In this week's episode of The Crushing Debt Podcast, I have a return guest.
Rob Kellog is my guest this week. Rob is the host of the Brewin Up Business podcast. Rob and I, over a few adult beverages, discuss intellectual property law and at what point should you apply for a trademark and what that process entails.
To attend one of Rob's live Brewin Up Business events, you can visit his website at www.brewinupbusiness.com, and subscribe to the Brewin Up Business podcast.
If you have intellectual property questions, please contact me at shawn@yesnerlaw.com or www.yesnerlaw.com.
One of the questions I'm asked most often, "What is the difference between a Chapter 7, Chapter 13 and Chapter 11?" This week's episode answers that question.
Chapter 7 is called liquidation. The Trustee will take any non-exempt assets, turn them into cash and pay off creditors. If all of your assets are exempt (protected) the creditors get $0.00.
Chapter 13 is called reorganization. The Trustee will pay your creditors based on any disposable income you have (or based on the value of any non-exempt assets, whichever is greater).
Chapter 11 is also a reorganization, but it is for businesses that want to reorganize, OR it is for individuals that don't qualify for Chapter 7 (because they have income or they have non-exempt assets), OR it is for individuals that don't qualify for Chapter 13 because they have too much debt (there is a limit to the amount of secured and unsecured debt you can have in a Chapter 13).
The main point of today's episode is to consult with a bankruptcy attorney in your area if bankruptcy might be an option. If you want me to help connect you to a bankruptcy attorney in your area, please contact me at www.yesnerlaw.com or shawn@yesnerlaw.com.