Latest on the Bankruptcy Blog

On November 19th the last remaining credit union to service Sears employees will be closing business and merging with PrimeSource Credit Union. 70 Year Old Credit Union Sears Spokane Employees Federal Credit Union is over 70 years old and serves about 528 members with approximately $3.5 million in assets. Over 27 credit unions have served  … Read more

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 signed into law by President George W. Bush, stipulates that many types of retirement plans, including IRAs, are exempt assets in bankruptcy proceedings and they may not be used to satisfy creditor demands. Inflation Adjustment As of April 1, 2016, the inflation-adjusted IRA exemption is  … Read more

On November 6, Taco Bueno Restaurants filed for Chapter 11 relief with a prepackaged plan. Taco Bueno, founded in Abilene Texas in 1967 has closed 19 locations in 4 states. One hundred sixty-nine restaurants remain open in Texas, Oklahoma, Kansas, Louisiana, Missouri, and Arkansas. Dallas based Sun Holdings won a silent auction for Taco Bueno’s  … Read more

In national news, a man in South Carolina has won the 2nd largest lottery jackpot in history. While it may be hard to believe, even a $1.5 billion lottery winning has the potential to be squandered. A higher number of lottery winners go bankrupt after winning than do not. Percentage of Lottery Winners That Go  … Read more

It doesn’t take long for debt to get out of hand. Dallas Bankruptcy Attorneys hear from young people from time to time who have acquired a significant amount of unsecured debt very early on in their credit history. Sometimes  stigmas surrounding a Texas Bankruptcy can often prevent young individuals from filing for the debt relief  … Read more

It was just 2012 when Sears Holdings, which bought Kmart in 2005. Before that, in the 50s and 60s, Sears, Roebuck & Company was one of the largest international department store chains in the world. For the past several years, financial analyst and corporate bankruptcy specialists in Texas have warned that Sears may be the  … Read more