In 2014, Bankruptcy Filings Decreased Throughout Missouri

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chapter 7 bankruptcy attorneyThroughout 2014, fewer Missouri residents chose to seek out bankruptcy help from either a Chapter 13 or Chapter 7 bankruptcy attorney, as the number of bankruptcy filings across the state declined for another year.

According to a January 1 St. Joseph News-Press article, findings from the U.S. Bankruptcy Court’s Western District of Missouri reveal that 351 individuals filed for Chapter 7 bankruptcy help, a 36% decrease from 2013. Meanwhile, 206 Chapter 13 bankruptcies were filed, a 27% decrease.

Caesars Casino Files For Chapter 11 Bankruptcy

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Bankruptcy is a lot more common than you might think. Two years ago, U.S. men and women, along with various business institutions filed 1,071,932 bankruptcy claims. Now, Business Insider reports that Caesars Entertainment, the owner of the opulent Caesars Palace casino in Las Vegas, intends to file Chapter 11 bankruptcy as well. 

Chapter 11 Bankruptcy Explained

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bankruptcy helpIn 2013, a total of 8,980 Chapter 11 bankruptcies were filed in the United States. But what is Chapter 11 bankruptcy? As with most bankruptcies, the answer to that question is a long one, but this article will attempt to provide you with some of the most basic Chapter 11 bankruptcy facts. Chapter 11 Bankruptcy Explained: A Chapter 11 bankruptcy is usually filed by a business or organization, rather than by an individual, although individuals can seek Chapter 11 bankruptcy help as well. While a Chapter 7 bankruptcy involves the liquidation of assets and a Chapter 13 case involves the debtor agreeing to a repayment plan, Chapter 11 bankruptcy falls somewhere in between. Usually, a Chapter 11 debtor proposes a reorganization plan that allows him or her to remain in business, while repaying their creditors over time.

Knowing When to File for Bankruptcy

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when to file bankruptcyKnowing when to file bankruptcy can be tricky. When facing bankruptcy, a debtor may feel isolated and alone, but the important thing to remember is that they most certainly are not! In 2013 alone, there were 333,626 Chapter 13 bankruptcies filed and 728,833 Chapter 7 bankruptcies filed in the U.S.

How to File for Bankruptcy

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What, exactly, happens during Chapter 7 bankruptcy? Chapter 7 bankruptcy is often referred to as Liquidation, and allows the sale of the debtor’s assets so that the cash may be distributed to the creditors, instead of arranging a repayment plan, as in Chapter 13 bankruptcy. Depending on the laws in the state where the debtor lives, he or she may be able to keep certain personal items or even real estate. A reputable Chapter 7 bankruptcy attorney will be able to explain whether this is the case or not, as well as advise the debtor how to file for bankruptcy. Once the petition is filed under Chapter 7 bankruptcy, most collection actions (including lawsuits and wage garnishments) against the debtor are stopped.