Category Archives: Bankruptcy

Sader Law Firm can help financially troubled individuals and businesses file for Chapter 7, 11 and 13 bankruptcy to erase and restructure debts.

Bankruptcy vs. Debt Settlement: Which Should I Choose?

Kansas City Bankruptcy Attorneys Explain Your Options Defaulting on debts can lead to multiple negative consequences. Your wages could be garnished. Creditors could repossess your secured debts. In other cases, you could enter a debt spiral that affects your finances for years to come. If you are experiencing a debt crisis, then you should explore options for resolving your situation as soon as possible. The longer you wait to resolve your debts, the longer it will take to get your finances back on track. Debt settlement and bankruptcy are two debt relief options you could consider. However, these are two very different options. You should consider the differences between bankruptcy and debt settlement before making your decision and very closely look at any and all fees Debt Settlement companies charge. What Is Debt Settlement? Debt settlement is where you hire a company to work with your creditor to pay less…
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American Bankruptcy Institute Hosts Corporate Restructuring Competition

If you have been reading our blog long enough, then you know that bankruptcy is not about counting your losses but protecting your assets and redistributing your earnings to do the most good for your financial future. You might also be aware that business bankruptcies –and what makes us feel so good about them—are also known as financial restructuring. Restructuring is what makes bankruptcies so helpful. But did you know that the miracle wrought by restructuring is a big enough deal in the corporate world that some of the most prestigious business schools in America have an annual restructuring competition? The American Bankruptcy Institute (ABI) recently hosted its 15th Annual Corporate Restructuring Competition. Each year, the event allows business school students to participate in a crisis management exercise. Seven prestigious business schools participated this year. Schools that participated this year include the University of Chicago Booth School of Business, Columbia…
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How Many Chapter 13 Bankruptcy Filings Are Successful?

Chapter 13 bankruptcy is known by several monikers. Some call it “individual debt restructuring” while others call it the “wage-earner plan”. It doesn’t matter what you call it—Chapter 13 enables debtors to work with their creditors to come up with a plan to repay their debts over three to five years. Now, as 2018 draws to a close, we are finally able to look back and see how effective these plans have been for those who filed in 2012. How Effective Are Chapter 13 Bankruptcy Filings? Over the years, critics have called the effectiveness of Chapter 13 bankruptcy into question. Critics have quoted statistics that claim nearly 65 percent of cases fail before debtors can finish their repayment plans. However, the latest numbers from the National Association of Chapter 13 Trustees (NACTT) show otherwise. According to the NACTT, the national completion rate for Chapter 13 filings was 59 percent in…
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