Chapter 13

How to Protect Your Mineral Rights in Bankruptcy

How to Protect Your Mineral Rights in Bankruptcy

“During bankruptcy proceedings, the fate of lease agreements can be uncertain. In Chapter 7 bankruptcy, the oil and gas leases held by the debtor may be sold to another operator, potentially affecting the terms and conditions of the original lease. In Chapter 13 bankruptcy, the operator may propose a reorganization plan that could modify lease terms. As a mineral rights owner, it is essential to stay informed about any proposed changes to your lease and consult with legal professionals to protect your interests.”

What happens when I file Chapter 7 Bankruptcy and I own a business?

What happens when I file Chapter 7 Bankruptcy and I own a business?

If you own a business and need to file for Chapter 7 bankruptcy, it is important to understand the implications for your business and your personal finances. In a Chapter 7 bankruptcy, the business's assets will be sold and the proceeds will be used to pay off its creditors. After the bankruptcy is complete, the business will be dissolved.

What will happen to the Equity in my home if I file Chapter 13 Bankruptcy?

What will happen to the Equity in my home if I file Chapter 13 Bankruptcy?

“In some states, such as Texas and Florida, there are unlimited homestead exemptions that allow debtors to protect all of the equity in their homes, regardless of the value. Other states, such as North Carolina and Wyoming, have more limited homestead exemptions that may only protect a certain amount of equity.”

How Does a Chapter 13 Bankruptcy Stop the Foreclosure of Your Home?

How Does a Chapter 13 Bankruptcy Stop the Foreclosure of Your Home?

“Chapter 13 bankruptcy can help stop the foreclosure of your home by implementing an automatic stay, which is a court order that prevents creditors from taking any collection actions against you, including foreclosure proceedings. Once you file for Chapter 13 bankruptcy, the automatic stay goes into effect, and your mortgage lender is required to halt any foreclosure proceedings that are currently underway.”

What documentation do you need to file Chapter 13 in Mecklenburg County, North Carolina?

What documentation do you need to file Chapter 13 in Mecklenburg County, North Carolina?

“It is important to work with a qualified bankruptcy attorney to ensure that you provide all of the necessary documentation and that your bankruptcy petition is filed correctly. Your attorney can also help you navigate the complex bankruptcy process and ensure that you meet all of the necessary requirements for Chapter 13 bankruptcy.”

What Happens if I do not qualify for a Chapter 7 Bankruptcy?

What Happens if I do not qualify for a Chapter 7 Bankruptcy?

“f you do not qualify for Chapter 7 bankruptcy, you may still be eligible for Chapter 13 bankruptcy or other debt relief options. Chapter 7 bankruptcy is designed for individuals who have little or no disposable income, whereas Chapter 13 is intended for those who have a regular income but are struggling to repay their debts.”

Can I get rid of my Unsecured Debt when I file Chapter 13 Bankruptcy?

Can I get rid of my Unsecured Debt when I file Chapter 13 Bankruptcy?

“Yes, you can get rid of some of your unsecured debt when you file for Chapter 13 bankruptcy, but not all of it. Chapter 13 bankruptcy is a debt reorganization plan that allows you to consolidate and repay some or all of your debts over a period of three to five years.”

What You Need to File Chapter 13 in Wyoming?

What You Need to File Chapter 13 in Wyoming?

“To file for Chapter 13 bankruptcy in Wyoming, you will need to take the following steps:

  1. Complete Credit Counseling: Before filing for bankruptcy, you will need to complete a credit counseling course from an approved provider. This course will help you understand your financial situation and explore alternatives to bankruptcy.”

Can I get rid of my second mortgage if I file Chapter 13 Bankruptcy?

Can I get rid of my second mortgage if I file Chapter 13 Bankruptcy?

“Lien stripping is only available in Chapter 13 bankruptcy and is only possible if the value of your home is less than the amount you owe on your first mortgage. In other words, if your home is worth less than what you owe on your primary mortgage, then the second mortgage or home equity loan may be considered unsecured debt, which can be treated similarly to credit card or medical debts.”

What is the difference between Chapter 7 vs. Chapter 13 Bankruptcy?

What is the difference between Chapter 7 vs. Chapter 13 Bankruptcy?

“Chapter 7 bankruptcy, also known as "liquidation bankruptcy," allows the debtor to eliminate most types of unsecured debts, such as credit card debts, medical bills, and personal loans, without making any payments to creditors. In exchange, the debtor may have to surrender some non-exempt assets, which are sold by the trustee to pay off a portion of the debts. This process usually takes about 3-6 months and may have some negative impacts on the debtor's credit score.”

What is a Chapter 13 Bankruptcy?

What is a Chapter 13 Bankruptcy?

