Tag Archives: Bankruptcy

What Is an Emergency Bankruptcy Filing and Should I Consider It?

Sometimes it is necessary to act quickly when filing for bankruptcy. This could be true if you need the protection of an automatic stay right away or if, for some other reason, you cannot wait to complete the majority of the bankruptcy forms. If this sounds like you, then you can file a bare-bones emergency bankruptcy form and file the rest later. Is It a Good Idea to File an Emergency Bankruptcy? In most circumstances, no; not if you can help it. Bankruptcy is a complicated process. It involves a lot of paperwork and for a bankruptcy to go through, you have to honestly disclose all assets, income, expenses and more. The process has strict timelines and steps that you must take in order for your bankruptcy to take effect. Because of how strict the process is, acting hastily is not always the best course of action. You need some…
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Bridal Giant Alfred Angelo Files for Bankruptcy

Recently, the dressmaker Alfred Angelo announced that it was filing for Chapter 7 bankruptcy, shutting down about 60 stores and leaving independent bridal shops with no information as to whether dresses ordered from Alfred Angelo would arrive in time for summer and fall weddings. Naturally, the uproar has been intense. What is a bride to do when her dress is floating in financial limbo thanks to the dressmaker going out of business? How to Keep Your Cool During the Alfred Angelo Bankruptcy Fiasco First things first: keep in contact with the company. If you have ordered a dress either from Alfred Angelo, contact the bankruptcy representative. That would be Margaret Smith at alfredangelo@mjstrustee.com. Send her details of your wedding date, what you ordered and how much you paid. Also include your order number, the name as it appears on your order and where you made the purchase. The company promised…
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Should I Pick Chapter 7 or Chapter 13 Bankruptcy?

If you are ready to declare bankruptcy to start settling your debts, deciding which kind of bankruptcy to file for can be a challenging decision. When filing for bankruptcy for an individual, you can either decide on Chapter 7 bankruptcy or Chapter 13 bankruptcy. Chapter 7 bankruptcy: This is the most common type of consumer bankruptcy. When you file, you receive an “automatic stay” which stops creditors from trying to collect more debt from you. Chapter 7 bankruptcy is a faster acting plan, designed to eliminate dischargeable debt like credit card debt and medical bills. After these debts are gone, room is made to pay off non-dischargeable debts, like student loans and child support payments. It is favorable to those who earn less than the median income in their region. In Chapter 7 bankruptcy, creditors will attempt to sell your “non-exempt” property. A Washington, D.C. bankruptcy attorney can help you…
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