Bankruptcy
5 Things To Know About Chapter 11 Bankruptcy
1) Automatic Stay: As soon as the bankruptcy petition is filed with the court, the automatic stay goes into effect. The automatic stay prevents creditors from taking certain actions against your business. For instance, no further legal action can be brought against your business, including an attempt to collect a debt, repossess or foreclose property,…
Read MorePreparing For Your Bankruptcy Consultation
If you are an individual looking to talk with one of our attorneys about debt counseling or bankruptcy advice, it is not necessary to bring a multitude of documents with you to your free consultation. All that we require is that you have a general understanding of your assets (the things you own) and your…
Read MoreSeptember 2014 News
On September 23, 2014 the United States Bankruptcy Court for the Middle District of North Carolina, Greensboro Division confirmed the Chapter 11 Plan of Reorganization for a small company that operates a lawn care and snow removal business in Stoneville, NC. Getting the Chapter 11 Plan of Reorganization Confirmed is the goal of every company or individual in…
Read MoreAugust 2014 News
On August 14, 2014 Partner Samantha K. Brumbaugh and IMGT assisted Penguin Drive-in, LLC in filing for relief under Chapter 11 of the Bankruptcy Code. The Penguin Drive-In is a landmark restaurant in the heart of Charlotte’s Plaza-Midwood Neighborhood. The Penguin Drive-In has been family owned and operated, and a local iconic meeting center for Charlotte, since its creation…
Read More10 Signs You Need to File for Personal Bankruptcy
If you’re losing sleep at night because you’re worried about paying bills and have wondered if personal bankruptcy may be the solution, you’ve come to the right place. Bad things happen to good people so whether you or your spouse is out of work, have experienced a health issue or a personal matter such as divorce that…
Read MoreJuly 2014 News
On July 28, 2014 Partner Darren McDonough and IMGT successfully defended a foreclosure action where IMGT’s client had made an agreement with the Bank to satisfy the mortgage. The client paid the agreed upon amount and the Bank still filed the foreclosure action. IMGT and Partner Darren McDonough were able to get the bank to dismiss the foreclosure action. Making…
Read MoreDifferences Between Chapter 7 & Chapter 13 Bankruptcy
Chapter 7 and chapter 13 bankruptcies each have their own advantages and disadvantages. However the main difference between chapter 7 bankruptcy and chapter 13 bankruptcy for an individual or a couple is usually about the retention of property. The most common question asked is, “Will I get to keep my house” although some wish to…
Read MoreJune 2014 News
On June 25, 2014, the United States Bankruptcy Court for the Middle District of North Carolina, Winston-Salem Division confirmed the Chapter 11 Plan of Reorganization for a small company that operates a mobile home park based out of Lexington, North Carolina. At the Confirmation hearing, the Court congratulated the Debtor and IMGT for their speedy and efficient…
Read MoreThe History of Bankruptcy
In ancient times, relief from debt was unknown. The exception was within the Old Testament nation of Israel in which, every seventh year, debts were absolved regardless of the amount (Deut. 15). Until the last century, in most every culture, an indebted individual faced enslavement, often for life, or imprisonment until the debt was paid.…
Read MoreBankruptcy Glossary
Assets All tangible and intangible property that provides benefit, either real or potential, to its owner or potential owner. Bankruptcy A petition to place the financial affairs of an individual or a business that is having difficulties paying debts or is facing the inability to repay certain debts under the control of a bankruptcy court.…
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