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Filing for bankruptcy after you’ve defaulted can protect your assets from being seized by the lender or creditor. How it works depends on the type of bankruptcy you file. Chapter 7
Potential for lawsuits — Though few creditors wish to push borrowers toward bankruptcy (and perhaps government protection against all debts), there is always the possibility of a lawsuit whenever debts go unpaid. In the debt settlement process the debtor's accounts remain in default until a settlement is agreed.
A bankruptcy lawyer can assess your financial situation, advise you on the most suitable type of bankruptcy to file (such as Chapter 7 or Chapter 13), prepare and file all necessary paperwork ...
If the attorney you hire for your bankruptcy case fails to perform the tasks you paid them for, you should ask for a refund. You may have to pursue this, including filing a complaint with the ...
Other than their connection to a bankruptcy proceeding, adversary proceedings are largely similar to a standard lawsuit in federal district court. The suit is opened by a complaint filed with the Bankruptcy Court, and proceeds through the same stages of litigation, including discovery and trial (including jury trial in appropriate cases).
Personal bankruptcy is a legal process that allows people to discharge unpayable debts by liquidating assets to pay their creditors or by entering into a court-approved plan to repay them. Tips: 7...
However, even with §1113, rejection of a collective bargaining agreement is allowed under this specific procedure. Once in bankruptcy, a debtor may file a motion to reject the collective bargaining agreement any time, provided that the debtor first fulfills its obligation to make a proposal to the union regarding "necessary" modifications to the collective bargaining agreement, provides the ...
The best leverage you can have is a legitimate threat of filing bankruptcy, because, with all unsecured debts, creditors get zero on the dollar. So the strategy is to call them up and say ...
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