Bankruptcy Law Blog

Bankruptcy is not just for individuals and businesses. In certain states, municipalities can file for bankruptcy as well. Recently, the city of Detroit filed for bankruptcy, becoming the largest municipal bankruptcy in terms of both population size and debt load. On July 18, 2013, Detroit filed for bankruptcy. Detroit has approximately $18.5 billion dollars in…

Many companies face financial challenges at some point in their existence. Many are able to turn it around, but some are forced to turn to bankruptcy to get out from under mounting debt. There are two types of bankruptcy that a company can file, and one is Chapter 7 bankruptcy. Chapter 7 allows the debtor…

The vast majority of bankruptcy cases are voluntary in Rancho Cordova, CA. When a business or person has trouble paying debts filing for bankruptcy helps create debt relief. However, in very rare cases, it is possible for creditors to force a person into bankruptcy. This is what happened to Tommy Thompson, a treasure hunter. In…

Filing bankruptcy in Elk Grove begins with an attorney or individual lodging a petition with the Federal Bankruptcy Court. Individuals and businesses considering bankruptcy to eliminate their debts should consult with an attorney before filing a new case. The bankruptcy laws change frequently and a lawyer can advise you of these changes. When a bankruptcy…

The recent economic downturn has forced many Americans to turn to other ways to pay for everyday items instead of cash. One common payment method people turn to is credit cards. But with an increasing use of credit cards without an increasing income to pay off the balance, many Americans have experienced an increase in…

Running a business can be great. However, it is always possible for a business to fall into hard times, and when it does, it can be difficult to recover. One option for businesses that are in financial trouble is chapter 11 bankruptcy. Residential Capital LLC (ResCap) filed for bankruptcy protection on May 14, 2012. ResCap…

Many individuals dream of owning their own business. They want the freedom to be their own boss and the ability to grow and expand at whatever rate works for them. But when there is a change in the economy, many businesses may face financial hardship. This may be so serious as to require the owner…

It is not just individuals or businesses that can file for bankruptcy. If a municipality falls into hard times, it too can declare bankruptcy. This is what happened to Jefferson County (a county in Alabama). Jefferson County filed for bankruptcy protection in November 2011, becoming the largest municipal bankruptcy case in the United States. However,…

With the downturn in the economy in the last several years many Americans ended up increasing their debt load just to get by. This included not paying off mortgages or increasing credit card debt. However, according to a recent monthly report on debt, the amount of credit card debt and mortgage debt owed has dropped…

Today’s tough economy has led many individuals to make tough choices regarding their finances. Many Americans have had to create strict budgets to try and save what they had before the economy declined. But some were in too tough a position for a simple budget to help. Some have had to turn to bankruptcy to…