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Why Chapter 7 Bankruptcy Usually Is Not Ideal for Business Owners

If you are a business owner looking to file for bankruptcy protection, you might be wondering what bankruptcy chapter you should file under. In most cases, the answer will not be to file for Chapter 7 bankruptcy — unless you’re a certain type of sole proprietor. That’s because filing for Chapter 7 will almost always… Read More »

Pros and Cons: Chapter 13

If you are considering bankruptcy, you may be wondering what is the best option for you—Chapter 7 or Chapter 13? It’s important to first understand the differences between Chapter 7 and Chapter 13 proceedings. In a Chapter 7 bankruptcy, you ask the bankruptcy court to discharge (or get rid of) most of the debts you… Read More »

Gary Busey and Chapter 7

Chapter 7 bankruptcies are known for discharging (wiping out) the debts of the debtor and giving the debtor a “fresh start.”  So, how in the world did actor Gary Busey go through a Chapter 7 bankruptcy, have his debts discharged, and still end up owing the Internal Revenue Service over $450,000 Busey filed for Chapter… Read More »

Will I Lose Everything if I File for Bankruptcy?

Your beliefs about bankruptcy might include thoughts of the government selling everything the debtor owns, leaving them destitute. This is simply not true. Most people are able to keep many of their possessions after bankruptcy, giving them a chance to get finances under control, stop creditor harassment, and get a fresh financial start. Whether you… Read More »