Chapter 11 bankruptcy, often referred to as “reorganization bankruptcy” is for businesses that want to keep operating but need time to restructure their finances. The filing of the bankruptcy case imposes an automatic stay on most collection activities of creditors. In a Chapter 11 bankruptcy the debtor usually proposes a plan of reorganization or plan… Read more »
Posts Categorized: Debt Collection
Small businesses that are unable to pay their debts have the option to file bankruptcy under Chapter 11 of the Bankruptcy Code to reorganize their businesses and debt obligations. Recent changes to the Bankruptcy Code are designed to make it easier for small businesses to reorganize. In August of 2019, the Small Business… Read more »
On August 1, 2015, a new law went into effect that expanded the territorial jurisdiction of a county’s reach to sue its debtors. The new law will permit Minnesota counties to sue its debtors in their conciliation court, often referred to as small claims, even though the debtor is not a resident of the county.
On January 1, 2016, a new law will go into effect that requires nonprofit hospitals to provide patients a specific notice before engaging in certain debt collection activities to collect an unpaid hospital bill.
Question Are all of my credit card debts forgiven in a Chapter 7 bankruptcy? Answer Credit card debt is one of the main reasons people file for bankruptcy. People file for Chapter 7 bankruptcy in order to discharge their debts and to get a fresh financial start. Most credit card debts are dischargeable in Chapter… Read more »