A federal bankruptcy court spent almost four hours on Friday hearing from over 40 residents of Detroit about their concerns regarding the city’s plans to file for bankruptcy protection.
The Scooter Store, which was at one time the largest seller of powered wheelchairs, scooters, other powered mobility devices in the United States, is going out of business at least in part as the result of fraud allegations.
Cities, like people, can go broke. Whether because of poor spending, bad investments, rising expenses, or even embezzlement, a city can find itself with more debt than it can afford to pay. A Chapter 9 bankruptcy is designed for cities and other governmental bodies to address such case.
Last week a federal judge ruled that the city of San Bernardino, California, is eligible to seek protection from its creditors under bankruptcy.
The concept of a claim in bankruptcy can be misunderstood by a layman not familiar with the use of the legal term within this context. This article addresses the definition and types of claims in bankruptcy. Continue reading
In the Federal Bankruptcy System, there are approximately 120 official and formal forms a bankruptcy filer or the court might be called on to fill out for a any particular reason. Filling these forms out can not only be time consuming, but one must understand the overall terms and concepts of bankruptcy in order to complete them properly. Here are some more common bankruptcy schedules with a short explanation for each that you will most likely have to use in filing most any type of bankruptcy: Continue reading
Understanding bankruptcy law is all about communicating in legal terms so every party to the issue can fully comprehend. A problem in understanding bankruptcy law often can arise for the average layman not familiar with bankruptcy terms, both used legally and colloquially. Understanding the use of the term “exemption” in bankruptcy is a good example. Continue reading
With the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the term “abuse” has become much more important in the bankruptcy process. Continue reading
The idea behind the federal bankruptcy system is to provide debtors and creditors with a fair way of dealing with and ending bad financial relationships. To make the system fair for all creditors, the bankruptcy court trustee may look back over time to see if there were any preferential payments made by a debtor to his creditors that might make it unfair for all of a filing debtor’s creditors. So, what are preferential payments in the bankruptcy process? Continue reading
For the most part, bankruptcy law is precise and straightforward, but under certain circumstances, bankruptcy law can be burdensome and complex. If you have to file for bankruptcy protection, you might often find yourself dealing with a few peculiarities in bankruptcy law. Continue reading