bankruptcy blog

AMC, the world’s largest cinema chain, has taken a massive blow to revenue this year among the economic turmoil brought about by the pandemic.  Prior to pandemic, AMC was already struggling to alleviate the pressure an existing $5 billion in debt crushing its bottom line.  Nearly nine month later, the company is seeking relief through  … Read more

This year, millions of Americans have faced job loss and unemployment. As so many people are struggling with a personal financial crisis, the ripple effect of a turbulent year will surely spread farther. Take, for example, those that have received financial assistance by way of unemployment compensation. For some, the upcoming tax filing season may  … Read more

Reese Baker is the founder of Baker & Associates law firm, primarily located in the metro-Houston area. Mr. Baker has been assisting Texans get out of debt, gain financial freedom, and plan for a solid financial future for nearly forty years.   Mr. Baker was awarded Texas Super Lawyer in 2007, and again from 2014  … Read more

One of the reasons people fail to consider bankruptcy as a viable option in their search for debt relief is that they simply do not understands the facts versus myths about bankruptcy. Perhaps the largest deterrent of people seeking help through bankruptcy is the notion that bankruptcy will ruin their credit. This is false information  … Read more

Have you considered Chapter 7 bankruptcy before, but were not eligible due to your income levels? Are you considering bankruptcy, but worried you will make too much to qualify? As of November 1, 2020, the eligibility rules have changed that could benefit people now more than ever. The Means Test The means test is the  … Read more

Did you know that Americans currently owe nearly $14-trillion in debt? While we can agree that not all debt is bad debt, such as mortgages – which is one marker of the sign of the health of the economy—we can all agree that too much personal debts from credit cards and the like is a  … Read more

As this challenging year draws to a close, millions of families are finding themselves out of work and in growing debt. The financial burden for most American’s spreads like wildfire in uncertain times of today when the choices between feeding the family or other living essentials. Unemployment also brings additional financial burdens to families as  … Read more

An estimate by the Federal Reserve Bank of  New York, reports a large percentage of the population is deemed as “financially solvent”. Financial insolvency, otherwise known as “being broke”, means one owes more in debt than has in valued assets. The FRBNY estimates nearly 15% of the population is considered financially insolvent. As the economy  … Read more

Chapter 7 bankruptcy is the most popular type of personal bankruptcy. It discharges the most debt without repayment and takes the least amount of time. If you choose between Chapter 7 and Chapter 13, it is usually the better option to choose Chapter 7. Basic Process The first thing to do when you are going  … Read more

During our current economic crisis, retail and restaurants are going out of business in record numbers. For large complex businesses, Chapter 11 bankruptcy will oversee the procedures and reorganization of the company’s debt. These corporations seek the court’s protection while working out a plan to pay their debts and resume business.  When a company has  … Read more