chapter 13. For instance, you get the ability to make payments to creditors. This tool is particularly useful for [...]
Let’s cut to the chase. The main difference between Chapter 11 liquidation and Chapter 7 is that you, as the debtor, remain “debtor in possession.” In other words, you have control over the sale process. You also control the distribution of assets through the bankruptcy court. In a Chapter 7 case, by contrast, you are immediately taken out of possession. [...]
Bankruptcy and Divorce - Survival Strategies In New Jersey, Bankruptcy and Divorce are both common and scary words. At Lucid Law we see many clients who are either in the process of or have recently completed a divorce. Divorces are emotionally draining and, in New Jersey, they can be very financially draining as well. Our "Bankruptcy and Divorce [...]
Being challenged in life is inevitable, being defeated is optional. – Roger Crawford What is an individual Chapter 11? As someone with an unmanageable debt, you need solid answers about how to get free from your burden. Most people who need bankruptcy turn to either Chapter 7 or Chapter 13. But what if you have too much income to qualify for [...]
You build on failure. You use it as a stepping stone. Close the door on the past. You don't try to forget the mistakes, but you don't dwell on it. You don't let it have any of your energy, or any of your time, or any of your space. –Johnny Cash It is hard to imagine that you’d end up [...]
