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Most people worry about what they will lose if they file bankruptcy. Questions like, “Can I keep my home if I file bankruptcy?” and “Will I lose my car if I file bankruptcy?” are common when debtors consider filing for bankruptcy protection. However, these questions cannot be answered with a simple “yes” or “no” because there are several factors to consider before an attorney can answer these questions. To read more about what elements are used to answer these questions see “Can I Keep My … [Read more...]

Just a day after accepting an award for its work on “Life of Pi,” Rhythm & Hues announced that it has filed for relief under Chapter 11. An India based company, Prime Focus, was set to buy Rhythm & Hues and the plan was to hold on until the sale could be finalized, thanks to a $20 million loan by three other studios. However, when the sell fell through, Rhythm & Hues had no choice but to file for bankruptcy relief. For more about the bankruptcy filing and the financial … [Read more...]

Some think that filing bankruptcy automatically wipes their credit report clean so that when the bankruptcy has ended, they will have nothing negative remaining on their credit report. However, while bankruptcy may discharge the underlying debt, there is nothing to force the creditor to remove past late payments and negative information from the credit report. The bankruptcy simply discharges the debts and prevents the creditor from attempting collection on that debt. For tips on how to … [Read more...]

Retailers may not add “checkout” fees for credit card users in 40 states within the United States. These “checkout fees” can be up to four percent of the purchase price for goods and services. While seven states have ruled the credit card fees to be illegal, forty of the states are allowing retailers the discretion of adding this fee to the total bill. The fee must be disclosed to the consumer. The fee is a result of an anti-trust settlement. For the rest of the story see, “Retailers may … [Read more...]

The law firm Dewey & LeBoeuf filed for Chapter 11 protection last May within weeks of a class action lawsuit was filed by 450 former employees. A former employee brought the class action lawsuit for herself and other employees alleging they were terminated with the required notice under the Worker Adjustment and Retraining Notification Act (WARN). Dewey sought to dismiss the action; however, Bankruptcy Judge Glenn ruled that the suit could proceed to a hearing. For the full story see, … [Read more...]

The bankruptcy trustee for Bernard L. Madoff Investment Securities, LLC is seeking bankruptcy court approval to disburse another $505 million to former customers who were defrauded in Madoff’s Ponzi scheme. If the judge approves this latest distribution, the amount paid to claimants will rise to over $5 billion. The total claims filed in the bankruptcy case totals over $11 billion. The original amount of loss by customers was estimated by the trustee to be in excess of $17 billion. For more … [Read more...]

Dempsey granted an interview to discuss his purchase of the Tully coffee chain from bankruptcy. Tully’s filed for bankruptcy relief in October of last year citing a downturn in the economy. Dempsey and a group of investors purchased the company out of bankruptcy which saved the jobs of hundreds of employees. Now, Dempsey plans to travel to Seattle twice each month to check the operations and receive updates. To read more about his interview read, “McDreamy On Bankruptcy Auctions and … [Read more...]

Two professors from the University Of Illinois College Of Law conducted a study to see if bankruptcy judges were more likely to approve a reorganization plan if the debtors apologized. The study included 137 bankruptcy judges, which is about a third of the federal bankruptcy bench. The result showed that more judges approved a test plan when they received an apology than those who reviewed the proposed plan without hearing an apology from the debtors. For more details from the study see, “Do … [Read more...]

When the economy is healthy and things are looking up, why would you worry about how to avoid bankruptcy? However, if you take precautions now you can avoid filing for bankruptcy relief if the economy should begin to show signs of another recession. This article gives five practical tips that will help you avoid bankruptcy including increasing your savings and investments. You should also live within your means, make and follow a budget and place money away for unexpected health care costs. … [Read more...]

Three creditors of Stone Property Management have filed a motion with the bankruptcy court asking that Stone be placed in an involuntary bankruptcy.  The creditors hope to use the powers of the bankruptcy court to “clawback” more than $200,000 in payments to the IRS for tax liens.  They also want the court to review mortgages against properties owned by the principals.  Stone is the subject of a criminal investigation regarding money in reserve accounts that have disappeared. For more … [Read more...]