The former NFL player?s bankruptcy has been filed in South Florida in the U.S. Bankruptcy Court. The Chapter 7 bankruptcy filing is a liquidation bankruptcy, but does exclude protected assets. Once a bankruptcy filing has been initiated it can also stop creditor collection phone calls. It was not reported if Warren Sapp has filed the paperwork to receive an automatic stay to stop creditor calls, but this is an option after bankruptcy paperwork has been filed. Throughout this process, it will be determined what assets Warren Sapp will keep and what assets will be liquidated.
Source: tampabankruptcylaws.com
Video: Debt Management Tips : How to File Bankruptcy
Star athletes turning to bankruptcy for financial help
Professional athletes seem to have it all. They are famous, rich and get to play a game for their job while the rest of us sit at desks. While their lives seem to be perfect, the reality is that many of them struggle with their finances. Although they may make millions of dollars, that money can quickly disappear.
Source: longislandbankruptcylawyerblog.com
Chicago Bankruptcy Question: Can I file for Chapter 7 if I am current with all my bills?
If you are up to date with your payments, but one of these scenarios is all too close to home, then it is time to consult with an experienced Chicago bankruptcy lawyer.? A good bankruptcy attorney will be able to review your situation, determine whether or not you currently qualify for Chapter 7 bankruptcy protection and present a strategy as to when the best time for you to file for Chapter 7 bankruptcy would be (if at all).? At Ledford & Wu, our experienced Chicago bankruptcy lawyers are happy to offer you a free, no pressure or obligation consultation to review your options and determine whether or not filing for Chapter 7 bankruptcy protection is the right option for you.
Source: cookcountyilbankruptcyblog.com
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Source: debtconsolidationcure.com
Alexander Bankruptcy Law Firm: Hassayampa Golf Course files bankruptcy
I am a bankruptcy attorney in Phoenix ($995/Chapter 7), and occasionally have clients with businesses. If the owner can be held personally accountable for the business debts, and it is a smaller business, usually it is best to file for personal bankruptcy (Chapter 7 and 13). Otherwise, creditors can come after the individual. These are usually sole proprietorships, entrepreneurs, and partnerships that intend to dissolve, since if there are any assets they will be distributed amongst creditors. Businesses that are incorporated and a separate legal entity where an individual is not personally liable, and where there are significant assets, usually file for corporate bankruptcy, without including anyone personally (Chapter 11). A Chapter 11 will reorganize or liquidate the business in order to pay its debts. The debtor may propose its own restructuring plan, but after a certain amount of time has passed, the creditors get to propose alternative plans, and vote on which plan will be accepted. Usually by filing Chapter 11, a business intends to stay in business instead of dissolving. Although an individual will have a bankruptcy on their credit history if they file for personal bankruptcy, it is usually significantly cheaper to file for personal bankruptcy than corporate bankruptcy, which usually costs around $5000 or more. The Hassayampa Golf Course in Prescott, Arizona filed this year for Chapter 11 bankruptcy. This comes as no surprise considering the economy; recreational and luxury businesses are suffering severely. What appears to have gotten the golf course into financial difficulty was taxes, it owes $162,724.72 in taxes. Politicians call for higher taxes on businesses, but in this economy taxes are taking a toll on businesses. Generally, those taxes will not be dischargeable in the bankruptcy. There are also 1375 creditors listed on the bankruptcy petition. Many businesses cannot survive after a corporate bankruptcy, because they still must pay back much of the debt, and end up converting to a Chapter 7 bankruptcy and dissolving. Considering the economy is not picking up, I give Hassayampa a 50/50 chance at lasting another year after the bankruptcy. Read more about the Hassayampa bankruptcy here.? The Alexander Bankruptcy Law Firm provides low low cost Chapter 7 and 13 personal bankruptcies. $995 Chapter 7 or $2500 Chapter 13 bankruptcies plus court filing fee. Free consultation with a compassionate attorney who will handle your case personally. Call 24/7, available to meet with you around your schedule. 602-910-6812. Conveniently located in Central Phoenix along the Camelback corridor. AlexanderBankruptcyLawFirm.com
Source: blogspot.com
Bankruptcy and personal property
Bankruptcy affords another alternative:? the right to redemption.? Found in Section 722 of the code, the law allows you to offer the secured party (the store or finance company) the fair market value of the television as payment in full.?? Since this kind of merchandise depreciates dramatically after you buy it, the value maybe something quite affordable.? My guess is that a year old television that you paid $2,000 for isn?t worth more than a couple of hundred dollars today.
Source: bankruptcylawnetwork.com
Some Great Sources To Appear Into When Obtaining A Trustworthy Coronado Bankruptcy Legal Professional To Retain The Services Of
This article will give you some wonderful guidelines on how to discover a bankruptcy legal professional for your business or merely for oneself. The reason why it is so essential to find a law firm that is nicely reputed and proficient enough is due to the fact the legality involved in filing for personal bankruptcy is so challenging that you can by no means take care of it on your personal. Before you can even begin the method of submitting for bankruptcy you need to find an attorney so that you have somebody competent ample in the legitimate area to give you important advices like do you even need to file for bankruptcy, if yes what form of bankruptcy you must file for and other this kind of related inquiries. To discover an lawyer you can possibly seem up the advertisements segment or carry out a private look for of oneself. Hunting up in the advertisement sections will only help you to locate personal bankruptcy legal professional but not support you in discovering one with the assertion that that particular person is well value the task.
Source: classacthomestagingandredesign.com
Filing for bankruptcy in Canada
Once you understand your options, you will decide whether or not to file for personal bankruptcy. The decision is up to you, but your trustee will provide advice as needed. If you decide to go bankrupt, your trustee will give you an information form to complete. The trustee needs your personal information (name, address, birth date), a list of your creditors (who you owe money to), and a list of your assets (what you own).
Source: articles-digest.com
How To File Bankruptcy The Right Way
Many times, when a debtor files for Chapter 7 bankruptcy, their home can be protected. This is because of the homestead exemption. This exemption can protect the home, if the debtor owes below a certain threshold. Laws concerning this exemption do vary between states. Be sure to consult with a bankruptcy attorney before, assuming your home is safe from liquidation.
Source: officerelocationmagazine.com
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