Bankruptcy Law Blog

The recent economic situation has led many Americans to have to examine their finances and make changes. In some cases, minor changes to a budget will not be enough to drastically change someone’s financial situation. In these cases, one of the only options left is to file for bankruptcy. There are two types of bankruptcy:…

A previous post discussed that Bob Cook, a minority owner of the Sacramento Kings, had filed for chapter 11 bankruptcy. At the time, the trustee in the bankruptcy case was pushing for a sale of Mr. Cook’s minority share in the Sacramento Kings to Chris Hansen, who apparently wants to move the team to Seattle.…

After the chapter 7 petition has been filed, the court will set a date for the meeting of creditors (also called the 341 meeting). At this meeting, the trustee and the debtor’s creditors have a chance to question the debtor. The trustee will generally ask questions like whether the information provided in the petition and…

This recent economic downturn has forced many individuals to turn to alternative ways to pay for everyday items such as groceries and gas aside from cash. The most common alternative, unfortunately, was for people to turn to credit cards. This led to an increase in credit card debt for most individuals during this time period.…

Running a business can be a difficult thing, and many businesses face financial troubles at one time or another. Even businesses that some might think are immune to financial pressures can end up in financial trouble. Some might think that being a doctor can make you immune from financial troubles, but even doctors sometimes need…

When a company is facing tough economic times, there are many decisions to be made and discussions to be had on how to bounce back. Many times, a company is able to make a few changes and add a few cost saving measures to get back on track. But in some cases, the company is…

Once all the necessary information is gathered (discussed in a previous post), the petition and the schedules can be filled out. This is usually done by your attorney and his or her staff (note: while it is possible to file for bankruptcy without providing all the necessary information at the outset, you should consult an…

When filing for chapter 7 bankruptcy, a debtor normally selects relevant property exemptions to avoid losing valuable assets. A skilled bankruptcy attorney can walk you through the bankruptcy process. When you file for chapter 7 bankruptcy, a bankruptcy trustee is appointed to oversee your estate. The trustee will examine your estate, and has authority to…

Running a business can be difficult in any economic time. But if the owner falls into hard times, it may cause the business the fall behind on debts. If the business falls too far into debt, the business owner may not have many options. One available option is to file for business bankruptcy. This is…

Running a business these days can be very difficult. A tough economy can lead many business owners to begin missing payments on debts owed to creditors. It does not take much to begin falling behind with creditors and having the creditors begin harassing you for payment. Mounting debt can lead business owners to be forced…