Chapter 11 bankruptcy an option for individuals

Some individuals may be eligible to file for Chapter 11 bankruptcy protection.

2013-04-16

April 16, 2013 (Press-News.org) Chapter 11 bankruptcy an option for individuals

Article provided by Law Offices of Andrew H. Griffin III
Visit us at http://www.andrewgriffinlawoffice.com

Difficult economic times can result in even the most successful individuals experiencing money issues. Employers decide to reduce hours or salaries, and businesses struggle to meet sales and revenue projections. For people having difficulty making ends meet, it can be challenging to wait for the economy to rebound. Filing for bankruptcy is one way that individuals can rebuild their finances. Many are afraid to file for bankruptcy, because of the consequences that may result. This can include the impact on their credit, or being forced to part with some of their assets to repay debts.

Each type of bankruptcy offers a different path to recovery, and eligibility will depend upon each person's financial situation. Chapter 7 allows debtors to have their dischargeable debts eliminated with a one-time payment. This type of bankruptcy may require the individual to part with certain assets, but this will depend upon the bankruptcy plan that is created.

Chapter 13 is a repayment plan form of bankruptcy, which allows individuals to make payments over a three- to five-year time period to eliminate their debts. Once the time period required in the filing has been completed, the debtor's dischargeable debts will be considered to be repaid.

Chapter 11 is another type of bankruptcy that may benefit people with financial problems. Most associate Chapter 11 bankruptcy with businesses, not individuals. However, this type of bankruptcy allows individuals to get the time they need to regain control over their finances.

The specifics of a Chapter 11 bankruptcy for an individual are somewhat similar those in place for Chapter 13. Like Chapter 13, Chapter 11 involves a repayment plan, but there may not be a specific time period in place. The debtor works with his or her creditors to create a plan that allows the repayment of the debts owed.

Often, this type of bankruptcy works best for those individuals who have a steady income to depend upon. It also will potentially allow a person to keep assets while going through the process.

One of the biggest advantages that Chapter 11 bankruptcy provides is the protection offered by the automatic stay. Once an individual files for bankruptcy, he or she cannot be pursued by creditors for past-due debts. Any lawsuits must stop, and the debts will be included in the bankruptcy plan. This can be especially beneficial to homeowners on the brink of foreclosure.

If you are experiencing difficulty meeting your monthly obligations, speak an experienced Chapter 11 bankruptcy attorney to discuss your options. You will need to meet specific criteria to file under this type of bankruptcy, and waiting only increases the debts that you may owe.

ELSE PRESS RELEASES FROM THIS DATE:

Senator Franken seeks to add mental health services for prison population

2013-04-16

Senator Franken seeks to add mental health services for prison population Article provided by Latz Law Office: Ronald S. Latz, P.A. Visit us at http://www.latzlaw.com Minnesota Senator Al Franken announced that he is sponsoring a bill to increase funding for mental health treatment in the nation's jails and prisons. The bill would renew existing federal funding for courts that divert mentally ill persons apprehended and accused in the criminal justice system into treatment. It would also add funding for the following: increased training of law enforcement officers ...

Commercial trucks present great risks to Louisiana drivers

2013-04-16

Commercial trucks present great risks to Louisiana drivers Article provided by Charbonnet Law Firm, LLC Visit us at http://www.charbonnetlawfirm.com/ Recently, a commercial vehicle crash on the Louisiana-Texas border caused the roads to be closed down for a serious amount of time while officials cleaned up the damage. According to 12newsnow.com, the truck was carrying an oversized load and went off to the right side of the road. The cargo and truck together weighed almost 200,000 pounds, and therefore a large crane had to be used for the cleanup process. The ...

Will Petrakis case spell the end of New York prenups?

2013-04-16

Will Petrakis case spell the end of New York prenups? Article provided by Klein Varble & Associates Visit us at http://www.kvatoughlaw.com The Brooklyn Appellate Court recently affirmed a lower court decision tossing out a prenuptial agreement between a millionaire real estate mogul and his soon-to-be ex-wife. The court found that the agreement was both "fraudulently induced" and coerced because of the circumstances of the signing of the document, which included: -Presenting the agreement to the wife for the first time only four days before the wedding ...

