• Home
  • Archive
  • Media Kit
  • Contact Us
  • March 26, 2023

The Madison Times

The Paper That's More Than Black and White

  • News
    • Local News
    • National News
    • International News
    • Sports News
    • Education News
  • Columns
    • Columnists
    • Editorials
    • Letters to the Editor
    • Life Lessons with Alex Gee
  • Events
  • Health
  • Finance
  • Lifestyle
  • Classifieds
  • Community
    • Middle Spread
  • Milwaukee

What Do I Need To Know About Bankruptcy?

April 15, 2016

brown-girl-green-money-logoBy Matiya Hill

BGGM-Matiya-HillWelcome to this week’s edition of Brown Girl, Green Money! Thank you for joining us again this week and of course thank you all for your continuous support. Today I want to talk about bankruptcy. That topic isn’t a favorite for many people but it’s always a great subject to understand. Bankruptcy is a legal status of a person or entity that cannot repay the debts it owes to creditors. In today’s society bankruptcy is a normal part of the world. This post will discuss the different types of bankruptcies and give general information on the topic.

Chapter 7:

Many people favor chapter 7 bankruptcy because it’s quick, and does not require you to commit a repayment plan. To qualify for relief under chapter 7 the debtor may be a partnership, corporation, individual or business entity. Also your gross income of six months must be less than the median income of your state. The main purpose of bankruptcy is to discharge certain debts to give individuals debtors a chance to start over, financially. Within the chapter 7 bankruptcy all debts cannot be discharged and those debts include: income taxes, income and spousal support, and the dreaded student loan debt. Shout out to Sallie Mae – just kidding! Ok, where was I? Oh yes, before filing a chapter 7 bankruptcy, you may want to ask yourself: Do I own much property? Are my debts dischargeable? Is my income low enough to file for a Chapter 7 bankruptcy?

Chapter 11 and Chapter 13:

Chapter 11 is somewhat different from Chapter 7 bankruptcy. Chapter 11 begins when the party files a petition with the courts where the debtor has a residence. Also, Chapter 11 is usually used to reorganize a business/corporation. This process gives corporations an opportunity to offer profitability plans after bankruptcy, which postpones the payment to creditors. So yes, that means corporations have the chance to propose a plan for profitability after filing Chapter 11 bankruptcy, which may include: finding new sources of revenue and decreasing current costs. Last but not least is Chapter 13, also known as a wage earners plan. Chapter 13 enables individuals with an average income the opportunity to offer a plan to pay back all debt over a 3 to 5 year timespan. An individual is eligible to file for Chapter 13 if the unsecured debts are less than $383,175. Like Chapter 11, Chapter 13 begins when the party files a petition with the courts where the debtor has a residence. The party must also file a certificate of credit counseling and a copy of all debt repayment plans developed through credit counseling. Filing bankruptcy can be tedious task, and hopefully this post has shedded some light on the topic! Before filing for bankruptcy please research, research, and research a little more to find the best option and/resources for you.

As always, thank you for reading this post. Comment, like, & follow us on Facebook: www.facebook.com/browngirlgreenmoney and we’re also on Instagram now!! Follow us @browngirlgreenmoney

Share this:

  • Tweet
  • Email
  • Print

Popular Interests In This Article: Bankruptcy, Brown Girl Green Money, Matiya Hill

Read More - Related Articles

  • Unclaimed Property: Are you missing your money?
  • Local Doctor & Entrepreneur Published in New Book, Multiple Streams of Income
  • Who is Brown Girl Green Money – One Year In
  • Freedom Is Coming!
  • Brown Girl Green Money – Motivation





Connect With Us

Become Our Fan On Facebook
Find Us On Facebook


Follow Us On Twitter
Follow Us On Twitter

Editorials

Karma Chavez
Amanda Zhang
Julianne Malveaux
Benjamin Chavis
George Curry

Journalists

Jacklin Bolduan
Brianna Rae
Aarushi Agni
Rob Franklin
Claire Miller

Topics

Brown Girl Green $
Young Gifted & Black
Universally Speaking
Ask Progress
Civil Rights

Topics

Police Shooting
Police Brutality
Black Lives Matter
NAACP
Racism

Politicians

Barack Obama
Hillary Clinton
Gwen Moore
Paul Soglin
Scott Walker

Contact Us

The Madison Times
313 West Beltline Hwy
Suite 132
Madison, WI 53713
608-270-9470

Copyright © 2023 Courier Communications. All Rights Reserved.
We use third-party advertising companies to serve ads when you visit our website. These companies may use information (not including your name, address, email address, or telephone number) about your visits to this and other websites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here.