Posted on
July 3, 2009
at
6:49 pm
would accounts receivable be discharged in bankruptcy?
Posted on
July 3, 2009
at
6:51 pm
Yes it is considered an exempt asset, together with home equity and equity in a car.
Posted on
July 3, 2009
at
6:55 pm
thank you! would i be safe from anymore collections after my case has been discharged?
ck Rep Points:
Posted on
July 3, 2009
at
6:59 pm
as far as I know...yes, unless the IRS has filed a Notice of Federal Tax Lien on your exempt assets before you file bankruptcy...even if the assets are supposed to be exempt, they are still subject to tax liens..
Posted on
July 3, 2009
at
7:07 pm
I have a question, which bankruptcy chapter should be filed to have accounts receivable discharged?
Posted on
July 3, 2009
at
7:20 pm
who usually files bankruptcy to discharge accounts receivable? businesses right? it's not Chapter 7 or 13 then? -- because they are the chapters for consumers..
Posted on
July 3, 2009
at
11:30 pm
I think that larger businesses or firms tend to file under Chapter 11 rather than Chapter 7...and I heard that it is because it has some significance on the survival of the business..I don't know much about Chapter 11, perhaps somebody can add to this or verify?
Posted on
July 3, 2009
at
11:39 pm
I think companies with greater amounts of accounts receivable (relative to their total amount of debt) would likely come out alright from bankruptcy. Accounts receivable are highly liquid sources of cash and it means that after paying off the debt there will be something left for the business.
Posted on
July 15, 2009
at
10:27 pm
Can you elaborate on Bankruptcy Chapter 11 and accounts receivable?
ck Rep Points:
Posted on
July 16, 2009
at
12:21 am
I'm actually not very familiar with Chapter 11 bankruptcy but I think that if the creditor was able to secure what they call a revolving security interest on the company's accounts receivable..then it's good as frozen. The business owner would not be able to touch it anymore..and I've also read that most of the time the business owner and/or his/her lawyer are not aware of it.
