Sentences with phrase «mean filing bankruptcy»

For some individuals that does mean filing bankruptcy particularly if you have no assets and a lower income.

They assumed talking with a trustee meant filing bankruptcy.

We will provide an honest evaluation of your situation and knowledgeable legal advice to help you move forward to resolve your financial challenges, whether that means filing bankruptcy or getting Social Security benefits.

Not exact matches

And in the same way that a person files for individual bankruptcy — it doesn't mean their life is ending.

High costs and low efficiency meant demand never materialized, and Uni-Solar filed for bankruptcy in 2012.

Of course, getting to the point of actually filing the paperwork with the bankruptcy court means overcoming the emotions that accompany the decision.

Equifax creates several different business credit scores that are designed to predict how likely a business is to experience a severe delinquency, which means falling 91 days or more past due on an account, having an account charged off or filing for bankruptcy.

Bankruptcy is meant to be a last - resort option but there are certain situations when filing may be your best bet.

Additionally, it will file bankruptcy proceedings in the United States Bankruptcy Court in New York meaning the closure of its offices in New York City, and Washibankruptcy proceedings in the United States Bankruptcy Court in New York meaning the closure of its offices in New York City, and WashiBankruptcy Court in New York meaning the closure of its offices in New York City, and Washington, DC.

This is a «prepackaged» bankruptcy filing where the company has reached an agreement with its creditors — which include PE firms Elliott Management, Monarch Alternative Capital LP, and Apollo Global Management — to restructure its debt, meaning that ownership will be transferred to creditors in exchange for some of the debt.

Remington filed a so - called pre-packaged bankruptcy, meaning it had largely won the support of its creditors before it filed in court.

He must of meant the art of filing for bankruptcy and failing to pay your vendors.

The genomics company deCODE genetics Inc. filed for Chapter 11 bankruptcy today, but that doesn't mean it is disappearing.

One of the reasons that the trustee will file what we call a pre bankruptcy and a post bankruptcy tax return, that means we'll file a tax return from January 1st of the year so if you went bankrupt today it would be from January 1st to June 9th.

The stay is automatic, meaning that arises by operation of law upon filing for bankruptcy.

And I think you made a key point there and that is if you're considering filing a consumer proposal or a bankruptcy the phrase you used is your credit is already in the ditch meaning you've already got bad credit so saying oh I'd really like to preserve my credit, I don't want to go bankrupt, well, wait a minute, you already are in bad shape.

For example, the new bankruptcy law you will need to take a means test, if you are seeking to file under chapter 7.

One thing that makes it difficult to file Chapter 7 bankruptcy is a means test.

Depending on the type of bankruptcy filed, this may include relief from car loans and that often means turning the car back to the bank that financed it.

Some people ask why they would file a consumer proposal if it means paying more than bankruptcy.

Because look at Detroit, they filed bankruptcy, Orange County, Stockton, I mean the list goes on and on.

To file Chapter 7 bankruptcy, you must pass a means test showing that your income is less than your state's median income.

I get asked all the time about whether or not filing for personal bankruptcy means losing tax refunds.

Finally, if you cash in your 401 (k) within the six months prior to filing bankruptcy, this could cause you to fail the Means Test.

Means test — a formula used to determine whether it may be an abuse of the bankruptcy system for a person to file Chapter 7.

If your disposable income over 5 years is less than 25 % of this calculation, you have passed the means step and can file under a Chapter 7 Bankruptcy.

This means that we help people file bankruptcy when appropriate and necessary.

A few years ago, the federal bankruptcy laws changed so that debtors who want to file Chapter 7 bankruptcy have to first pass a means test to file.

The means test was created in 2005 because of the number of people taking advantage of filing bankruptcy.

Wait to file bankruptcy until you have in place a plan to live once again within a balanced budget — that is, below your means.

So, the textbook answer is that, filing bankruptcy means that you've met with a trustee.

A good bankruptcy lawyer can walk you through the means test and help you determine whether you are eligible to file for Chapter 7.

Before you can file Chapter 7 bankruptcy, you must pass a means test proving your current monthly income (as defined in chapter 7 of title 11 of the United States Code) is below the median income in your state.

The means test was put in place to make it more difficult to file Chapter 7 bankruptcy when debtors have the disposable income to repay some of their debts.

This is primarily because the creditors understand that you typically can not file a bankruptcy again for another 8 years, and you have no other bills to pay, meaning you are a great credit risk and now have the ability to pay your new credit card bills.

They also have access to public records, which means that they can find out if you have had any judgments against you, or if you have filed bankruptcy.

For a single filer in Texas filing bankruptcy after November 1, 2016, their income must be less than $ 46,127 or they will have to analyze their disposable income under the means test.

Means test: Your income is one factor that determines if you can file for Chapter 7 bankruptcy.

One spouse may need to file for bankruptcy — that does not mean the other spouse has to do the same thing.

It is true that the fact that a person filed bankruptcy can stay on his or her credit report for ten years, but that does not mean you have to wait ten years before you can obtain credit again.

The means test is designed to prevent high earners from filing Chapter 7 and instead file for Chapter 13 bankruptcy that requires debt repayment.

If you already have a home, filing for bankruptcy doesn't automatically mean you're going to lose it!

«Just because I can file bankruptcy doesn't mean I should,» he said.

Filing Chapter 7 bankruptcy allows qualifying debtors to discharge some of their unsecured debts, which means creditors will not have the legal right to continue debt collection efforts following the debt discharge.

They amended the Civil Enforcements Act of Alberta to make all RESPs exempt assets meaning if you file a bankruptcy in Edmonton or anywhere else in Alberta, this is not an asset that you are going to lose.

The Means Test was designed to determine whether or not you qualify to file a case under chapter 7 of the Bankruptcy Code, and if not, how much you need to pay your unsecured creditors in a chapter 13 case.

Filing for bankruptcy means making financial sacrifices — you may have to pay some of your income to debtors, and possibly sell off valuable assets.

That means that in 2006, another 0.43 percent of the Michigan population filed bankruptcy.

There is a stay of proceedings when you file the consumer proposal or bankruptcy (meaning the bank can't take any future funds), but in the meantime you don't have use of your account until the bank takes the freeze off.

In order to qualify to file bankruptcy in Canada, you must owe at least $ 1,000, and be insolvent (which means basically you can't pay everything you owe), and you must either reside, do business, or have property in Canada.