There are two basic bankrupty tests for chapter 7 eligibility.
His accountant said to call me. He had cancer several years ago, and had been through a number of difficult operations. He lived off his credit cards through this difficult period. Although he eventually went back to work, his new employer had a mass layoff, leaving him out of work again. What are typical reasons people need to see a bankruptcy lawyer?
Chapter 11 bankruptcy proceedings are clearly the preferred choice for New York companies, but why is that? The main reason why companies prefer Chapter 11 -- over Chapter 7 for example -- is because Chapter 11 proceedings allow a company to remain in operation. Essentially, Chapter 11 gives companies the ability to reorganize their debts so they can climb out of financial trouble and establish a more solid financial stance in the business sector again.
Unable to work due to a sevre medical condition, she had accumulated $30,000 in credit card debt. Still not working years later, she just cannot make the minimum monthly payments totaling about $800 per month.
A Debt Consolitator lured this client into a $650/month payment plan, promising that all creditors woud be kept under control. It did not work that way. They paid off the small creditors first. But the large ones lost patience waitingand started lawsuits. Now ther is a garnishee on her pay.
Her Divorce lawyer requested a bankruptcy analysis. The objective was to eliminate her credit card debt.
In rare cases, you may want to cancel a bankruptcy filing. Perhaps you thought you were going to lose everything, for example, but then you inherited money that you never knew was coming to you. Suddenly, you have more than enough to make ends meet and things aren't as dire as you once believed. Can you cancel the filing, or do you now have to go forward with it?
His career job was just not enough to make ends meet because his wife had invested her time in raising two children (and she did a very good job), rather than entering the workforce. He never wanted to file for bankruptcy. He prided himself on paying his bills and supporting the family.
He wanted to file for bankruptcy because his pending divorce made it imposible to pay the mortgage, the credit cards, the lawyers and his living expenses.
Seeking a bankruptcy or non-bankruptcy solution to a difficult life, a single mother exiting from an abusive relationship sought my advice .Paul Hollender can help you get back on trackAlthough she came thinking about bankurptcy, I determined that she did not need to file for bankruptcy because she had only about $4,000 in credit card debt. I recommended returning for help in settling her debt if she could raise a lump sum to do so.