Most Chapter 7 bankruptcy debtors do not own investment interests in limited liability companies. People who file bankruptcy have either liquidated all investments or do not have money to invest in business. ... Read full article
The Small Business Entrepreneur: He employes half of all private sector employees, pays 44 percent of total U.S. private payroll, and has generated 65 percent of net new jobs over the past 17 years. ... Read full article
Chapter 7 bankruptcy debtors may not discharge certain debts including debts related to alimony, child support, and other domestic support obligations. In almost all instances domestic support obligations arise out of a civil divorce proceeding. A recent ... Read full article
The Orlando Sentinel reported that a founding partner of one of Orlando’s most prolific bankruptcy law firms himself filed personal Chapter 7 bankruptcy on September 7, 2012. The bankruptcy debtor, Carig R. Lynd, was a found of Kaufman, Englett & Lynd ... Read full article
Florida’s Chapter 7 bankruptcy debtors may exempt $1,000 of personal property per debtor, and if not claiming homestead exemption , an additional $4,000. The value of personal property for bankruptcy purposes is based on flea market, garage sale, or ... Read full article
Ayele v. Educ. Credit Mgmt. Corp. (In re Ayele) (Bankr.Mass., 2012) This is an interesting case out of Massachusetts, wherein U.S. ... Read full article
A “credit card bust-out” is a scheme in which someone purchases a large amount of goods on credit card debt, conceals the goods, and then files Chapter 7 bankruptcy to wipe out the credit card debt. It’s an abuse of the bankruptcy system designed to help ... Read full article
http://www.flickr.com/photos/psykotrooper/ Creditors are starting to talk up how to snatch assets away from bankruptcy trustees who don’t even know they’re coming. ... Read full article
One of Benjamin Franklin’s most famous quotes is: “Certainty? In this world nothing is certain but death and taxes.” ... Read full article
A criminal attorney called me this week to discuss the possible Chapter 7 bankruptcy by one of his current criminal clients who had been convicted of a financial crime against individual victims. The court ordered payment of restitution to the victims ... Read full article
Since a May, 2012, court opinion was issued Chapter 7 bankruptcy debtors became eligible to strip a wholly unsecured mortgage on their primary residences. ... Read full article
I read an article in Forbes online which discusses a bankruptcy case that set aside several fraudulent transfers. The case illustrates why debtors with asset should avoid filing bankruptcy. ... Read full article
The Fifth Circuit , covering Texas, Louisiana, and Mississippi, has joined the First Circuit in ruling that there is no per se prohibition against fee-only Chapter 13 filings. ... Read full article
To start a chapter 7 bankruptcy case, a person needs to file a petition with the United States Bankruptcy Court. Usually the case is filed with the Bankruptcy Court in the district where the person lives. If a person lives in Miami-Dade County, Florida it ... Read full article
