Articles Posted in Bankruptcy

No one wants to file for bankruptcy. The world we live in is fast-paced and jobs are scarce, pay raises are scarce, but the cost of living is increasing rapidly. It is easy to find yourself overwhelmed with debt and burdened with payments that you cannot afford to make. Many people consider consumer credit counseling,…

Buoyed by an improving economy, businesses across South Florida reported a lower rate of bankruptcy filings through the first quarter of 2015 compared to the year prior. According to a report published by the US Bankruptcy Court for the Southern District of Florida, 59 businesses filed for Chapter 11, down from 87 in the first…

Filing for bankruptcy does not necessarily mean you are an irresponsible person or an untrustworthy consumer. In fact, studies conducted at the National Bureau of Economic Research found that even those well-paid Tampa Bay ball players you love were filing shortly after they retired their jerseys (actually, more than 78% of them). The reason behind…

During a bankruptcy filing, most people wish to keep their home and vehicle. In some cases, secured creditors will ask people filing bankruptcy to sign a reaffirmation agreement. In nearly all cases, this is not a good idea for a number of reasons. What is a reaffirmation agreement? Reaffirmation agreements are in effect an agreement…

When you want something done, do it yourself. That mantra doesn’t work in all industries. Filing bankruptcy in the legal world isn’t a DIY project. There are legal jargon and confusing phrases that only a trained and experienced bankruptcy lawyer can decipher. If you go into this procedure alone, you risk dismissal and delays that…

I bet that up until this point, you haven’t given much thought to the financial security of celebrities. I also bet that a recent article in the Washington Post reporting on the bankruptcy rates of NFL players may change your mind. According to the research, football players are just as likely to file for bankruptcy…

The decision to file for bankruptcy is a personal one for you and your family. There are many reasons to consider bankruptcy, and here are some of the most common: Getting out of credit card debt: Credit card debt is one of the main reasons why people in America today consider filing for Chapter 7…

Recently, President Obama proposed the idea of making student loan discharge through bankruptcy easier for millions of people who can’t make their payments. Soon after, thirteen U.S. Senators introduced the Fairness for Struggling Students Act of 2015 which places private student loans on the same level as other forms of consumer debt. Although less than…

An April 15 ruling by a federal bankruptcy judge clarifies the impact of General Motors’ 2009 bankruptcy proceedings upon legal claims pertaining to faulty ignition switches. Details of the Ruling Judge Frank Gerber, of the U.S. Bankruptcy Court in Manhattan, was responsible for the ruling. He also presided over GM’s bankruptcy proceeding in 2009. Essentially,…

Choosing to go through bankruptcy is usually a final attempt by people in a difficult financial situation, who are trying to salvage what they may of their lives. They are sinking – due to the market collapse, a job loss, business going under, unexpected medical emergencies and the attendant sky-high bills, a mortgage they can…