Bankruptcy, Foreclosure & Loan Modification Posts in June, 2017

Can a Church File for Bankruptcy?

Yes, a church can file for Chapter 11 bankruptcy if it reaches a level of debt that it cannot repay on its own. Because a church is not a for-profit company, different rules apply to a church bankruptcy. Churches and other religious organizations can file for Chapter 11 to work out debts and avoid accruing new debt in the future by restructuring, just like private companies do. Often, churches accrue debt from their mortgages and the other expenses of operation....
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Common Bankruptcy Case Mistakes

Bankruptcy can be complicated. If you are facing a level of debt that has you considering filing for bankruptcy, do it the right way by contacting an experienced bankruptcy lawyer to go over all the pitfalls of the process and determine the right strategy for your case. Your lawyer can ensure that you file your petition correctly and help you avoid certain mistakes that can potentially invalidate your bankruptcy case and keep you in debt. Failing to List All Your Creditors...
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How Can I Protect My Assets from Being Liquidated in a Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is known as liquidation bankruptcy because it involves the liquidation of the filer’s non-exempt assets to make a profit, which is then used to repay the filer’s creditors. Naturally, nobody wants to have his or her assets liquidated, but when an individual files for Chapter 7 bankruptcy, his or her creditors need to recoup at least some of their money....
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Filing for Bankruptcy a Second Time

There is no limit to the number of times you can file for bankruptcy. When your personal debt amount reaches a level where it is impossible for you to pay it down yourself, Chapter 7 and Chapter 13 bankruptcy are there for you to use to have your debts discharged under court supervision. If you have completed a bankruptcy case before, you know that it can be a difficult process that requires you to cede a significant amount of control to the court....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com