Latest on the Bankruptcy Blog

This week in bankruptcy news: Tribune drops more than 170 lawsuits in order to start fresh after their successful exit from Chapter 11 bankruptcy, just a few weeks ago. Nearly two years after American Blockbuster stores filed for bankruptcy, Blockbuster UK enters administration; a Britain equivalent to the Chapter 11 process. Tribune Co. to drop  … Read more

April 15th will be here before you know it, and if you are like most people you are hoping for a tax refund. If you are considering filing for bankruptcy there are a few things you should know about how your taxes and bankruptcy filing could interact. Tax Refund Is Income While you may be  … Read more

There are a lot of myths and pieces of misinformation surrounding bankruptcy, whether simple misunderstandings or deliberately misleading bits of data put out into the world by unscrupulous people. It’s important to know and understand these bankruptcy myths before even considering the massive undertaking that bankruptcy filing can entail. The Myths First of all, those  … Read more

Wisconsin dairy Golden Guernsey has filed for bankruptcy this week under Chapter 7, leaving more than 100 people out of work quite suddenly. OpenGate Capital, which acquired the company in 2011, cited the lack of financial autonomy as the leading cause of the bankruptcy filing. How Chapter 7 Works The Golden Guernsey bankruptcy filing, as  … Read more

Consumer Credit in the U.S. rose in November 2012 in some specific areas, including the automotive sector and in the world of student loans. This credit debt increase, totaling $16 billion, rose from $14.6 billion in October. Interestingly, the predicted level was only $12 billion, a good sign that credit is getting better. But what  … Read more

The American Airlines bankruptcy case has been anything but under the radar. For over a year, there has been much discussion about the future of the company, criticism over strategic restructuring moves, and some steep losses for prior employees. However, as the company moves forward they are hopeful the big changes ahead are going to  … Read more

Filing for Chapter 7 bankruptcy in Texas might, at first, seem like a carbon-copy of the process in other states, but the Texas bankruptcy codes have unique components that must be understood before a filing of this nature can be undertaken. There are many similarities in the process, so one shouldn’t be afraid that a  … Read more

As we begin a new year a look back at 2012 reveals some important changes in our nation’s economy. Although still far from a full recession recovery, we have seen continued improvement through the end of 2012. A recent analysis shows that bankruptcy filings dropped by 14.1 percent last year, a indication that even small  … Read more

When taking on the process of foreclosure, it is important to make sure you are hiring the right foreclosure lawyer to take on your case. With the looming threat of the continual plateau our economy is facing, it might, be in your best interests to know what to look for when seeking help with a  … Read more

When it comes to filing for bankruptcy, you might be wondering what the basics are. The process might seem complex, ungainly, and even a bit archaic, but it is actually relatively simple to learn about. How the Process Works Firstly, someone filing must attend credit counseling, generally an hour- to one-and-a-half-hour long session that involves  … Read more