Unless you have been practicing bankruptcy law, you are probably not mindful what you can keep and what you have to sacrifice when you apply for bankruptcy. And the more pressing question many will ask is what happens to the retirement accounts (whether it be 401(k), IRA, Pension, Keoghs, profit sharing plans)? Do you get [...]
Bankruptcy lawyers are like doctors for your small business: if the financial heart of your business is having trouble, you need to contact one without delay. Do not wait until you are out of options for the financial troubles your business is in–that won’t help you or your creditors.
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The major drawback of filing for bankruptcy is that your credit score will be quite low for a while. This world seems to evolve around your credit score. So if your score is low, you might have trouble getting a loan for the house, credit card, or the car.
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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (or BAPCPA) included a large number of significant changes to the United States Bankruptcy Code which were largely designed to make it harder for a person to qualify for Chapter 7 bankruptcy. Many individuals had been abusing the provisions of Chapter 7, so a move [...]
On April 20, 2005, a new bankruptcy law was enacted which made several changes to the U.S. Bankruptcy Code. The law is named The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Also known as “the New Bankruptcy Law”, it was passed by the 109th U.S. Congress and signed by President George W. [...]
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