If you file for bankruptcy, your credit card company (alongside other creditors) is automatically informed of the case and has the chance to object to your discharge. While a bankruptcy discharge means that the company may at least get part of its money, it may object to the discharge under certain conditions. For example, a company may raise objections if you used its card to:
Pay Non-Dischargeable Obligations
Not all debts are dischargeable via bankruptcy; there are debts that you will still have to shoulder such as child support, alimony and student loans.…
Read More »
Within the first 18 months, 8 out of 10 entrepreneurs who have started a small business will fail. Most of the time, these small businesses simply run out of capital. Instead of being dragged deeper into debt, consider filing for small business bankruptcy under chapter 11 provided that the business owes no more than $2,490,925 and restructure your business. Small businesses filing under chapter 11 are subject special provisions that are significantly different than personal bankruptcy cases that are filed under the same chapter.…
Read More »
If you have had a great deal of difficulty in keeping up with paying bills and unavoidable debt, you may have wondered if filing for bankruptcy would be a better choice than struggling every month. Many people try to avoid bankruptcy because of the reputation they will have to creditors and banks, making it difficult to obtain loans as a result. This mindset, however, is short-term and there are actually benefits you could reap from filing for bankruptcy.…
Read More »
