bankruptcy blog

The answer to “should I sell my home to prevent bankruptcy” is a difficult one to ascertain. Which answer you get will certainly depend on who you ask. Making the decision to sell a home or file bankruptcy is quite the debt dilemma, and it’s certain that if your facing this decision, you have some  … Read more

In unfortunate business news, Alevo USA, the Charlotte North Carolina makers of GridBank, fell short on funding this month, forcing the battery manufacturer to file Chapter 11 bankruptcy. The Chapter 11 bankruptcy protection filing forced the cash strapped battery maker to lay off 290 employees in its Concord manufacturing facility, a previously used factory of  … Read more

Payless Shoesource, the American discount footwear retailer headquartered in Topeka, Kansas, will emerge from Chapter 11 bankruptcy protection next week, offering the company a new lease on business. Payless was able to use Chapter 11 bankruptcy protection to shed more than $435 million in debt, but at a cost of closing over 670 stores. Payless  … Read more

In order to file for Chapter 7 bankruptcy, you need to be able to pass the bankruptcy “means test” which takes into account your expenses and income. If your income is too high according to state and/or federal bankruptcy code, you will not pass the means test and either have to wait until your financial  … Read more

Many people ask if they can discharge government fines in bankruptcy. Things like federal, state, and municipal fines can be eliminated in some instances. In nearly every case that a government entity imposes a fine as a punishment for thing such as the following are not dischargeable in bankruptcy and must be paid: DUI related  … Read more

An amendment to a federal rule typically take three years. It must first be approved by the Standing Committee, then the Judicial Conference, and then sent to Congress for final review. After many years of consideration in both the Supreme Court and Congress, bankruptcy laws will be getting an update for the first time since  … Read more

When you file Chapter 7 or Chapter 13 bankruptcy you must, as part of the bankruptcy petition filing, disclose all potential legal clams. Or in other words, anyone that you may receive money from in the future whether or not a lawsuit has been file already, should be included in your bankruptcy as an asset.  … Read more

Medical debt is one the largest contributors to Chapter 7 and Chapter 13 bankruptcies in the United States. Even though new studies are beginning to emerge that claim the new health insurance laws are cutting down on debt for low-income individuals, a medical bill from an unforeseen accident or catastrophe still has the ability to  … Read more

Chapter 13 bankruptcies can last anywhere from 3 to 5 years, however, a Chapter 7 bankruptcy is typically resolved much sooner. How long does Chapter 7 bankruptcy take is among the most common questions asked by individuals and the answer can vary. On average you can expect your Chapter 7 bankruptcy to last four to  … Read more

When you are filing bankruptcy there are many forms to fill out and many documents that you will need to provide both your bankruptcy attorney, as well as, the bankruptcy trustee. When you file your bankruptcy paperwork, you will obviously need documentation giving an accurate an honest picture of your finances. The documents needed for  … Read more