Browse through our Bankruptcy Video FAQ for the answers to the most common bankruptcy questions. Click the ‘tags’ dropdown to browse through the different categories.

June 22, 2017

What is cash collateral in reference to Chapter 11 bankruptcy?

Our Professional Answer Many Chapter 11 debtors have granted a lien against their cash receivables. When they file a Chapter 11, those cash receivables are now potentially not available to use to pay their day to […]
June 22, 2017

What is debt consolidation?

Our Professional Answer Debt consolidation is when you take all of the various debts that you have and combine them into one loan and then you pay that loan. The goal of bankruptcy is to discharge […]
June 22, 2017

What is Chapter 11, or re-organization bankruptcy?

Our Professional Answer Chapter 11 is for high-net-worth individuals or for businesses, small and large, that need to reorganize their debts. In chapter 11, you gain a strong bargaining position with your creditors and your banks. […]
June 22, 2017

What is Chapter 20?

Our Professional Answer: There’s a thing called a Chapter 20. It is not a code of bankruptcy. What it is is where a person first files a Chapter seven bankruptcy to discharge most of their debt. […]
June 22, 2017

What is bankruptcy?

Our Professional Answer: Bankruptcy is a financial tool that helps people who have had financial troubles discharge all of the debt that they’ve acquired. Well, there are several debts that are not dischargeable. For instance, the […]
June 22, 2017

What is an adversary proceeding?

Our Professional Answer: In any bankruptcy case, if someone wishes to sue you or if you wish to sue someone else who is not a participant in the proceeding, you must file a lawsuit separate and […]
June 22, 2017

What is a S Corp?

Our Professional Answer: An S Corp, like a corporation, allows you to do business in an entity and protects you typically from liability that the entity could cause. An S Corp means that the taxability of […]
June 22, 2017

What is a stay of creditor actions and when is it in effect?

Our Professional Answer: In every bankruptcy, when you file the bankruptcy, that moment something called the automatic stay goes into effect. The automatic stay stops all action against the debtor immediately and requires that, in order […]
June 22, 2017

What is a re-organization plan?

Our Professional Answer: Whenever you file a chapter 11 or a chapter 13, you must file a plan of reorganization. The reorganization plan delineates who you’re going to pay, how much you’re going to pay of […]