Filing for Bankruptcy: What Can You Protect?

If you know you want to file for bankruptcy, sometimes it’s best to delay filing your petition. In some circumstances, waiting for a certain period of time before you file can help you keep more money, protect the money of another person (such as a relative),

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Once a creditor or bill collector becomes aware of a filing for bankruptcy protection, it must immediately stop all collection efforts. After you file the bankruptcy petition, the court mails a notice to all the creditors listed in your bankruptcy schedules. This usually takes a couple of weeks.

Bankruptcy. Before you consider filing a Chapter 13 here are some things you should know: You must file all required tax returns for tax periods ending within four years of your bankruptcy filing. During your bankruptcy you must continue to file, or get an extension of time to file, all required returns.

Whether you have a single member LLC or own an LLC with several other people, you can still file a personal bankruptcy case, as it is a separate corporate entity. The bankruptcy court will view the LLC as an asset of your bankruptcy estate, and as such the bankruptcy trustee may try to sell the LLC.

The battle also shows the power and peril of technology: What goes on the internet can spread wildly and cannot be easily.

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The purpose of bankruptcy isn’t to strip you of all of your belongings-it’s to give you a fresh start. In addition to protecting the basics, you’ll likely be able to protect other things, too, like religious texts, a seat in a house of worship, or a burial plot.

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Background A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. An individual cannot file under chapter 11 or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor’s willful failure to appear before the court or.

Even if the current exemptions don’t protect the equity, with some prior planning the situation can be modified. in your.