Bankruptcy Questions Answered

Dexknowsvideo asked:

www.dexknows.com Consolidate your bills into one low monthly payment while you are protected by law from your creditors. Let the American Debt Relief Center help you. No credit or collateral is needed. Stop Repossessions, Garnishments, Bill Collectors, Lawsuits, and Foreclosures. Let them explain your options under the bankruptcy laws. They have helped many people file for bankruptcy relief. Call the American Debt Relief Center for a free private consultation today.

JaguarPaw1 asked:

I will explain how its not easy to file for Bankruptcy any more. You have to go through a Debt Settlement / Debt Managament Program to qualify! Please, if I am wrong, correct me! I help reduce people’s Unsecured Debt 25-50%, we give them a FREE Analysis and a structured payment plan! Guillermo A. Cervano CMPS, Debt Settlement / Debt Management Specialist! 973-441-5287

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lawwebtvcom asked:

A description of the process and timetable after you file you paperwork with the bankruptcy court.

TheLeadFrog asked:

www.legalhelpers.com - When you file for bankruptcy you can often keep most of your personal possessions. We make sure of it. For a free bankruptcy evaluation visit Legalhelpers.com or call 1800-260-1402.

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bankruptcyvideo asked:

www.realcase.com Bankruptcy is able to help millions of people, but it can’t do everything for you. You could be mistaken, If you believe this is the way to solve your financial problems,. In fact, some loans, such as student loans, can’t be filed under bankruptcy. More so, some people can’t file bankruptcy, such as those that make too much money or those that have filed in the recent past. There are many myths about filing that you should know about before you meet with an attorney to discuss your case.

Jane Worthington asked:


Bankruptcy is a word at which all businesses shudder. The aim of most businesses is to be successful, aka make money, and needing to file for bankruptcy means that they have failed to achieve this over-arching goal. Most businesses have extremely high start up costs; in order to make any money, they need investors so that they can hit the ground running. These investors take a certain amount of risk but if they believe in your business plan, then they will be more than happy to loan you the money with the hopes of making large returns on their investment farther down the road.

A business relies on many different factors; even if you have the best plan the universe has ever seen, there is no guarantee that is will work. You need to have great people working for you, a patient attitude, perseverance, and a little luck. You cannot control the market and if there is a sudden recession, you need to be able to adapt and make sure that your services or products are still in demand. If all these factors fall into place, you will, in a perfect world, be successful. If they do not, however, and you do not know how to recover financially, you might need to consider filing bankruptcy.

US bankruptcy should be the absolute last resort for your business, however. You need to consider some alternatives to bankruptcy before you decide that is your last option. Liquidation, composition agreements, and a turn-around specialist are all options that are available to you. Your creditors are most likely not pleased that you fear you cannot pay them the money you borrowed from them. Therefore, you need to find a way to pay them back in full so that they do not sue you.

Look closely at your other options and discuss them with your business partners. If you simply do not have the capital or the means to earn the money you need, filing for Chapter 11 bankruptcy might be your only option. The bankruptcy court then takes control over your business and your assets and your creditors have to deal with the court directly in order to get back their money. Explore the other options first because it is very difficult to get out from under a bankruptcy filing!



Bankruptcy Questions

Cheryl asked:


I want to file a personal bankruptcy (chapter 13) due to personal debts. I also happen to be a managing member of an LLC. The LLC is doing ok, and is not involved in the bankruptcy. There is nothing in our LLC operating agreement as to what happens if a member files bankruptcy. Given that, can I still continue to be a member of the LLC after filing for bankruptcy? Also, how do I determine the value of the LLC as an asset in my bankruptcy filings?

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Jason E asked:


I live in Michigan and need to file bankruptcy. However, even doing that costs money that I really don’t have. I know that I can file it myself and save on lawyer fees, but I don’t know how hard the paperwork is to do.

I don’t own any real property, nor do I have any mortgage debt. I currently do not have any income - I’m going to school. Mostly its credit card and various other stuff thats almost 5-8 years old now.

Has anyone done this before? And how difficult was it?

Or if I should pay to have it done, does anyone know of a low cost way to go?

Thanks ahead of time!
The debt amount is around $20,000

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hearthealth1 asked:


I just moved from VA to FL and I need to file bankruptcy, does anyone know when I can do so? I had an over the phone consultation with a bankruptcy attorney’s office (not the attorney) and was told that because of my length of residency in FL I’m not able to file yet. Is this true?

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