Many have often wondered what the difference is between filing Chapter 7 and Chapter 13 bankruptcy and which one applies to their specific situation.

First and foremost, only individuals are eligible to file under Chapter 13 of the bankruptcy code. Corporations or partnerships CANNOT file under Chapter 13, whereas individuals, partnerships and corporations are all eligible under Chapter 7.

What is the procedural difference?

Under a Chapter 7 bankruptcy filing, a Trustee is appointed to each case and put in charge of the bankruptcy estate. this means that the Trustee is in charge of gathering all of the debtor’s nonexempt assets, selling those assets, and using the proceeds to pay creditors.

Under Chapter 13, the debtor must present a plan wherein the debtor must use his or her “best efforts” to pay creditors for the duration of the plan, which is typically five years. one of the advantages of filing under Chapter 13 is that the debtor can pay off arrearages owed on real property secured loans over a period of five years.

Only individuals, as opposed to partnerships or corporations, can receive a discharge under Chapter 7 and remember, discharge is only for unsecured debt. Liens are never discharged and can be enforced despite a Chapter 7 bankruptcy filing. Also, even if an individual is eligible for a discharge of his or her debts, certain types of debts cannot be discharged (e.g., child support arrearages).

Under Chapter 13, the debtor receives a full discharge ONLY if he or she completes the terms under his or her proposed plan.

Remember, each case is different. to determine if bankruptcy is the right choice for you, you should seek the advice of an experienced attorney. Call (714) 497-3150 today to schedule a free consultation and debt evaluation with Attorney Maria T. Reid.

Chapter 7 or 13 Bankruptcy? is a post from: Chapter 7 Bankruptcy Information

An Italian market chain based in San Leandro, California, has filed for bankruptcy.a.G. Ferrari Food recently closed one of its stores, but has decided to keep another 12 stores open, according to a report. The company listed assets ranging from $1 million to $10 million, and listed the same amount for debts in the bankruptcy filing."Filing Chapter 11 will improve our cash flow and allow us to stabilize the business," said Paul Ferrari, chief executive officer for a.G. Ferrari Food, according to the Oakland Tribune.Ferrari added the company will remain open and he expects no change in everyday business practices, the news source reported.The store chain, which has been in business since 1919, has four remaining stores in East Bay, three in San Francisco, and one in Sunnyvale, Belmont, Palo Alto, Corte Madera and Los Altos, the news source reported.The East Bay store that is closing, located in North Berkeley, had six employees, the filing said. Ferrari told the news source that the company is attempting to relocate the workers at the closed store.

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<a href="http://www.bankruptcyhome.com/bankruptcy-news/800477986/California-market-chain-files-for-bankruptcytag:news.google.com,2005:cluster=http://www.bankruptcyhome.com/bankruptcy-news/800477986/California-market-chain-files-for-bankruptcyTue, 05 Apr 2011 16:08:52 GMT 00:00″>California market chain files for bankruptcy

California market chain files for bankruptcy is a post from: Chapter 7 Bankruptcy Information

Are you serious? I would hope once would be enough to learn how to deal with money.

I think it is every 7 yrs, but I could be wrong.

Buy the book 'Bankruptcy,' go to chapter 7, rip it out, and put it in a file folder. DUH!

You can file every 7 years but there may be legal ramifications for doing it more than once. It could mean jail time for fraud.

How often can you file chapter 7 bankruptcy? is a post from: Chapter 7 Bankruptcy Information

the District 6-2A foes added another chapter to the tale, playing for the sixth time this season and meeting for the 12th time over the past two years on Thursday afternoon.

And for the second year in a row, the Wildcats were tripped up by the SonBlazers in Tularosa’s quest for its first-ever Blue Trophy.

Last year MVCS beat the Tularosa in the state finals. this year the No. 5-seeded SonBlazers victory came in the semifinal round of the Class 2A State Basketball Championships, a 58-47 upset over the No. 1-ranked Wildcats on Thursday at the Santa Ana Star Center in Rio Rancho.

the SonBlazers will now play in Saturday’s Class 2A state championship against No. 7 seed Tucumcari at the Pit in Albuquerque.

Tip off will be at 6:30 p.m.

“This is our sixth game this year against Tularosa,” MVCS head coach Terry Adler said. “If there’s ever a game to win, this is the one.”

in their last meeting, Tularosa beat the SonBlazers 53-50 in the District 6-2A championship game on Feb. 26.

Mesilla Valley was the only Class 2A team to beat the Wildcats this year, knocking them off twice during the season.

the SonBlazers never allowed the Wildcats to get up by more than five points in Thursday’s game and surrendered just seven second-quarter points to Tularosa. Wildcat senior – and leading scorer – Emery Coleman also picked up his third foul midway through the second quarter, forcing him to be on the bench for the rest of the first half.

the SonBlazers took advantage and ended the opening half on a 13-3 run to go up 30-24 at halftime.

Garrett Hendren led the way for MVCS, scoring 15 of his team-high 20 points in the first half.

“The key to Tularosa is stay with them the first quarter, don’t get blown out,” Adler said. “They build a lead and they play off that lead this quarter, we were down two. I knew, ‘OK, this is it.’ Emery picking up his third foul when Brandon (Gillis) went to the hole was a key play.”

the SonBlazers pounded the ball inside to Sean Harris early in the third quarter, as he scored Mesilla Valley’s first eight points of the half to put the SonBlazers up 36-26 early in the third frame.

Tularosa started to come back and got a bucket from Jim Coleman and a 3-pointer by Emery Coleman to cut the lead to 36-30.

Mesilla Valley Christian answered with key buckets and after Tularosa cut the lead to 39-35, the SonBlazers ended the third quarter on a 8-4 run, capped off by a Trey Correa buzzer-beating 3-ball to put Mesilla Valley up 47-40 heading into the final period.

