When people file for bankruptcy, they will typically receive an automatic stay. This bankruptcy provision usually halts actions taken by creditors, such as collecting on debts.
While the automatic stay stops actions on certain loans, a creditor may, however, petition the bankruptcy court to remove the stay for their debts. These creditors will often include secured creditors and other preferred creditors.
If you or anyone you know has questions about their automatic stay, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr. at 504-599-5906.
A company can file for bankruptcy even if their assets exceed their debts. In many cases, the value of a company’s assets often is greater than the value of their debts.
However, if the company cannot easily convert these assets into cash, then the company may not be able to meet debt obligations. This can occur if the assets are necessary for a business or if the market for the asset is small.
If the company cannot meet its debt payments, it may be forced to file for bankruptcy. Bankruptcy protection can often make it more simple to sell assets for cash.
If your company is considering filing for bankruptcy, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr. at 504-599-5906.
Before hiring a lawyer, many people are concerned about the price of an attorney. For the most part, there is no set fee for attorneys.
Oftentimes, the price of a bankruptcy case will depend upon the complexity of the case. A case is typically more complex is the amount of debt is significant and if the type of debt is varied.
As part of the case, the attorney will also need to sort through the individual’s assets to determine which can be used to help pay off certain debts.
If you or anyone you know has considered filing for bankruptcy, contact the New Orleans Chapter 11 lawyers of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.