Bank finance articles and tips

Chapter 11 of the United States Bankruptcy Code is available to both businesses and individuals to reorganize their debts. However, it is primarily used by businesses and is available to all types of legal entities from corporations to sole proprietorships.

Businesses or its creditors can file for protection under this section of the code when the business is no longer able to service its debt. The benefit is that the debtor retains control of business operations as a debtor in possession.

While maintaining most of the features of other bankruptcy chapters, going this route gives the trustee the power to operate the business. Unless disqualified for cause, the debtor ordinarily acts as trustee while overseen by the court....

If you are looking for help in getting an auto loan while in Chapter 13 this is the article for you. Getting an auto loan while in Chapter 13 will require a little extra effort on your part but the good news is that it may be possible depending on your circumstances.

Let's begin by explaining how Chapter 13 bankruptcy works. When you file chapter 13 you will be working with an attorney that will help you restructure your debts. In addition the court will assign an estate trustee that will work along with your attorney. Now you will have a team working with you....

One of the common misconceptions about filing for bankruptcy is the 90 day rule. If you ask debtors that are filing bankruptcy if they understand what the 90 day rule is, you get answers like, you can't buy anything for 90 days prior to the bankruptcy filing or you stop paying your bills 90 days before filing. Both of them sound like they could be true, but in reality there is no 90 day rule that makes a difference to a debtor.

Many debtors filing for bankruptcy have heard of it but have no idea of how it works. The 90 day rule allows the bankruptcy trustee to recover payments that a debtor made on legitimate debts, if those payments during that 90 day time frame gave the creditor more money than they would have gotten out of the bankruptcy filing. The bankruptcy code calls these payments, preferences.