A Short History of Bankruptcy

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The etymology of the term “bankruptcy” is commonly believed to derive from a combination of two Latin words: “bancus” (table or bench) and “ruptus” (broken). The theory suggests that a public banker, upon failing to meet financial obligations, would have his bench—where transactions took place—broken as a symbol of his inability to negotiate and fiscal failure. This practice was widespread in Medieval Italy, leading many to attribute the term “bankrupt” to the Italian phrase “banco rotto,” translating to “broken bank.” Alternatively, some attribute the origin Read More +

Do I Need to File for Bankruptcy?

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It has been said that for most people “…bankruptcy is a scary proposition…”. Depending upon the type of bankruptcy case, a person’s asset vs. debt ratio, and myriad other factors, it could be added, “…and rightfully so”. Even the word “bankruptcy” has an ominous ring to it – and – the concept of “going bankrupt” has been a shaming one for most people over the course of history. Yet, bankruptcy remains the “law of the land” for individuals and corporations alike. The list of famous Read More +

Pinellas County in West Central Florida

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Florida and Pinellas County The first permanent white settlement on the Pinellas Peninsula was established in 1832 by Odet Philippe in the present-day Safety Harbor area of Pinellas County. The settlement history of the county, however, dates back much farther, to about 200 A.D., when the Weeden Island culture took hold along the central Gulf Coast of Florida. In about 1000 A.D. the Tocobaga Indians were thriving in central Pinellas County. In the 1500’s, the first Spanish exploration of the area occurred. In 1528 a Read More +

Clearwater, Florida – More Than Just Beaches

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Clearwater, Florida, situated on the Gulf of Mexico in West Central Florida, is the County seat of Pinellas County. The region surrounding Clearwater and Pinellas County is known as the Tampa Bay Area. Clearwater is the third largest City in the region; the cities of Tampa and St. Petersburg are the two largest. Prior to the early-1800’s, the area surrounding present-day Clearwater was occupied by native Americans known as the Tocobaga people. In 1835, the United States Army began construction of an army fort which Read More +

the “means Test” in Bankruptcy (chapter 7) – Part Iii

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Part III of Three Related Articles [See related articles on this blog: The Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA), “Part I, Rationales”&“Part II, Changes in Bankruptcy Law”] After passage of the BAPCPA in 2005, anyone wanting to file for Chapter 7 bankruptcy relief was faced with the new requirement of having to pass a “means test” to determine their eligibility. The primary purpose of the means test is to help the court determine whether an individual should be allowed to file a petition Read More +

Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 (bapcpa) Part Ii

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Part II – Changes in Bankruptcy Law [See related articles on this blog: The Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA), “Part I, Rationales” &Part III The “Means Test in Bankruptcy”] The enactment of the Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA) in April, 2005, wrought significant changes in the law embodied in Chapter 7 of the United States Bankruptcy Code. Changes were also affected in Chapter 13 of the code, but such changes in that section were not as broad or as Read More +

the Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 (bapcpa) Part I

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Part I–Rationales [See related articles on this blog: “The Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCPA), ‘Part II, Changes in Bankruptcy Law’, and “Part III, The Means Test in Bankruptcy”] The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was a “bankruptcy reform” measure passed by Congress during the fifth year of the Bush (#43) Presidency. According to a report by the U.S. House of Representatives’ Judiciary Committee (Report 109-031), the BAPCPA “represented the most comprehensive set of bankruptcy reforms in more than twenty-five Read More +

What is Chapter 12 Bankruptcy?

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Chapter 12 bankruptcy is a type of bankruptcy specifically fashioned to either family farmers or fishermen seeking to reorganize or consolidate their debts through bankruptcy proceedings. The most commonly filed Chapters of bankruptcy are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 12 bankruptcy is probably one of the least commonly filed forms of bankruptcy. Even Chapter 11 bankruptcy or corporate reorganization, is probably more commonly filed than Chapter 12 bankruptcy. Chapter 9 bankruptcy, which involves the reorganization of the debts of a municipality, may Read More +

the Millennial Generation: “selfish Slackers” or Next Modernist Generation?

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Who are the “Millennials”? According to a recent study by the Pew Research Center, “Anyone born between 1981 and 2000 (ages 18 – 37 in 2018) is considered to be a Millennial… anyone born from 2001 onward will be part of a new generation”. As stated on its website, the Pew Research Center is a “non-partisan ‘fact tank’ that informs the public about the issues, attitudes and trends shaping the world.” The Center is a subsidiary of the Pew Charitable Trusts, the primary funder of Read More +

Leveraged Buyouts… Bain Capital… and the “art” of Bankrupting Companies

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lev·er·aged buy·out ˌlev(ə)rijd ˈbīˌout/ – noun Plural noun: leveraged buyouts The purchase of a controlling share of a company by its management, using outside capital A leveraged buyout (“LBO”) is the acquisition of one company (or division of a “target” company) by another outside company using a significant amount of borrowed money to finance the acquisition. The purpose of a leveraged buyout is to allow companies to make very large acquisitions without having to commit a lot of upfront capital. The assets of the “target” Read More +