By now you’ve likely heard that Hostess, the maker of such iconic snack cakes as Twinkies and Ho Hos, has filed for Chapter 7 bankruptcy. But before you go out and clear the shelves of your favorite treat, a closer look at what is going on with the embattled company is in order. Hostess is […]
Zombies seem to be popping up everywhere these days, and could even be making an appearance when it comes to your personal finances. With Halloween right around the corner, you may even have seem some Zombies running around your neighborhood asking unsuspecting homeowners for candy. While these kids in costume may seem cute and harmless,
Zombie Debt – What It Is and What You Can Do About It Read More »
Another green-energy company that received federal funding had their Chapter 11 bankruptcy plan approved by a federal judge today. Solar panel manufacturer Solyndra filed for Chapter 11 bankruptcy in the fall of 2011, and immediately suspended all business operations. Solyndra was once touted as a cutting-edge manufacturer of solar photovoltaic systems. The company developed
A high-profile corporate bankruptcy has worked its way into the issues being raised by the GOP in the upcoming election. On October 16th, battery maker A123 systems filed for Chapter 11 bankruptcy after amassing $144 million in debt and missing a $2.7 million interest payment earlier this month. A123 Systems, Inc. was founded in 2001,
If you are considering filing for bankruptcy, you may be having feelings of guilt or failure. Don’t. Bankruptcy can happen to anyone, regardless of their work ethic or their financial planning. Often, unanticipated events in life, work, or in the market can have disastrous effects on a person’s financial situation, leaving obligations and liabilities that
The most common types of consumer bankruptcies filed are Chapter 7 or Chapter 13 bankruptcies. Chapter 7 bankruptcies are also known as liquidation bankruptcies, under which a consumer’s non-exempt assets are liquidated and the proceeds used to pay off creditors. Most unsecured debts that are unable to be paid after the liquidation are discharged, and
One question that many people face when considering filing for bankruptcy is whether they will be able to keep their home. Often, a home is the largest investment a person will make in their lifetime, and carries with it emotional, sentimental, as well as financial value. If a person filing for bankruptcy has a family,
Chapter 7 Bankruptcy – Will I Be Able to Keep My Home? Read More »
When an individual is considering filing for bankruptcy, some people may be tempted to try and either transfer property to another or to “rack up” purchases through credit cards prior to filing bankruptcy. After all, all credit card debt is discharged in bankruptcy, right? The bankruptcy code has a mechanism by which to deal with
Many people under financial distress consider bankruptcy as an option to get back on their feet. Under normal circumstances, an individual files either a Chapter 7 or Chapter 13 bankruptcy. Simply put, a Chapter 7 is a liquidation bankruptcy in which a debtor’s non-exempt assets are liquidated and the proceeds from that liquidation are spread
The Sixth Circuit Court of Appeals decided a case last month limiting a defendant’s ability to use the automatic stay to suspend judicial proceedings. Specifically, the Court held that the automatic stay did not apply to a contempt proceeding against a debtor for violating an injunction. Dominic’s Restaurant of Dayton, Inc. v. Mantia involved a
Sixth Circuit Court of Appeals – Automatic Stay Does Not Apply to Contempt Proceedings Read More »
Former Oakland Athletics slugger Jose Canseco filed for Chapter 7 bankruptcy on July 31st of this year in Las Vegas, Nevada. In the filing, Canseco lists assets of $20,850 in personal property, liabilities of $1,685,696.00, and a monthly income of $7,500. Of his liabilities, he lists more than $500,000 as owed to the Internal Revenue
If you have fallen behind on your debts, you are likely dealing with the seemingly endless cycle of harassing calls and letters from creditors. One of the immediate benefits that filing for bankruptcy can provide is the “automatic stay,” which is an injunction that takes effect the moment the bankruptcy is filed. The injunction prevents
Stopping Collection Efforts Immediately – The Automatic Stay Read More »
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