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Filing Bankruptcy

Barneys boss Daniella Vitale is scrambling to avoid a bankruptcy filing – by finding a fashion-minded investor who’s willing.

Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor , which is most common.

The sudden closure of a local venue has one couple scrambling to change their wedding plans. Here’s what you should know:.

Bankruptcy. For individuals, the most common type of bankruptcy is a Chapter 13. 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,

Blackhawk Mining, LLC., a coal company with 2,800 employees in Kentucky and West Virginia, plans to file for Chapter 11.

Filing bankruptcy is expensive. Filing fees for Chapter 13 bankruptcy will cost around $310 plus attorney fees, which can be anywhere from $1,500 to $6,000. For a Chapter 7 bankruptcy, you’ll shell out $335 for filing fees and $835 to $3,835 for an attorney.

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After you have prepared and filed your bankruptcy paperwork, the court clerk will notify all of your creditors of your bankruptcy filing and inform them that they may no longer contact you. If your creditors continue to pursue you after receiving notice of your bankruptcy, they may be subject to sanctions by the bankruptcy court.

You can file for Chapter 13 bankruptcy to help dig out from under student loans. Note, we aren’t saying you can get rid of – or discharge – student loan debt. Instead, if you want to package and repay.

Many people ask, “Why file bankruptcy anyway? What is the benefit to filing for bankruptcy?” As you may already know there are some very powerful benefits.

Personal bankruptcy: Chapters 7 and 13. This is the currently selected item.. credit report for another 7 years. (writing) 7 years on credit, on your credit report. So in general from the time you file until the time it leaves your credit report it’s going to be 10 years, just like Chapter 7.

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Simply put, bankruptcy is when you owe more than you can afford to pay. To determine where you are financially, inventory all of your liquid assets. Don’t forget to include retirement funds, stocks, bonds, real estate, vehicles, college savings accounts, and other non-bank account funds. Add up a rough estimate for each item.