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Author Archives: Michael J. Berger

Pros and Cons of Filing Bankruptcy Jointly With Your Spouse

Married couples who are financially distressed have a choice whether to file for bankruptcy individually or jointly. Generally, a joint bankruptcy is most beneficial for both spouses, but in some situations it makes sense for only one spouse to file while the other stays out of bankruptcy. Several factors should be weighed in deciding on […]

What Can Delay Completion of a Chapter 11 Bankruptcy?

Chapter 11 bankruptcy allows a financially struggling business to get back on its feet by reorganizing its debts. But there is no definitive timeline for the Chapter 11 process. Depending on numerous factors, winding up a reorganization plan can take anywhere from six months to five years or even longer. There are multiple procedural stages […]

Adversary Proceedings to Deem Debts Nondischargeable

A bankruptcy ends with a cancellation of all debts except for those determined to be nondischargeable. Sometimes a separate trial — known as an adversary proceeding — is required to decide a creditor’s claim that a debt should not be discharged. A creditor may raise objections to discharging certain debts, such as these: Debts obtained […]

Obtaining Credit in a Chapter 11 Bankruptcy

If your company is unable to turn a profit and has run out of lenders willing to finance it further, Chapter 11 bankruptcy could be the best way to allow the company to stay in business. A Chapter 11 also can open up other sources of credit for you. This might seem counterintuitive, because your […]

What Determines the Length of Your Chapter 13 Plan?

A Chapter 13 bankruptcy, otherwise known as a wage earner’s plan, allows you to discharge your debts by repaying a portion of them over time and on more favorable terms. When you have completed the plan, the court will eliminate most or all of your remaining unsecured debts. Chapter 13 repayment plans last either three […]

Smart Ways to Eliminate Business Debt

If you run a business, you likely obtain loans to finance purchases or investments or to obtain working capital for operational expenses. However, revenue shortfalls, increased expenses and other unforeseen setbacks may cause your business to become overburdened with debt, putting it in financial jeopardy. Filing a Chapter 11 bankruptcy to reorganize your debt may […]

How Are Your Debts Reorganized in Chapter 11?

Chapter 11 bankruptcy offers many benefits to troubled companies, including relief from unsustainable levels of debt, a way out of burdensome contracts and some much-needed breathing room to develop a plan for the future. Once the creditors agree to a reorganization plan, the company gets a fresh start and a new balance sheet that better […]

Using Chapter 7 to Wipe Out Personal Liability for Business Debt

Many small businesses struggle to stay afloat and eventually reach the point where debt becomes unmanageable. If you are an owner or part owner of a business in that situation, you may be wondering whether you are liable for your company’s debts and whether filing a Chapter 7 bankruptcy can protect you and your personal […]

Your Options if You Can’t Make Your Chapter 13 Payments

The core of a Chapter 13 bankruptcy is the debtor’s ability to pay creditors back a portion of what is owed them. The debtor promises to make monthly payments for a specified period of time, which are determined based on the debtor’s available income sources. If all goes well, the rest of the outstanding debt […]

What to Expect When You File Chapter 11 Bankruptcy

Companies in financial distress may be able to use Chapter 11 bankruptcy to restructure and reduce debts, ultimately reemerging as healthier businesses. At one time, only large corporations could afford the costs of Chapter 11, but thanks to change in the Bankruptcy Code, many small businesses are able to take advantage of a streamlined version […]


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