Retirement funds and 401(k) account monies are generally exempt from liquidation in a bankruptcy filing. This rule applies mostly to Chapter 7 cases in which some of a person’s assets could be used to satisfy debts to creditors. In a Chapter 13 case, these funds are also generally excluded from the proceedings except for when  … Read more

Whether talking about professional athletes, Hollywood movie stars or even aids to such celebrities, financial hard times can strike anyone. In fact, many celebrities are at an increased risk of financial hardship and risk asset liquidation than the average American. Why? The answer is in their financial details. The Devil Is In The Details Professional  … Read more

Times are tough and the measures some people will take to make money can be extravagant. A Texas man was sentenced this week, convicted of running a nationwide Ponzi scheme and abusing the Texas bankruptcy system. Facing Hard Time David Maloy lived a luxurious lifestyle for many years as he quietly ran a scam behind  … Read more

The purpose of seeking bankruptcy is to resolve debts through a legal channel that can provide a release from liability over those debts. Whether those debts are resolved through a Chapter 7 liquidation case or a Chapter 13 repayment plan, the ultimate outcome for any filer is to receive a debt discharge. However, there are  … Read more

With constant improvements in technology mobile phone companies have a lot of competition these days. As big name cellular providers continue to step up efforts to increase their market share, some of the smaller companies are struggling to maintain their position. Sprint is just one of the smaller companies that is barely treading water in  … Read more

One of the biggest advantages to filing bankruptcy is the automatic stay order, which prohibits debt collectors from contact you and making collection attempts. This order offers protection during the time you are in bankruptcy, but what happens after bankruptcy? Mixed Signals If your case is dismissed, you are no  longer afforded the protection under  … Read more

Filing for bankruptcy can be an intimidating process. Most of the fear associated with it boils down to one thing, misinformation. There are many misconceptions and myths about bankruptcy that tend to deter people in need from benefiting from what the process can offer. A Sigh Of Relief If you are planning to file for  … Read more

Having your bankruptcy case dismissed is not the outcome most people seek when they enter the process. A dismissal can happen for several reasons, but the real trouble lies in what happens afterwards.  Unfortunately, most people are not prepared for a dismissal or what comes next. Case Denied A bankruptcy dismissal can result if you  … Read more

Most people are aware of the fact that in some bankruptcy cases assets could be liquidated in order to satisfy debts. While this is certainly not always the case there are instances which it does happen. In order to determine how much of a debtor’s assets could be used to pay creditors a liquidation test  … Read more

If you are in the position of needing bankruptcy protection you are most likely experiencing financial strain. While bankruptcy can provide relief from debts and resolve financial pressure, it is often assumed to be expensive. The fact, filing for bankruptcy is affordable and generally only costs you by way of court filing fees. The Fees  … Read more