In the Chapter 7 bankruptcy case of Taylor, Anthony; In re, the bankruptcy court dismissed the debtor’s case because it was ruled abusive of the bankruptcy system.
The details of the bankruptcy case:
“The Chapter 7 debtor admitted that his case was presumptively abusive, but argued that he needed to file due to the impending foreclosure sale [...]

According to an article in the Daily Finance, the U.S. Bankruptcy Court for the Southern District of New York granted a bankruptcy petition for Ellen Tracy LLC forcing the company into an involuntary Chapter 7 bankruptcy. The Chapter 7 bankruptcy filing means that the company will be liquidated. The bankruptcy petition was filed by three [...]

The news headlines are filled with stories about big corporations filing for Chapter 11 bankruptcy, but what about filing Chapter 7 bankruptcy for business?  Are there any benefits in filing a Chapter 7 bankruptcy for your business?  Well, maybe, let’s take a look:
If a business owner wants to completely close his/her business and liquidate its [...]

Both state and federal law provide for property exemptions–items that you can keep even after the bankruptcy process ends.

In the bankruptcy case of Lunkes, William J.; In re, the bankruptcy court denied the debtor a bankruptcy exemption for a trust left by the debtor’s father.
The details of the bankruptcy case:
“In 2002, the debtor’s father established a trust. He was the settlor, trustee and beneficiary. The debtor and his four siblings were contingent beneficiaries. [...]

According to an article in the Dallas Morning News, the Labor Department reported that new jobless claims fell slightly last week while the number of people receiving unemployment benefits rose.
The article said:
“First-time claims have trended down in recent months and are well below the recession’s high of 674,000 hit in the first week in April. [...]

Don’t fall for credit repair scams when trying to rebuild your credit.
For the last year, almost every economist and politician has developed a theory on who or what is to blame for our current recession.  The reasons range from government inaction to the foreclosure crisis.  Regardless of how it started, the recession is still here [...]

Getting good information early improves debt management decisions.
I have a friend—we’ll call her Jill, who has had a horrible fear of dentists for as long as I’ve known her.  Even if not to the same extreme, most of us share her apprehension.  I can understand her fears based on the horror stories she had described [...]

This economy has hit senior citizens very hard.  Many seniors were already financially stressed with fixed incomes and rising prices due to inflation when the foreclosure crisis hit, sending many into financial crisis mode, especially those who had refinanced their mortgages and owed significant debt.  For many, bankruptcy has become a “reluctant” option due to [...]

As we often discuss on this blog, many debtors wait to the absolute last minute to file for bankruptcy.  They wait until the foreclosure has been posted or until after the credit card company has begun garnishing their wages.  What a huge mistake! Fortunately, for those who procrastinate, the bankruptcy code allows a debtor access [...]

If you’re in financial hot water, it may be too late to do anything but consult an experienced Fort Worth bankruptcy attorney to help bail you out.
If you’re in financial hot water, it may be too late to do anything but consult an experienced Fort Worth bankruptcy attorney to help bail you out.  However, even [...]

According to an article in the Dallas Morning News, cyber criminals are targeting small and medium sized business for fraudulent money transfers from their bank accounts to off-shore accounts mostly in Eastern Europe. Small businesses need to be aware of these scams because becoming a victim could send a small company to bankruptcy or even [...]