When people file for Chapter 7 bankruptcy, the court sells off their nonessential assets in order to repay their creditors. Secured creditors generally receive top priority. Unsecured creditors are less likely to receive any of the proceeds from the sale of these assets.
When is Chapter 7 the best bankruptcy choice?
If you're considering filing for bankruptcy to get relief from overwhelming personal debt, the two main options are Chapter 7 and Chapter 13. There are a number of factors that will help you and your bankruptcy attorney determining which choice is best for you.
FBAR update: Change is on the horizon
The Internal Revenue Service (IRS) has some pretty strict rules. Some of the more severe revolve around foreign accounts and reporting requirements, such as the FBAR.
Don’t believe these bankruptcy myths
Are you interested in filing for Chapter 7 bankruptcy in Long Island? When the time comes to make a final decision, you need to know what's best for you and your finances.
Are Chapter 7 and 13 bankruptcies available for small businesses?
As a small business owner, you hope that you never run into financial difficulties. If this does happen, you need to know your many options for getting back on track.
