Sears, Roebuck and Company, once the leading retails of general merchandize, clothing and tools may not be long for this world according to a recent Fortune Magazine report.
In fact, give the years of declining sales, the company indicated there is “substantial doubt related to the Company’s ability to continue as a going concern.” In other words, the company has lost close to $10 billion in the last six years with their stock declining 9.3%.
Recently on our legal forum a user asked, “I have filed Chapter 7 bankruptcy. They mentioned that a US bankruptcy trustee would be appointed to review and manage my case. I am wondering who this is and what exactly they will do?”
Timeshares are big business. Not only have they been around since 1969, but they generate an estimated $7.9 billion a year in annual sales. While some people love their timeshares and enjoy the accommodations, in-room amenities, and the ability to “exchange” their shares for accommodations at other resorts around the world, other buyers have difficulty using their vacation weeks and paying high payments for annual fees.
The term liquidation is used in a general sense as a noun to describe various actions by agreement or litigation to determine the precise amount of indebtedness, damages, or accounts held by a person or entity. This term when used in a general sense implies the actions of a person or entity to make clear, do away with, or convert any type of asset or personal property into cash. How is the term liquidation specifically used in the bankruptcy process? Continue reading
A lot of questions from new bankruptcy filers can arise about filling out Form B6B for filing a chapter 7 bankruptcy. The form is generic and appears to ask for detailed information in a very small space. How should a filer handle this? Continue reading
English: Part of Title 11 of the United States Code (the Bankruptcy Code) on a shelf at a law library in San Francisco. (Photo credit: Wikipedia)
A Chapter 7 bankruptcy, commonly called liquidation bankruptcy, is all about the liquidation process. A Chapter 7 is the simplest form of bankruptcy an applicant can file. Under Title 11 of the United States Bankruptcy Code, a debtor must list all of the assets they possess when filing for bankruptcy protection. These assets include any exempt and non-exempt assets. State and federal bankruptcy laws determine which assets are exempt or non-exempt within each bankruptcy jurisdiction. Continue reading