Bankruptcy provides an opportunity for someone experiencing financial hardship relief from overwhelming debt. By filing for bankruptcy a debtor can petition to have their debts expunged through a Chapter 7 bankruptcy or develop a debt repayment plan that outlines more financially favorable terms in a Chapter 13 bankruptcy.
With all this bad economic news many people are flocking to the Web to search for options for their finances if they become necessary. Recently, there has been a lot of interest in Chapter 13 bankruptcy.
Prior to the changes of the bankruptcy code back in 2005 when it came to filing bankruptcy, all people thought about was Chapter 7. Now, with the problems Americans are having trying to keep the family home from foreclosure, Chapter 13 bankruptcy has opened a lot of eyes.
Absorption: In addition, an experienced equipment appraiser will be aware of the possibility of what the IRS calls “blockage,” also commonly referred to as “absorption rate” – a common problem when having to quickly liquidate a high volume of similar equipment, such as a fleet of Peterbilt trucks. I’ll discuss this further in a separate post, but be sure that your equipment appraiser is familiar with this concept, especially if your business has a large inventory of very similar items.
The bankruptcy attorney usually prepares a workable plan to submit to the court. Once the plan is confirmed the debtor will be responsible to pay the Chapter 13 bankruptcy trustee payments for 3 to 5 years, depending on what is affordable and was approved.
Consequences of a Bankruptcy Dismissal
Dismissal can lead to negative consequences for the debtor, resulting in more problems than prior to filing for bankruptcy. Once a case is dismissed, you will no longer be protected from collection efforts by creditors. You will be responsible for managing their debt payments to creditors without assistance from bankruptcy provisions. Dismissal from bankruptcy also means you are no longer protected from further damage to your credit standing.
Confirm with your Bankruptcy Attorney
When you’ve found a qualified professional appraiser for your bankruptcy appraisal, take the time to consult with your attorney regarding the scheduling of the appraisal, as well as the asset list (items to be including in the appraisal). It could be a good idea, as well, for your equipment appraiser to have a conversation with your attorney to clarify level of trade, asset list and any details regarding the bankruptcy that may not a little out of the ordinary. In bankruptcy proceedings, communication is critical to producing the most desired results.
In a bankruptcy situation, as in any circumstances when an equipment appraisal is needed, it’s important to work with someone who understands what you need and has experience in providing accurate and unbiased information, clearly presented and adequately documented — in short, the kind of appraisal you’ll need for bankruptcy filing.
Draag Team Network
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