“When Trey ended the third quarter on that buzzer-beating three, that’s when I knew we played tough coming out (of) halftime,” Hendren said. “And we were going to keep playing tough in the fourth quarter.”

Coming out for the final quarter, Jake Franzoy hit a 3-pointer to get the SonBlazers back up by 10. Tularosa did cut the lead to six with six minutes to go, but wouldn’t get any closer.

Mark Rudi is a sports reporter at the Alamogordo Daily News, a member of the Texas-New Mexico newspaper partnership. He can be reached at

<a href="http://www.lcsun-news.com/las_cruces-sports/ci_17588496tag:news.google.com,2005:cluster=http://www.lcsun-news.com/las_cruces-sports/ci_17588496Fri, 11 Mar 2011 06:20:09 GMT 00:00″>SonBlazers shock Wildcats in Class 2A semifinals

SonBlazers shock Wildcats in Class 2A semifinals is a post from: Chapter 7 Bankruptcy Information

chapter 7 is personal bankruptcy where the person filing has to be granted a discharge from debts and they are not repaid. Chapter 11 is business re-organization that they try to work through the filing and stay a viable company by paying debt on a slower pace than the normal demand.
Chapter 13 is a the same but just person as a chapter 11 as it has a repayment program of up to 5 years

What is the difference between chapter 7 & chapter 11 and which is best?

What is the difference between chapter 7 & chapter 11 and which is best? is a post from: Chapter 7 Bankruptcy Information

The word is scary and it's still a bit 'mysterious to many. Bankruptcy seems so final, so hopeless, and a lot of negative baggage attached to it. even the people who obviously should know better not to remember that recovery from bankruptcy, or a "right to a second chance," is specifically mentioned in the Constitution of the United States.

of course not suspend constitutional specific about how bankruptcy law, but says the government must establishProcedures, the American people the opportunity to rebound from a financial failure. The laws have changed a couple of times, since the Constitution was ratified in 1787, and the last major revision was a relatively short time, October 17, 2005.

Terms

in essence, the law allows consumers to include most of their debt – has ordered most of the commercial loans and bonds, but net of taxes and payments from the judges – in their application. ThisAmount when it adopted after a series of hearings and the provision of the Bankruptcy Court would allow the government to be evacuated from. Creditors can not take measures to recover these amounts.

however, neither the bankruptcy law nor the new "power" was inserted at the end of 2005 in automatic approval of the debts of the debtor, an ad. The creditors are informed of the presentation, and a "meeting of creditors" is one of the first thingsFailure of the day. At that time, judges may question the debtor filing for bankruptcy protection as a creditor of the hearing to present a well.

Personal vs. Business

personal bankruptcies are those who speak in front of everything. this is especially Chapter 7, Chapter 11, and 13 rows. The first is an application for the protection and the second is an application of "healing", in which the court may consider a repayment plan for apartly reduced the amount of debt. Enterprises and individuals to decide for one of these chapters of security, while Chapter 13 is another approach for people who work (known as "Plan for employees of the user).

other chapters (8, 12, etc.) covering agriculture and other businesses. Individual consumers will be affected by chapter 7, 11 or 13, in particular, and those are the areas most self-help books and websites included. but the fact is that if you are financiallyintelligent, you should seek professional advice if you are considering filing for bankruptcy protection.

That was then, now

The "DIY"), bankruptcy kits (sales are not as fast as they are right before the revision des The amount of debt written off in 2005, reports the conditions for reimbursement of income bonds – all of this and law to be more with the all new. Since the failure becamecomplicated, do it yourself kits "have become a bit 'less popular, even though consumers can still make financial experts make their documents if they have good reference material and maintenance.

If you are someone who needs help with tax forms for your 1040, it is likely that you need help signing of insolvency.'s Best for your financial life, of course, to avoid bankruptcy at all costs. Many other articles on the Internet, everything from "bad loans" to"Tips on credit" you give good advice on how to handle your personal finances so you can avoid bankruptcy. The bankruptcy filing does not definitively better than everyone!

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Bankruptcy Basics explained

Bankruptcy Basics explained is a post from: Chapter 7 Bankruptcy Information

Last month, the number of previously occupied homes sold across the country rose to a seasonally adjusted annual rate of 5.36 million. while this is a promising increase of 2.7 percent from December’s annual rate of 5.22 million, realtors and economic analysts say that it does not necessarily indicate much progress in the housing market. in order to the market to be considered ‘healthy’, realtors say, there should be 6 million annual home sales.

In addition, the number of homes sold to investors increased in January, while the number of first-time homebuyers dropped to 29 percent (first-timers should account for about 40 percent of home sales). this means that home foreclosure cash sales are making up a large percentage of homes sold, which in turn causes median home sale prices to drop.

And median prices did fall last month to just under $160,000, which is a decrease of almost four percent from a year ago and the lowest median sale price recorded since early 2002. this has contributed to the nearly 3.4 million homes on the market in January. Realtors say that it would take almost eight months to move through that inventory, when there should generally only be six months worth of homes on the market at any given time.

Realtors say that several factors are contributing to the hesitance of first-time homebuyers to enter the market. First, mortgage lenders have enacted stricter lending standards and raised minimum down payments, effectively blocking cash-strapped potential homebuyers from making purchases. Second, unemployment continues to lag in Tennessee and throughout the country. while economists expect job loss to slow this year, home sales will likely not recover as potential homebuyers remain hesitant about their financial future.

Source: Atlanta Journal-Constitution, “Foreclosures, cash deals lifted January home sales”, Derek Kravitz, 23 February 2011

Realtors: rise in home sales does not indicate market recovery is a post from: Chapter 7 Bankruptcy Information