BANKRUPTCY Tag

Puerto Rico’s government is in significant financial disarray.  The country’s finances and fiscal policy are controlled by separate entities that cannot agree on what is best for the country.  The government is more than $123 billion in debt, and the country lacks the infrastructure to climb out the hole.  The citizens are shouldering much of the burden of the country’s bad fiscal...

If you own a company and have had to file for bankruptcy from 2017-2019, you maybe be interested to know that a court case has been filed against the fees implemented by the federal government. These extreme fee hikes are in effect in every state except Alabama and North Carolina, which may strengthen the unconstitutional label the court case is trying to attach to the federal government’s...

We have seen many giant retailers succumb to the pressures of an ever-changing retail landscape.  The traditional retail business model is all but obsolete.  The latest hobbling giant is Pier 1 Imports.  While they have not filed for bankruptcy, they have tapped into some resources which are indicative of debt restructuring. (more…)

Married couples often share the same debts, but that is not always the case.  There are bankruptcy filing options for both situations.  One partner may need to wipe out their debts but want to avoid harming the other partner’s credit.  In some states, it can be beneficial to file for bankruptcy jointly.  Before deciding, you should know the pros and cons of each filing option for married...

Medical bills are the number one reason for bankruptcy in the United States.  Multiple studies have shown the in 25% – 50% of bankruptcies, medical debt was significant.  However, the answer to the question ‘is medical bankruptcy a real thing?’ is ‘no’.  While medical bills are a heavy contributor to personal bankruptcy, it is not its own form of bankruptcy.  It is, however, an...

In 2018, we saw some shocking bankruptcies and they were mostly brick and mortar retail chains.  Companies such as David’s Bridal, Mattress Firm, Brook Stone, and Nine West all filed.  Read on to get an update on a few of the companies we reported on in 2018. Sears In October, we covered the history and events that led to the downfall of Sears (catch up here).  A lot has happened since...

So, you made the decision to reclaim your life from financial trouble in 2018 and file for bankruptcy.  When you file, you basically separate from your estate.  You can think of your estate as a separate person.  This can create some complexities during tax season.  To add more into the mix, the chapter under which you file can change things!  Read on to learn more about the fun of taxes...

There are many reasons a business looks at bankruptcy as an option.  Competition, economic climate, lawsuits, and many more situations can create an unsustainable environment.  Believe it or not, some businesses cannot afford to declare bankruptcy so they just close.  The new bankruptcy bill was inevitable.  Support for small businesses similar to that of chapters 12 and 13 is long overdue....

Every year, over 1.5 million bankruptcies are filed.  About 97% of them are filed by individuals.  Bankruptcy is an extremely important tool and can be life-changing if used correctly.  People who file for bankruptcy are normal, everyday citizens usually over age 45.  They are married with families and plans for their lives.  Sometimes things happen that are beyond our control. Amongst these...

In 2018, fires ravaged just under 2 million acres of land.  Recent evidence suggests that a local utility company’s equipment may be responsible for the catastrophic event.  PG&E may be on the hook for expenses totaling at around $30 billion.  Top brass has decided they cannot afford that so they plan to file for bankruptcy under chapter 11. PG & E PG&E is the holdings company for...