bankruptcy attorney

What is My “Current Monthly Income” and How Does it Affect My Filing of Bankruptcy?

07/27/11

Your Current Monthly Income Affects Eligibility for Chapter 7 Bankruptcy The term “current monthly income” (CMI) is an important concept in bankruptcy that courts use in several “bankruptcy tests”. For example, your “current monthly income” is important because it can effect whether you are eligible to file in a Chapter 7 bankruptcy, and in a [...]

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Why So Many Sports Franchises Have Filed Bankruptcy

07/22/11

Although bankruptcy filings by sports teams have been historically rare, a recent smattering of filings have turned into a trend.  The Los Angeles Dodgers have recently joined the Phoenix Coyotes, the Chicago Cubs, the Texas Rangers and several other sports teams that have filed for bankruptcy within the last 20 years.  Why is this becoming [...]

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Filing Bankruptcy Without an Attorney

06/28/11

According to the state bar, 40-50% of Arizona bankruptcy filings occur without an attorney (“pro se” in legalese).  Most individuals who file for bankruptcy are at rock bottom, and do not believe they can afford an attorney, or that it will be necessary to a successful outcome of the proceedings. However, the importance of an [...]

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Billionaire Bankruptcies?

06/27/11

As reports surface that wealthy socialite Patricia Kluge has filed for Chapter 7 bankruptcy protection, many have wondered:  how can you file for bankruptcy when you are a billionaire? When United State bankruptcy laws were drafted, the focus was pro-debtor.  The idea was to provide a fresh start for people who had suffered under the [...]

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Assessing Your Financial Situation Pre-Bankruptcy

06/22/11

Often, people wait too long to file bankruptcy.  Considering bankruptcy to be a last resort is probably a wise thing to do, and there are often many things an individual can do to prevent bankruptcy.  However, waiting too long can mean that bankruptcy protects less of your assets than it might otherwise be able to, [...]

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The Significance Of A Debtor In Possession In Chapter 11 Proceedings

06/22/11

When a business is struggling to meet its debt obligations filing for Chapter 11 bankruptcy may provide some relief.  Chapter 11 allows businesses the opportunity to restructure their debt without having to liquidate any of their assets. Furthermore, as soon as the Tampa bankruptcy lawyer files the petition for Chapter 11 protection the debtor will [...]

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The Good News about Bankruptcy: The Automatic Stay

04/21/11

In the majority of bankruptcy initial consultations I have conducted, I hear the same story. This story is about someone who has fallen on financial hard times. Many times, this story involves  the person recounting me about how they are paralyzed by the fear of impending lawsuits, garnishments, or foreclosure.  This story inevitably includes a comment [...]

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What is an “Adversary Proceeding?”

04/21/11

An adversary proceeding is a separate lawsuit that takes place in the context of a bankruptcy filing. As the name suggests, there are typically two parties fighting over some issue that requires the bankruptcy judge to decide an issue in one way or another. Adversary proceedings can be initiated by the debtor, a creditor, or [...]

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When Can Bankruptcy Stop Creditors From Taking My Property?

01/26/11

No doubt you have heard the terms “unsecured” and “secured” creditors? But what do these terms really mean? In reality, the concepts are quite simple. First off, a creditor is generally someone who is owed money. A common example is when you take out a bank loan. Here you owe the bank a certain amount…

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Could Your State Be Filing Bankruptcy Soon?

01/24/11

An article today first appearing in the New York Times suggests that congressional aides are exploring the possibility of legislation that would allow states to file for bankruptcy protection. You can read a summary of the article here.  The bankruptcy code currently provides the option for cities to seek bankruptcy protection, but does not provide…

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