What is Chapter 11 Bankruptcy? Chapter 11 bankruptcy is most thought of as the commercial bankruptcy option for businesses, sole proprietors and partnerships. And it involves a reorganization of a debtor's business affairs, debts, and assets. While the debts are being restructured, they liquidate assets and restructure payment plans with creditors. Chapter 11 is also available to individuals. However, not [...]
Like all forms of bankruptcy, filing an Individual Chapter 11 Bankruptcy isn’t the end of your financial dream; it’s actually a method of resetting. While your financial difficulties may put a strain on your business, you still owe it to yourself to move forward. Here are some best practices to begin doing just that. Keep Business and Personal Finances Separate [...]
If your rising debts have caused increased stress or depression in your life, you’re not alone. In fact, studies by the American Psychological Association suggest that financial-related stress affects as many as 72 percent of Americans. Twenty-two percent report “extreme stress” because of their finances. While filing for bankruptcy relief can help you regain control of your finances, leaving these [...]
You’ve decided to handle your debt through Chapter 11 individual bankruptcy. You’ve met with a credit counselor, filed your petition, submitted your monthly operating reports and have had your Section 341 meeting. Now what else do you need to do? The New Jersey Bankruptcy Court’s website provides an excellent breakdown of the basics of the Chapter 11 process. However, this [...]
After you’ve determined that filing Chapter 11 bankruptcy is the best way to handle your debt issues, what’s next? How does the process work? The New Jersey Bankruptcy Court’s website: www.njb.uscourts.gov provides an excellent breakdown of the process. This 2-part blog post will provide you with some easy to follow guidance and help you better understand the process. Let's begin [...]
