BankruptcyLawNetwork

We are reminded this Christmas to be thankful for attorneys who represent people in financial distress.  Wendell Sherk tells it eloquently in this reprise of his A Christmas Cheer for Consumer Lawyers. Christmas is usually a slow time for consumer bankruptcy lawyers.  The phones go quiet, a few cards come in, a fruit cake from [...]

In bankruptcy there is a hierarchy in the right to get paid. Secured creditors come before unsecured creditors who, in turn, come before stockholders. Senior creditors get paid in full before their juniors get anything. In a Chapter 11 bankruptcy scenario, there is usually a tier of creditors that is only partially “in the money.” [...]

Credit card and medical debt can often be settled for pennies on the dollar. You do not need to hire a fancy fly by night late night television advertising debt settlement company to settle your debt. Give it a try yourself. You will probably realize a considerable savings. I have been filing bankruptcy cases for [...]

Last year St. Louis bankruptcy attorney Wendell Sherk published his riff on a popular Christmas song – Do You Owe What I Owe?  We thought it worthy of sharing it with you again this holiday season. (To the tune of “Do You Hear What I Hear?”) Said the neighbor to the young man, “Do you [...]

Bankruptcy is not always the best way to get rid of federal tax debt.  Given enough time, the tax may just go away.  The IRS is given 10 years from the date the tax is assessed to collect in most cases by 26 USC §6502, a section of the Internal Revenue Code. The date after [...]