There is no doubt about it, Covid-19 has wreaked havoc on small businesses across the country. Sole proprietors, main street businesses, suppliers, and other small businesses have had to get creative to stay open with many exploring Chapter 11 bankruptcy to reorganize as they weather the storm. With a Chapter 11 an individual or business can propose a reorganization plan, which may include downsizing to cut costs and renegotiating debts so they can remain open. As long as the plan is … [Read more...]
Archives for October 2020
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Chapter 7 Bankruptcy 722 Redemption for Car Loans
With the cost of automobiles skyrocketing, many, if not most, Americans are borrowers on a car loan. Not surprisingly, when someone is facing bankruptcy they often worry most about losing their vehicle - a car or truck they need more than ever to get back and forth to an existing job or secure new employment. Fortunately, there are options for bankruptcy filers to keep their car by reducing the amount of money owed on a car loan called the 722 redemption process. A 722 redemption enables a … [Read more...]
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