Do not Keep a Home Purchase a Secret During Bankruptcy
For the ordinary person who sees a home he/she likes, s/he may let a real estate agent know to begin the purchase process, and conclude by signing their name in closing documents, making where s/he lives public in home sales reports. However, according to Zillow.com, celebrities often keep where they live a secret with non-disclosure […]
Chapter 13 Trustee
When an individual files a Chapter 13 petition in New York, a trustee is appointed by the court to administer the bankruptcy case. With the electronic filing of bankruptcy petitions under the federal court system, the debtor usually hears who is the trustee as quickly as the day the petition gets filed. Depending on the […]
LLCs and Bankruptcy
For the business owner who has a lot of debt but can’t pay, creditors may threaten legal action against the owner personally. How much creditors collect depends on how an entrepreneur organizes the business. If a business is organized as a limited liability company (LLC), an owner’s personal assets are generally protected from creditors. However, […]
New York Chapter 13 Confirmation Hearing
In Chapter 13 bankruptcy, after the debtor attends a 341 creditors’ meeting, and the bankruptcy plan is filed, the next hearing is the confirmation hearing where the court approves the repayment plan if there are no creditor oppositions. In most instances, the debtor is required to attend the confirmation hearing. The bankruptcy plan is reviewed […]
Bankruptcy Players
In a bankruptcy case, creditors are individuals and businesses a debtor owes money to. Different types of debts take different priorities in getting paid off. Secured debts have to be paid in full or the debtor will lose the collateral. Unsecured debts don’t have collateral like a house or car that can be taken by […]
