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Chapter 11 Explained
When a person or a business needs to file for bankruptcy protection, there are several chapters within the United States Bankruptcy Code under which the initial petition can be filed that will govern the subsequent proceedings While many people understand the basics for bankruptcy petitions that are more consumer-oriented and usually filed under Chapter 7 or Chapter 13, many see filings under Chapter 11 of the code as extremely complicated and difficult to understand . .While a bankruptcy filing under Chapter 11 is usually a complicated matter, there are some basics that are not difficult to understand However, this is not a filing that one should attempt to take on individually You will need professional help in order to make sure that all goes as it should, so contact a bankruptcy lawyer today to schedule an initial consultation if you are having trouble meeting your obligations . .Basic Procedure under Chapter 11 . .Generally, a Chapter 11 filing is done by businesses, and this sort of filing is known as either a ‘reorganization bankruptcy’ or a ‘rehabilitation bankruptcy ‘ The reason for these labels is that a Chapter 11 filing basically gives the petitioner time to put together a plan that helps it get out from under the debts it cannot pay at the time of the filing and to one day ‘emerge’ from bankruptcy . .Below is a brief look at the procedures involved with a Chapter 11 filing: . . 1 Initial filing - When a business files for Chapter 11 protection, the court will order that the creditors cease with collection efforts while the case is pending, much like in a consumer bankruptcy filing . 2 Disclosure statement - The filing party must also file a disclosure statement that lists all assets and liabilities as well as a plan for reorganization that details how the debts will be paid during the plan’s duration . 3 Creditors’ committee - When a filing occurs, the largest creditors are usually grouped into a committee that will vote on the reorganization plan If the plan is approved, the parties move forward under it If it’s not, either the filing party must come up with a new plan, the creditors can come up with their own plan or the filing party can petition the court to ‘cram down’ their plan if it’s reasonable on its face, and the court will rule on it . 4 Post-plan - When the court ultimately accepts a plan, the debts as constituted prior to the filing are discharged and the petitioner must make the payments proposed in the plan until the time has passed If the company does not pay under the plan, it opens up several possibilities for enforcement .
Source: www.rsstnx.com

Erase the Debts You Owe and Get a Fresh Start
Changes in the bankruptcy laws have left many to erroneously think that they can no longer declare bankruptcy. This is not true. A chapter 7 bankruptcy can also be referred to as liquidation; although with most cases there is little if any actual liquidation involved. Chapter 7 is referred to as liquidation because all of your non-exempt assets are converted to cash to help pay back the debt owed. It is best to speak with a skilled Texas bankruptcy lawyer if you are unsure whether Chapter 7 is the best option for you. In general, chapter 7 best suits persons: with income at or below the state median level unable to adequately meet bills and living expenses each month having little or no assets besides clothing and furniture not declaring child support or alimony without fines imposed for violating the law without income tax debt without student loans to repay Under Chapter 7 an individual or business can ask the courts to erase the debts owed creating a fresh start. As soon as you file for bankruptcy you are immediately granted a stay preventing creditors from contacting you to collect, garnishing your wages, taking your home, vehicles or other property, and/or shutting off your utilities. In order to decide whether Chapter 7 is really necessary for you as a debtor, you will need to take a Chapter 7 Means test. This test simply compares your income to the median income in your geographic area for your family size. This ensures you, as a debtor, are not trying to abuse the system. The majority of debtors will pass the means test. Contact a Texas bankruptcy lawyer right away to discuss your particular situation.Michele Wallace, author of this article, writes for the <a href= http://www.maliselawfirm.com/><b> MaliseLawFirm"</b></a>. Hire experienced <a href=http://www.maliselawfirm.com/><b>"San Antonio bankrupty attorneys"</b></a> with Malaise and get the debt relief you deserve.
Source: www.ArticlePros.com

How To Qualify For Chapter 7 Bankruptcy
Filing for bankruptcy is considered to be the measure taken when somebody fall into the pits of financial ruin, then falls into that pit’s pit - that’s how bad it is Now if you find this concept a little hard to understand, here’s what you’ve got to know: bankruptcy is the state of an individual where he is no longer capable of paying off his debts, so he files for such as to "appease" or settle with the people he owes Yeah it’s as simple as that, but are you aware that there are different chapters that you can be classified under? If you did, then I’ll ask you this: which is the worst amongst all of the bankruptcy chapters? To many, it’d be none other than chapter 7 bankruptcy . .The chump having to file under chapter 7 bankruptcy is forced to sell all of his assets (declared and the ones not exempted), which would be real bad for the business, why? Because having to liquidate your goods would mean that there’ll be no way for your venture to continue operating you big dummy Common sense would have told you that, right friend? Anyways, moving forward, let’s explore chapter 7 bankruptcy further: first off, matters here are taken into the hands of a bankruptcy court, naturally A trustee will be needed here, mainly because he’s the guy that’ll be making the arrangements for the disposition of your assets . . .You’re left with no choice, since your creditors are pissed, so liquidating would be your only option The money that is reaped from the "sales" will then be forwarded to the people or lending organizations, or whoever you borrowed from (taken that they’re legit) to settle the amounts you owe them There are some exemptions, in the sense that there are some assets that won’t be needed to sell off, but it’ll depend on the laws of the state you belong to The next thing that we need to tackle in regards to chapter 7 bankruptcy is eligibility You see, not everyone will be given the "privilege" for filing under the said chapter; there is a certain criterion for you to oblige with . .Here it is: the means test Hold on, what the heck is that, you ask? Well think of it as the "formula" that’ll determine whether or not you can qualify for such a state There are two elements that will be used for computing, namely your income and expenses What’s done here is the expenses are subtracted from the income, and the result will be the one thing that will determine your eligibility You see, if the result is less than the median income of the state, then you will be more than qualified to file under chapter 7 bankruptcy . .But if the result is greater than the median income of the state, then tough luck, go file under a different chapter Now you’re probably wondering how much the whole procedure of filing under chapter 7 bankruptcy is gonna cost you, right? Taken that you are interested, it’s going to cost you anywhere from 250 to 350 bucks, depending on your case There’ll also be a long-term cost, but it’ll be thoroughly discussed by your lawyer, unless you already knew that .
Source: www.rsstnx.com