“Chapter 13 bankruptcy is a type of bankruptcy that allows individuals with a regular income to create a repayment plan to pay off all or a portion of their debts over a period of three to five years. It is also known as a "wage earner's plan" because it is typically used by people who have a steady income, but are struggling to keep up with their debts.”

How the Recession in Germany May Impact the US Economy

How the Recession in Germany May Impact the US Economy

“Many US companies have operations in Germany, and a recession in Germany will impact their operations. The decline in demand for goods and services in Germany will lead to a decrease in revenue for US companies operating in Germany. This will result in a decline in profits, which will have a negative impact on the US economy.”

Will I lose my car if I file bankruptcy in Mecklenburg County, North Carolina?

Will I lose my car if I file bankruptcy in Mecklenburg County, North Carolina?

“Whether or not you will lose your car when you file for bankruptcy in Mecklenburg County, North Carolina, will depend on several factors, including the type of bankruptcy you file, the equity in your car, and your ability to continue making payments on your car loan.”

What US Cities Will Be Most Impacted by The Recession?

What US Cities Will Be Most Impacted by The Recession?

“Increasing interest rates and high inflation have the US economy facing a potential recession in 2023. More and more businesses are choosing to decrease their employment rates, inventories, and construction projects to prepare for the worst.”

How Large Affluent Companies Avoid Bankruptcy

Many of the top companies in the world are backed by teams of experienced lawyers tasked with the job of finding clever ways of circumventing the law to allow these billion-dollar corporations to avoid lawsuits.

Decreasing taxes, sidestepping finance laws, and avoiding lawsuits from customers are a few examples of situations where large corporations utilize legal loopholes in order to remain successful.

Let’s discuss five legal loopholes large corporations use to avoid lawsuits:

1.    Tax Havens and Transfer Pricing

2.    Punitive Damages Deduction

3.    Carried Interest

4.    Patent Injunctions

5.    Bankruptcy

Tax Havens and Transfer Pricing

International corporations are not required to pay taxes on any profits incurred overseas unless they transfer the profits to a US bank. Transfer pricing is a practice adopted by international corporations that allow companies to transfer international profits to offshore banks so that they’re considered overseas earnings. The profits are kept in an offshore account where taxes are indefinitely deferred.

Punitive Damages Deduction

When large corporations are found to be criminally liable for an offense and are charged with punitive damages, according to the law, these expenses are considered normal business expenses. Companies are therefore able to claim the cost of this lawsuit as a business expense and significantly reduce the cost to the company.

Carried Interest

The managers and CEOs of the world’s leading companies are able to pay significantly lower taxes on their income than the average person. The profits earned from investing in a company are known as carried interest and are taxed at the capital gains rate which is a much lower rate than income. Instead of claiming to receive a salary for working at a company, CEOs and managers refer to their earnings as carried interest in order to avoid paying higher taxes.

Patent Injunctions

Patent injunctions are used when a company believes that another organization’s product is infringing on its copyrights. If a judge grants the injunction, the opposing company is prevented from selling the infringing product. Corporations have used this threat as a scare tactic to influence small companies to discontinue selling their product or pay them an exorbitant fee. This method has ensured that larger corporations have been able to dominate their industry by monopolizing sales of particular products.

Bankruptcy

Large corporations sometimes use bankruptcy to avoid lawsuits. This is a controversial legal strategy that is still used today. Large corporations establish shell companies that take on legal liability while keeping their valuable business assets separate from this new company. The shell company then files for bankruptcy which in turn freezes any lawsuits associated with the company. The goal of this tactic is to permanently block or delay any lawsuits against the parent company.

Final Thoughts

Several different clever legal strategies have been utilized by companies throughout the years to avoid any legal ramifications for their actions. Bankruptcy, tax havens and transfer pricing, patent injunctions, carried interest, and punitive damages deductions are a few of the legal loopholes utilized by multinational corporations.

If you are already filling the pinch of the recession and you need to file bankruptcy please schedule an appointment with us here at Hishaw Law LLC. We are experienced in handling Chapter 7 and Chapter 13 matters. Please complete the online bankruptcy form. To schedule a consultation with Hishaw Law LLC please contact us at 1.307.228.0407

Why Chapter 13 Bankruptcy Filings Increased Last Year?

Why Chapter 13 Bankruptcy Filings Increased Last Year?

In 2022, Chapter 13 bankruptcy filings increased by 26.6% while business and other personal bankruptcy filings fell by 11.7%. Chapter 13 bankruptcy was established to provide debt relief to individuals who are struggling financially by giving them the grace to pay off their debts without the worry of losing their assets to creditors. In this article, we will discuss what is Chapter 13 bankruptcy and how it works as well as why there was an increase in Chapter 13 bankruptcy filings in 2022.