Category Archives: Chapter 7 Bankruptcy
The decision to file for bankruptcy is not an easy one. The stigma, the damage to your credit and the loss of certain assets can be a struggle. But sometimes, bankruptcy is the best option to reset your finances and move forward into the future without the burden of mounting debt. Things to Know About Bankruptcy Before You File You should know the difference between Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy involves liquidating assets in order to discharge most or all of your debt. If you opt for Chapter 7, you may be able to keep some of your assets, but you might have to give up nonexempt assets. Chapter 13, on the other hand, involves creating a payment plan to pay back creditors over a period of time. Chapter 7 tends to be a shorter process, lasting only a few months. Chapter 13 takes years to…
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The Fyre Festival, as it was advertised, was a two-weekend music festival that was supposed to take place on the island of Great Exuma in the Bahamas. The event was widely promoted by celebrities including Kendall Jenner, Bella Hadid and Emily Ratajkowski. It was organized by Billy McFarland and Ja Rule. Prior to the festival, the showrunners experienced a wide variety of setbacks. And when the guests began to arrive, it was clear that the festival was not going to be the ultra-ritzy, fun getaway they were promised. Now, Fyre Fest LLC has filed for Chapter 7 bankruptcy. Fyre Fest allegedly promised repayments of $530,000 for investors’ investment in the festival. Fyre Fest was supposed to pay by May, but investors never got the money. The Fyre Fest Fiasco Guests paid at least $1,500 each for tickets to the swanky music festival. Advertising for the festival showed private jets, plush…
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Last week, we put out a short list of some of the pros and cons of filing Chapter 7 bankruptcy. Filing bankruptcy is a huge decision and one that will have several financial implications in the years following. But bankruptcy is also a valuable tool for people who are drowning in debts and have no way out. Here are some more of the benefits of Chapter 7 bankruptcy, as well as some of the downsides. Pros and Cons of Chapter 7 Con: It can be almost impossible for someone who files for bankruptcy to get a mortgage, if he or she doesn’t already have one. Pro: There are certain lenders who will loan money to people deemed “bad risks,” so it is not impossible. Difficult? Yes. But it can be done. Con: You cannot discharge things like child support, (most) student debt, recent back taxes or spousal support in bankruptcy….
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