Monthly Archives: January, 2010
2009 Bankruptcy Filing
Bankruptcy filing in 2009 jump 32%. There were more than 1.4 million filings in 2009. The largest number since 2005. Experts believe that 2010 may see even more. There were 116,000 filing in December alone. The filings reflect the severity of the one of the worst recessions since World War II. In fact, states that [...]
Means Test
Chapter 7 is the bankruptcy relief most often sought. On filing, all assets pass to an estate administered by a trustee, who liquidates all nonexempt assets of value. Creditors can file claims against the assets and the claims are paid in accordance with the Code. If you are an individual, you can get a discharge [...]
When to file bankruptcy
Timing is frequently an important consideration with respect to the filing of a bankruptcy case. When you have made a transfer to or for the benefit of an insider, you may wish to wait until the one year preference period or the two year statute of limitation has expired. When you owe state or federal [...]