Texas residents may file for personal bankruptcy as either a Chapter 7 or a Chapter 11 petition. When considering a bankruptcy filing, it may help to understand some of the differences between the two petitions. Individuals experiencing a sudden job loss or a...
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What is the automatic stay in bankruptcy?
When you file for Chapter 7 bankruptcy, the court issues an order called an automatic stay. This order, according to Findlaw, stops all collection actions against you, including lawsuits. The automatic stay is one of the first benefits you receive from filing your...
Businesses Seek Bankruptcy Protection Due to Coronavirus
With so many businesses being shuttered during the COVID-19 pandemic, it’s no surprise that even well-established major corporations are pursuing bankruptcy. J. Crew was among the first of the major corporations to file for bankruptcy amidst the Coronavirus shutdown,...
Temporary Changes in Bankruptcy Law Due to COVID-19
In March of 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed, with a historic $2.2 trillion of economic stimulus aide, to try to offset the social and economic damage inflicted by COVID-19. Along with so many other changes for most...
How to File for Bankruptcy
If you have overwhelming debt or financial obligations, it may be time to file bankruptcy. If you’re not sure how to file for bankruptcy or whether it’s right for you, a personal bankruptcy lawyer can help you. When to Consider Bankruptcy Bankruptcy may be your best...
Business Bankruptcy Alternatives
If your business is currently facing financial difficulties that it cannot handle on its own, it may be time to consult a corporate bankruptcy lawyer. While bankruptcy will have a significant impact on your business, it may be the only way to move forward. Types of...
Signs You Should Consider Chapter 11 Bankruptcy
You have probably heard the term “Chapter 11 bankruptcy” in the news referring to large companies in financial trouble. In recent years, companies like General Motors, K-Mart, and United Airlines have filed for Chapter 11 bankruptcy. While this type of bankruptcy...
Out-of-Court or Non-Bankruptcy Debt Workouts
The decision to file for bankruptcy is a major one for both individuals and businesses. Depending on the amount a debtor owes, the debtor’s status as an individual or a business entity, and the debtor’s creditors all influence a debtor’s options for debt relief and...