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18 September 2012
0

Debtors Can Get a ‘Fresh Start’ by Filing for Bankruptcy

People in financial trouble today take history for granted as they head to a bankruptcy attorney for a consultation to decide between the two choices for personal bankruptcy. Imagine living in Europe or even in England as recently as a few centuries ago. Whether you had fallen upon hard times was immaterial. A debtor was […]


30 August 2012
0

Chapter 7 Bankruptcy, the Means Test and What it Means

According to national statistics, 7 out of every 10 people filing for personal bankruptcy choose Chapter 7 liquidation over Chapter 13 reorganization. In a one-year period ending March 31, 2012, there were 958,757 Chapter 7 filings, compared to 396,175 Chapter 13 filings. The reasons are fairly clear: A Chapter 7 discharge is possible within three […]


21 August 2012
Category:
Bankruptcy
0

U.S. Cities Declare Bankruptcy – Part 3 of 3

Already in 2012, the cities of Mammoth Lakes, San Bernardino and Stockton in California have filed for bankruptcy. What is likely to happen in 2013 and beyond? A number of analysts, including Moody’s Investors Service, say more Chapter 9 filings are likely for California cities. Like Stockton, many other cities issued government bonds during the […]


21 August 2012
Category:
Bankruptcy
0

US Cities Declare Bankruptcy – Part 2 of 3

The idea behind Chapter 9 bankruptcy is not that much different than a Chapter 13 personal bankruptcy. Under federal bankruptcy law, creditors are blocked from taking action after the filing, giving the municipality time to come up with a plan to restructure its debt. Often, that involves changing the maturity debts for outstanding municipal bonds […]


20 August 2012
Category:
Bankruptcy
0

U.S. Cities Declare Bankruptcy – Part 1 of 3

The past two years have seen a spate of Chapter 9 bankruptcy filings by cities and governmental entities such as Harrisburg, Penn. and Central Falls, R.I. In June, Stockton, Calif., a central California city with nearly 292,000 residents, became the largest in the United States to seek help from federal bankruptcy law. Chapter 9 bankruptcies […]

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