Megan Ellison in a memo to staff on wednesday denied reports that her boutique film and TV studio Annapurna would be filing.
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The U.S. Bankruptcy Court states that it is extremely difficult to succeed in bankruptcy filings other than Chapter 7 without an attorney. It further warns of serious long-term financial and legal consequences of a do-it-yourself filing, such as loss of property, as well as the technical complexities and the harm caused by mistakes or inaction.
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Bankruptcy will ruin your credit for some time to come. A chapter 7 bankruptcy can remain on your credit report for up to 10 years. Although a bankruptcy stays on your record for years, the time to complete the bankruptcy process under Chapter 7, from filing to relief from debt, takes only about 3-6 months. If you decide against Chapter 7 when it may be the right decision for you, your missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit, and may be more.
According to Deadline’s report, Annapurna’s senior leaders are considering filing for bankruptcy and have made “extensive.
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In bankruptcy documents. Also see page 20 of this filing. To contact the author of this story: Brian Chappatta at.
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Simply put, bankruptcy is when you owe more than you can afford to pay. To determine where you are financially, inventory all of your liquid assets. Don’t forget to include retirement funds, stocks, bonds, real estate, vehicles, college savings accounts, and other non-bank account funds. Add up a rough estimate for each item.
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