Mt. Gox Files for Chapter 15 Bankruptcy

Mt. Gox, a well-known bitcoin exchange based in Tokyo, filed for Chapter 15 bankruptcy protection in the US on June 17. The filing comes more than one week after the company filed bankruptcy in Japan.

Mt. Gox’s trustee for the Japanese bankruptcy case, Nobuaki Kobayashi, stated previously that securing the approval to file bankruptcy in the US was necessary for adding more influence to the case and vetting any plans for revival.

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From Bankrupt to Owning a Home

There aren’t many things that can turn your life upside down like filing for bankruptcy. Over a million Americans last year had to make the gut-wrenching decision to file and start all over again. Bankruptcy, if at all possible, should be avoided to prevent long-term damage to your credit. However, every situation is different, and sometimes getting a new start is the only way to stay above water, even if that means long-term consequences.

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Sbarro: Cheese Pizza with a Side of Bankruptcy

“I could really go for a lukewarm piece of food court pizza right now,” said no one ever. Unfortunately, Sbarro pizza does not rank high in the foods people flock to the malls to eat, and it shows in the statement made by the pizza chain on Monday that they were filing for bankruptcy. This will be the second time Sbarro has filed for bankruptcy in the last three years, the first time being in 2011. Rising prices and a drop in food court traffic caused the chain to file the first time. The company came back strong offering a custom pasta station, new recipes, and their famous open-flame ovens, but unfortunately it was not enough and Sbarro has found itself in the same position again.

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Can I Own Anything After Bankruptcy?

It is a common misconception among potential bankruptcy filers that if you file bankruptcy they will not be allowed to own anything for a certain period of time. It is an error that keeps many from getting the assistance they need, when they need it.

If you are among those who believe that a bankruptcy filing will preclude you from owning things, be assured that this is probably not the case. You are, for example, allowed to keep any property that is considered exempt. You are also entitled to keep anything that you obtain after the bankruptcy filing.

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What is Bankruptcy?

Bankruptcy is an often complex system of laws that exists for the purpose of providing individuals suffering from serious financial difficulties to obtain a “fresh start” and potentially eliminate a workable portion of their debt. While the subject is often one of uncertainty and fear, it is also a system that is vital to the healthy functioning of today’s complex economy.

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Will Bankruptcy Wipe Out All My Debts?

The simple answer to the question of whether or not bankruptcy will wipe out all your debts is, “no.” There are, however, a number of ways in which the filing chapter for your bankruptcy can cover the vast majority of debts and either wipe them out or establish a plan to get them paid.

In a Chapter 7 bankruptcy, you are asking a court to discharge all your unsecured debt. This wipes out most types of debt like credit cards, lines of credit and other debts that are not secured by collateral. This is called “liquidation” of debt.

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Top 10 Reasons People File Bankruptcy

If you have been thinking about filing for bankruptcy but don’t know whether or not it really is the best option for you, we have a list of the most common reasons. If any of these sound like something you’ve contemplated, considered, or feel you need to understand better, then you might be well served into at least looking into the possibility.

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10 Questions to Ask a Bankruptcy Lawyer

Obviously when hiring an attorney for any services it is imperative ascertain their qualifications and experience in the field law of you need.  If you are looking for a bankruptcy attorney knowing where to start a conversation with them can make the interview process flow much more smoothly. Here are some questions to consider when interviewing a bankruptcy lawyer.

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Will My Employer Know if I File for Bankruptcy?

Some people become very concerned that filing for bankruptcy will somehow have negative consequences at work. The simple fact of the matter is that your employer doesn’t need to know if you file for bankruptcy and, more often than not neither your boss nor the company you work for will find out.

No one wants their co-workers, neighbors or friends to know their business when it comes to money. Most people are more likely to discuss anything else – from their love lives to other relationships to information that could make you blush – but won’t usually breathe a word about their financial situation. What it comes down to is that the only people who will know you’ve filed for bankruptcy are the ones you tell so be selective.

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What will my Credit Score be after Chapter 7 Bankruptcy?

Although, many of our customers ask us this question.  We can’t answer it definitively so instead we will examine the general effect of bankruptcy on your credit score.  The question of whether or not filing bankruptcy will have a lasting and adverse effect on your credit is one that is of particular concern to most first-time bankruptcy filers. If you are currently considering filing bankruptcy, chances are that your credit is suffering already. It stands to reason that the ideal way to repair your credit is to find a way to pay off your outstanding balances, pay any new debts incurred on time, and be careful not to over-borrow. Unfortunately, there are circumstances like job loss or illness that are unforeseeable and out of our control which can result in large and unmanageable debt.

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