Assistant at Law

What are the consequences of bankruptcy? Min Austria Assistant at Ascent Law LLC Bankruptcy is a legal process in which debts are erased, and it comes with some pretty big consequences. The biggest one is that bankruptcy will remain a part of your credit report for up to 10 years after you've filed. So even if you pay off the debts you had before, the bankruptcy will still show up and make it look like you have really bad credit. In addition, a bankruptcy can make it difficult to get approved for other loans or credit cards. This means that even if you pay off your debts from before your bankruptcy and rebuild your credit score, you might find yourself struggling to get other loans in the future. The main consequence of bankruptcy is that it wipes out your debt. So in the short term, you might be able to save some money by not having to make payments on your credit card, medical bills, or other loans. But here's the bad news: bankruptcy also has long-term effects that can haunt...

How does bankruptcy affect copyright ownership? Min Austria Assistant at Ascent Law LLC Bankruptcy and copyright ownership are two issues that don't seem to get much play together, at least not in the US. A big part of this is because the US has a very different bankruptcy process than a lot of other countries, including the UK. While it's true that there is no direct effect on copyright ownership for people who file for bankruptcy in the UK, there are indirect effects that are worth mentioning. When you file for bankruptcy, you're looking at two types of assets: exempt assets and nonexempt assets. Exempt assets are things that are protected from liquidation in your bankruptcy proceedings, and nonexempt assets aren't protected. Non-exempt assets can be sold as part of your bankruptcy proceedings, with the money being used to pay back creditors. The idea behind this is to make sure that creditors get paid back for whatever debts you owe them (including non-bankruptcy deb...

What is the difference between a bankruptcy trustee and a bankruptcy examiner? Min Austria Assistant at Ascent Law LLC A bankruptcy trustee and a bankruptcy examiner are both hired by a bankruptcy court to oversee the reorganization of an insolvent company. but they're different kinds of job positions and have very different responsibilities. A bankruptcy trustee is a person appointed by a bankruptcy court after the company in question files for Chapter 11 bankruptcy. This person is responsible for ensuring that the company's assets are sold off and its debts are paid off as the company reestablishes itself. A bankruptcy examiner is also appointed by a bankruptcy court, but unlike a trustee, he or she works with a company while it's still solvent and before it has filed for Chapter 11. A bankruptcy examiner's job is to work with the company to determine whether reorganization is feasible and in the best interests of all parties involved, including creditors, unions, bon...

What will happen if a company goes bankrupt? Min Austria Assistant at Ascent Law LLC A company can go bankrupt when it's no longer able to pay back its debts. It might happen slowly, with a series of unprofitable years and a gradual decline in the value of its assets relative to its debts, or it could be sudden and dramatic, as when an unexpected event—like an unanticipated change in customer preferences, or a lawsuit—occurs that causes the asset value to drop precipitously. Either way, it can be hard on everyone involved. Bankruptcy is a legal process through which a company is reorganized under court supervision. If the company has enough value left after the bankruptcy proceedings to permit, its owners may decide to start again with the same company name or they may choose to reorganize under a different name and try to rebuild their business. The employees will likely lose their jobs, but they'll still have the right to receive unpaid wages due them by law. Their other bene...

Can the government come after you for back taxes if you file bankruptcy? Min Austria Assistant at Ascent Law LLC The government can come after you for back taxes if you file for bankruptcy—it's just a matter of when. When you file for bankruptcy, the court will discharge all of your debts. But under certain circumstances, the government can come after you for unpaid taxes that occurred before you filed for bankruptcy. In general, the government can only collect unpaid tax debt after you file bankruptcy if you can afford to pay it. If you are able to pay back taxes in a Chapter 13 bankruptcy plan, the government can be included in your repayment plan and repaid along with other creditors. If you cannot pay back taxes or other debts through a Chapter 13 bankruptcy plan, then the government will collect from any nonexempt assets that you own. This is only a brief summary and should not be used as legal advice. If you are considering bankruptcy and have specific questions about how it ...