Chapter 12 Bankruptcy: What You Need to Know

Chapter 12 bankruptcy is aimed specifically at family farmers and fishermen, and it allows for a reorganization of debt that makes it easier for people in those fields to maintain their businesses. Recent legislation has been passed through Congress to provide added flexibility as farmers face increasing challenges including lower pricing and long-running trade wars […]

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Bankruptcy Repeated: Chapter 22

When a company needs more time to restructure its debts, it generally files Chapter 11 bankruptcy. Inspired by the U.S. bankruptcy code 11, this type of bankruptcy gives you a fresh start as long as you fulfill your obligations under the terms of reorganization. Contrary to popular belief, you can actually file for chapter 11 […]

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Understanding the Difference Between Secured, Unsecured, Priority, and Nonpriority Claims

When you file for bankruptcy, you must disclose your debts. In the bankruptcy paperwork, debts are referred to as “creditor claims,” and you must sort them into categories. Your claim first need to be sorted into secured and unsecured, then the unsecured claims should be divided into priority and nonpriority.  Do you know how to […]

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