Filing for bankruptcy is not meant to be a tool of disappointment, but in today’s economy many businesses are finding it difficult to maintain operations. In a competitive market, such as music storage and downloads, the margin for error is slim. As technology advances, companies are forced to either keep up or pack up. The  … Read more

The bankruptcy process is often confusing for many people due to many misconceptions about how the process works and what the potential outcomes can be. When filing for Chapter 7 there are some important aspects of debts and assets that are often misunderstood, leaving the debtor with a false impression of what to expect. Not  … Read more

High gas prices and a drop in consumer spending leaves Direct Air company executive with few choices to fight their financial battle. After much consideration and financial trouble, Direct Air made the decision to file for bankruptcy in March. However, Direct Air wasn’t able to restructure their debts, but instead ended up filing for Chapter  … Read more

Business debts can be just as stressful as personal debts, if not more so. When a business owner finds that the business is not doing well and the finances have become poor enough to make keeping up with debt payments challenging, it can be difficult to resolve outside of bankruptcy. Whether a company enters into  … Read more

A longtime real estate developer in Northwest Washington state has fallen on hard times in this tough housing market. However, the real estate developing business is only one of four businesses operating under the umbrella Homestead Companies, all of which are now in Chapter 7 bankruptcy protection. Domino Effect Homestead Companies is a family-owned group  … Read more

The former business manager for the popular music group the Black Eyed Peas has found himself in financial trouble, with the group and personally. Admitting he failed to file income-tax returns for the group’s members and other clients, he is now filing for Chapter 7 protection of his own finances. The Music Stopped The Black  … Read more

Many people seek bankruptcy when their assets become at risk of repossession. While filing for bankruptcy can offer protection of assets such as your home or car, there are some differences to the way a Chapter 7 case manages these debts. The Options In general, there are three options for managing auto loan debts in  … Read more

Once one of the higher paid defensive players for Tampa Bay and Oakland, Warren Sapp has landed in hot financial waters. Reportedly owing more than $6.7 million, Sapp filed for Chapter 7 bankruptcy last week. Contractual Obligations Right now the only thing keeping Warren Sapp afloat are several small contract deals that make up his  … Read more

Everyone loves the time of year when the local fair opens for business. As one of the hallmarks of summertime, state fairs around the country attract locals and visitors alike. However, the economy has taken quite a toll on businesses such as fair and campgrounds everywhere. The State Fair of Virginia is no stranger to  … Read more

Filing for bankruptcy used to carry a stigma of being only for those who mismanaged their money. However, as economic pressures mount and unexpected life situations arise, the need for bankruptcy can arise for anyone and anytime. In fact, research now shows that the majority of bankruptcy filings are brought about through uncontrollable circumstances. Influential  … Read more