The Potential Growth of Ignition Interlocks in All New Cars

2013-04-16

The Potential Growth of Ignition Interlocks in All New Cars Article provided by Glenn R. Bruno, Esq. Visit us at http://www.hudsonvalleycriminallaw.com The state of New York may require any driver convicted of a drinking and driving offense to install an ignition interlock device in his or her car, including first-time offenders. According to the National Conference of State Legislatures, only New York and 13 other states require the use of ignition interlock devices for all drunk driving offenses, but that may eventually change. A new federal highway bill incentivizes ...

Agents seize 41 pounds of meth in Salt Lake City drug bust

2013-04-16

Agents seize 41 pounds of meth in Salt Lake City drug bust Article provided by Catherine Cleveland, P.C. Visit us at http://www.utahcriminallawyer.com Law enforcement officials seized 41 pounds of methamphetamine during a recent sting in a Salt Lake City parking lot. The bust was part of a large-scale operation targeting drug traffickers in Utah, which has resulted in the seizure of over 300 pounds of meth in the past year. Officials believe the drugs in the recent bust may have originated in Mexico before being trafficked into Utah along I-15 by a group with ...

Greater Enforcement of DUI Underway in New Jersey

2013-04-16

Greater Enforcement of DUI Underway in New Jersey Article provided by Sitzler & Sitzler Visit us at http://www.sitzlerlaw.com/ The enforcement of drinking and driving laws in New Jersey is greater than ever before. Troopers and officers in south New Jersey are participating in a national drunk driving law enforcement effort called "Drive Sober or Get Pulled Over." The effort focuses on greater enforcement of drunk driving laws around certain holidays and times of the year when more people are likely to consume alcohol and be out on the roads. For example, ...

The Push for Drug Possession Immunity When Seeking Medical Help

2013-04-16

The Push for Drug Possession Immunity When Seeking Medical Help Article provided by Sitzler & Sitzler Visit us at http://www.sitzlerlaw.com/ Over the past five years, eight states have passed laws that give individuals limited immunity on drug possession charges if the person seeks medical help for a drug overdose for herself or another person. Such a law was recently proposed in New Jersey but has not been signed into law. The passage of limited drug possession immunity in other states has grown as drug overdoses have skyrocketed over the last decade. Supporters ...

Hospital initiative helps reduce high rate of birth injuries

2013-04-16

Hospital initiative helps reduce high rate of birth injuries Article provided by Clark & Smith Law Firm LLC Visit us at http://www.clarksmithlaw.com Each year, four million births occur in U.S. hospitals. Unfortunately, some type of adverse event occurs in approximately nine percent of these births, and about 30 percent of such adverse events are avoidable. Common mistakes that lead to avoidable birth injuries include the misuse of equipment, improper treatment of infections, administration of certain drugs, mistakes during circumcision and even mistakes in ...

Symptoms of Traumatic Brain Injuries Can Last for Years

2013-04-16

Symptoms of Traumatic Brain Injuries Can Last for Years Article provided by Peterson, Berk & Cross, S.C. Visit us at http://www.personalinjuryrightswisconsin.com In recent years, traumatic brain injuries (TBIs) have emerged as a pressing health concern in the United States. According to the Centers for Disease Control and Prevention (CDC), approximately 1.7 million people suffer a TBI each year - most of them being mild-to-moderate concussions. In all, experts have estimated that the costs of TBIs in the United States, including medical expenses and lost productivity, ...

Use of Hands-Free Devices No Safer than Texting while Driving

2013-04-16

Use of Hands-Free Devices No Safer than Texting while Driving Article provided by Peterson, Berk & Cross, S.C. Visit us at http://www.personalinjuryrightswisconsin.com Over the past decade, distracted driving - particularly texting while driving - has become a significant threat on our nation's roadways. According to the National Highway Traffic Safety Administration (NHTSA), 3,092 people died and an additional 419,000 were injured in motor vehicle accidents involving a distracted driver in 2010, the last year for which statistics are available. Overall, accidents ...

LAST 30 PRESS RELEASES:

High-purity green hydrogen with very low tar from biomass, with chemical looping gasification

Not all "forever chemicals" are equal: Experts call for nuanced PFAS policy to protect human and public health and the environment

CMD-OPT model enables the discovery of a potent and selective RIPK2 inhibitor as preclinical candidate for the treatment of acute liver injury

Melatonin receptor 1a alleviates sleep fragmentation-aggravated testicular injury in T2DM by suppression of TAB1/TAK1 complex through FGFR1

Single-cell RNA sequencing reveals Shen-Bai-Jie-Du decoction retards colorectal tumorigenesis by regulating the TMEM131–TNF signaling pathway-mediated differentiation of immunosuppressive dendritic ce