1. N

    Irrevocable Trust Fund (no access) & Bankruptcy

    My only income is social security and a monthly distribution from an irrevocable trust fund that is set up to be managed by my brother in such a manner that the funds therein a inaccessible to me under any condition so long as he lives to manage it. His duty is simply to distribute a limited...
  2. D

    Sole Creditor on LLC Bankruptcy

    Hi All! I've bolded the most important bits, since I don't know how to write concisely. I handle collections for a very small financing company (~20-30 active accounts, $750k-$1m total receivables at any given time). I have one debtor in collections that never showed up for the initial...
  3. J

    credit card debt, file bankrupcy, own home

    Single person with extremely high credit card debt, a vehicle loan, and mortgage. Unsteady work making things very difficult - could never get out from under it. Most brought on by bad divorce. Should this person file for personal bankruptcy, what happens in regards to her home?
  4. L

    Block Fi bankruptcy - do I have to pay final bill - they will keep my crypto

    I have a Block Fi credit card. They are owned by FTX. They froze their exchange and credit cards. They will be filing bankruptcy. I will never get my money on their exchange or interest account back. I have a credit card with them. My final bill is $1500. Why should I pay my final bill when...
  5. E

    Multiple LLCs creates bankruptcy confusion

    We entered a contract with a builder and gave him $40K which he said he used to purchase building supplies. He hasn't yet done any work beyond that and we do not have possession of the materials; haven't even seen them to even know if he did what he said. The contract and recipient of the monies...
  6. M

    Veteran, Gambling and bankruptcy

    Good Evening, Little back story, I filed chapter 7 bankruptcy back in 2012 and it was discharged without an issue. Last year I hit a slot machine and after deducting losses I have to pay 30k to the IRS. Since the start of the new year I have been doing an online casino which I feel is...
  7. B

    Bankruptcy and a Cosigner

    Can a person file for bankruptcy and have it approved on a car loan with a cosigner if the cosigner was never notified by the court of the bankruptcy or had a chance to address the court? Backstory. Person A and B buy a car together and cosign on a loan Jan 2020. Person A declares bankruptcy a...
  8. D

    Creditor showing up after files Bankruptcy

    I had a situation where bankruptcy was filed mistakenly leaving out an old creditor. The reason the bankruptcy was filed was to keep a home I resided to thwart off the HOA. however, I didn’t realize there was a creditor in the past who now sent a letter asking for payments to be made on an old...
  9. C

    Consumer Law, Warranties Developer Failed to Complete Subdivision Street Before Filing for Bankruptcy

    I was the first home in a small subdivision in Arkansas. In my contract it says that the builder would have the streets paved 5 years after the last house was completed. The last house was completed around 6 and a half years ago. Since that time, the developer has declared bankruptcy. When I...
  10. W

    Co. will file bankruptcy - should I still sue them?

    I plan to sue a Massachusetts company (an LLC) in small claims court and have already served them the papers. I just learned that it ceased operations and will file for bankruptcy. Should I still sue the company, or is it not worth the time and money? The amount I'm suing for is a bit under...
  11. MChin

    Separation Agreement / Filing for Bankruptcy

    My daughter has been separated from her husband for a year and a half. The separation is contentious to say the least.....he has really been giving her a problem at every turn; refusing to sign any version of the separation agreement thus preventing my daughter the ability to formally file for...
  12. Chapter 11 Bankruptcy Reorganization: How It Works

    Chapter 11 Chapter 11 Bankruptcy Reorganization: How It Works

    Chapter 11 of the Bankruptcy Code helps business owners who are in deep financial crisis by allowing them to continue running and potentially save their businesses. The principle behind Chapter 11 bankruptcy reorganization is that it is better for all parties when a business is reorganized...
  13. Business Bankruptcy Basics: Chapter 11 & Chapter 13

    Chapter 11 Business Bankruptcy Basics: Chapter 11 & Chapter 13

    This article explains what is business bankruptcy, also known as Chapter 11 and Chapter 13. Bankruptcy laws allow a debtor to work with their creditor while undergoing a supervised division of the debtor’s assets by the court. Understanding Business Bankruptcy By allowing a debtor to retain...