Category Archives: Bankruptcy

Receivership as an Alternative to Bankruptcy

  • Sep 6 2015

By William E. Winfield, Esq. Attorneys and clients considering financially challenged businesses should not forget to consider the benefits Receivership, both as a potential tool for collection of outstanding obligations or enforcement of contracts, but also as a vehicle for financial restructuring. Receivers are typically appointed by the Court in a litigation proceeding at the request of a creditor, co-owner of a business or reap property, or by any adverse litigant.  A party who...

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Effects of Bankruptcy on an Inheritance

  • Feb 3 2015

By Rennee R. Dehesa, Esq. If you are expecting an inheritance but considering personal bankruptcy, you might be concerned about what will happen. Whether an inheritance gets pulled into an ongoing bankruptcy proceeding depends on the size and form of the inheritance, the type of bankruptcy filed, and the timing of the death of the person leaving the inheritance relative to the filing of the bankruptcy proceeding. Size and Form of the Inheritance The...

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What Is Exempt Property in Bankruptcy?

  • Oct 1 2014

By Rennee R. Dehesa, Esq. If you are considering filing for bankruptcy, you may be concerned that you are going to have to give up virtually all of your personal property.  Luckily, this is not the case.  You can keep some of your property thanks to Federal and state property exemptions.  Property exemptions exist so that a debtor can have the basic necessities for living and earning a livelihood.  Stripping someone of all their...

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What to Expect At Your Bankruptcy Consultation

  • Aug 5 2014

By Rennee R. Dehesa, Esq. Each year, many Americans looking for a fresh start turn to bankruptcy for relief from their debt obligations. If you’re considering filing for bankruptcy, meeting with an experienced attorney is one of the best ways to determine whether it’s the right solution for you.  Once you have scheduled an initial consultation, you may receive a questionnaire from the attorney’s office to be filled out prior to the meeting. This...

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Bankruptcy & the Automatic Stay

  • Jun 3 2014

By Rennee R. Dehesa, Esq. For individuals behind on their bills struggling to make ends meet, it may seem that creditors know no bounds; they call at all hours of the day, send menacing letters, freeze bank accounts and can even garnish wages. If you find yourself in this predicament, you should contact a bankruptcy attorney who can immediately cease these actions through a concept in bankruptcy law known as the automatic stay. As...

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Reaffirmation Agreements: Negotiate a Better Deal and Rebuild Your Credit after Bankruptcy

  • Apr 14 2014

By Rennee R. Dehesa, Esq. Choosing whether to enter into a reaffirmation agreement with your secured creditors is one of the most important decisions you will make during the course of your bankruptcy. The pros and cons must be carefully weighed. On the one hand, reaffirming a debt affords you a level of certainty, knowing your property will not be repossessed or foreclosed, and providing clarity regarding the payoff balance, monthly payment, interest rate...

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Timeline for Filing Bankruptcy

  • Sep 4 2013

by Rennee R. Dehesa, Esq. The most common type of personal bankruptcy is Chapter 7. Often referred to as “liquidation bankruptcy,” “personal bankruptcy,” or “straight bankruptcy,” the purpose of a Chapter 7 bankruptcy is to allow an individual or business to cancel outstanding debts and liquidate certain property in an orderly fashion. The average Chapter 7 personal bankruptcy takes approximately 5-6 months to complete. There are really two phases to the Chapter 7 personal...

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Bankruptcy and Your Small Business

  • Mar 5 2013

By Rennee R. Dehesa, Esq. Financial hardship is difficult for any individual but for business owners, it can be particularly stressful as the line between personal and business finances may become blurred. You may have racked up a lot of personal credit card debt and may be considering filing for personal bankruptcy, but you are concerned about how bankruptcy will affect your small business. Or, your business could be struggling and you may wonder...

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Bankruptcy and Its Impact on Your Children

  • Nov 7 2012

By Rennee R. Dehesa, Esq. Filing for bankruptcy often represents the last gasp following a period of mounting stress and emotional turmoil. If you have reached the point of seeking relief in bankruptcy court, you have probably investigated and exhausted every available option to keep your finances intact. In addition to financial considerations, you should carefully think through how filing bankruptcy will affect your children. Who Owns What? The line between your assets and...

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