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August 2014 Archives

Company needs manpower to finish bankruptcy filing

A judge extended until Sept. 29 a deadline for Truland Group Inc., one of the largest electrical contractors in the District of Columbia area, to turn over financial information as part of its Chapter 7 bankruptcy. However, the company may not have the ability to do so. There are reportedly no employees to help file the paperwork and the data storage company that it was using was never paid. Therefore, the needed information has not been made available to anyone.

How a Chapter 13 bankruptcy

Washington, D.C. residents may want to know how Chapter 13 bankruptcies work. A Chapter 13 bankruptcy differs from other types of bankruptcies in that it allows a person to reorganize or restructure their debts so that the debts can be repaid over a specific time period, usually three to five years. Unlike a Chapter 7 bankruptcy, a Chapter 13 is not a liquidation of debts.

Time periods for bankruptcy discharges vary by type

Debtors in the Washington, D.C., area who are considering bankruptcy might be interested in bankruptcy discharge dates. A discharge date in a bankruptcy is the actual date when the allowable debts are officially forgiven once the bankruptcy petition is filed and granted. The discharge date is dependent upon the bankruptcy type. For example, a common bankruptcy is Chapter 7, which liquidates all liabilities. Those who qualify have the ability to eliminate the majority of their financial obligations. Discharge on a Chapter 7 happens, after court proceedings, in about four months.

Debt statistics that may be surprising

A recent study from the Urban Institute says that 35 percent of Americans have debt that is at least 180 days past due. The majority of people who have debt in collections live in southern states such as Florida, Arkansas and Texas. On average, those who have debt in collections owe $5,200, and the type of debt owed by people in Washington, D.C., and around the country ranges from credit card debt to medical bills that have not been repaid.

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