Bankruptcy Procedure

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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Medical Expenses and Bankruptcy

06/17/11

It is no secret than many Americans are one tragedy away from financial hardship in the form of accidents, the loss of a job, a divorce, or an unexpected illness.  More than half of all bankruptcies are reportedly the result of overwhelming medical expenses. Even (relatively) small medical bills can become overwhelming quickly because the [...]

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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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