Rise in Bankruptcies?

Admin on May 30, 2018 Posted in Bankruptcy News, Blog

The current business environment may be right for a flurry of bankruptcy activity. On its face, such a statement sounds ridiculous. The US economy is experiencing its longest bull run in history, unemployment is low, companies in the tech sector complain of a lack of quality candidates, the Dow is surging, and construction continues to […]

Toys R Us Closing

Admin on March 26, 2018 Posted in Bankruptcy News, Blog

The Toys R Us bankruptcy, along with the bankruptcy of its sister store Babies R Us and parallel bankruptcy proceeding in Canada for its Canadian subsidiary, shocked the market. Not so much because a store with a strong brick and mortar presence filed for bankruptcy, but because its sheer sales numbers were not enough to […]

Making Sense of Bankruptcy Trends

Admin on February 15, 2018 Posted in Bankruptcy News, Blog

Government statistics demonstrate that bankruptcy filings fell by 0.7% last year, marking the smallest 12-month decline since 2010. Based strictly on these numbers, bankruptcy filings are up. During the recession and its immediate aftermath, bankruptcy filings soared. As the economy moved in a different direction and things improved, bankruptcy filings saw a steady decline. 2017 […]

Downward Trend in Bankruptcy Filings

Admin on December 16, 2017 Posted in Bankruptcy News, Blog

Government statistics regarding bankruptcy filings demonstrate an interesting trend. The trend shows a four-year downward direction and an overall downward trajectory. This table represents filings between 2014 and 2017: Year Total Bankruptcy Filings Business Bankruptcy Filings Consumer (Personal) Bankruptcy Filings 2017 796,037 23,443 772,594 2016 819,159 25,227 793,932 2015 879,736 25,046 854,690 2014 1,000,083 30,113 […]

Criminal Proceedings and the Automatic Stay

Admin on October 22, 2016 Posted in Bankruptcy Law, Bankruptcy News

One of the most unique and perhaps most important features of the bankruptcy process is the automatic stay. The automatic stay, in section 362 of the US Bankruptcy Code, halts creditor collection of debtor assets. It is effective as soon as the debtor files for bankruptcy and provides the debtor breathing room to reorganize get […]

Chapter 13 Postpetition Debt

Admin on July 1, 2016 Posted in Bankruptcy Law, Bankruptcy News, Blog, Chapter 13 Bankruptcy

Generally, bankruptcy reorganization is applicable to prepetition debt, which refers to liabilities arising prior to the bankruptcy filing, not postpetition debt. Chapter 13 bankruptcy provides an exception to that rule. A Chapter 13 debtor, under certain circumstances, can include postpetitition consumer debt and taxes in the Chapter 13 plan. This requires trustee approval and that […]

What Happens if You Can’t Make Repayments in a Chapter 13 Plan?

Admin on March 31, 2016 Posted in Bankruptcy News, Chapter 13 Bankruptcy

There are a variety of reasons that debtors choose Chapter 13 bankruptcy over Chapter 7. Some have debts that can only be discharged in Chapter 13 bankruptcy. Others prefer Chapter 13 because it allows them retain more of their assets while going through the bankruptcy process. Some debtors would like to file for Chapter 7 […]

Official Bankruptcy Forms Changed on December 1, 2014

wpadmin on August 19, 2015 Posted in Bankruptcy News

Starting December 1, 2014, several changes to official bankruptcy forms took effect which impact those filing after that date. Bankruptcy can be a complex process, and there are many legal rules to you must adhere to. Part of that process includes filing numerous forms. As of December 1, 2014, the necessary forms in your case […]

Casey Anthony’s Life Story – Property of Her Bankruptcy Estate?

wpadmin on January 9, 2014 Posted in Bankruptcy News

In 2011, the Casey Anthony murder trial made history as one of the most-watched trials ever when over 5.2 million people tuned in to view the verdict live on television. Last year, Anthony again made the news, this time for a legal issue related to her Chapter 7 Bankruptcy. In 2013, Anthony filed for Chapter […]

Will the Affordable Care Act Affect Bankruptcy Filings?

wpadmin on January 6, 2014 Posted in Bankruptcy News

You may wonder what recent developments in health care law, such as the Affordable Care Act, have to do with bankruptcy law. CNBC reports that unpaid medical bills are now the most common cause of bankruptcy, outnumbering credit card debt and home mortgages. In 2013, an estimated 650,000 Americans filed for bankruptcy because of their […]