Business Bankruptcy

A business bankruptcy can take a number of forms. In a Chapter 7, a corporation may file bankruptcy in order to seek the orderly liquidation of its enterprise. In a Chapter 7 bankruptcy, generally the corporation is liquidated and ceases its business functions. The assets of the business are sold and distributed among the creditors of the corporation. Despite the belief of many, including many bankruptcy attorneys, a corporation does not receive a discharge in a Chapter 7 bankruptcy. There are benefits for a corporation Read More +

Filing For Bankruptcy Can Help You Reinstate Your Driver’s License

There are several instances in which filing for bankruptcy can help you regain your driver’s license. In the state of Florida, if you are driving without insurance and you are involved in a car accident the Department of Highway Safety and Motor Vehicles (DHSMW) may suspend your driver’s license. However, filing for Chapter 7 or Chapter 13 Bankruptcy can sometimes help remedy this situation. If you injure someone or damage their property while driving uninsured, the other driver or interested party can sue you and Read More +

What Is Chapter 12 Bankruptcy?

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 +

Dodd-frank: Title Xiv – Mortgage Reform And Anti-predatory Lending Act

Mortgage Reform and Anti-Predatory Lending Act, amendment to the Truth in Lending Act (TILA), was brought about as a reaction to the lending practices that had lead to the burst of the real estate bubble in 2008. Many mortgages prior to the burst of the real estate bubble included clauses that were unfavorable to those who had borrowed the money. Some such clauses made it impossible to pay off mortgages where the value of the property dropped below the amount of the loan. Mortgage Reform Read More +

Chapter 7 Bankruptcy

Chapter 7 of the Bankruptcy Code allows debtors to have their debts forgiven through liquidation. During this process, nonexempt assets are sold and the proceeds are distributed to creditors. Unlike Chapter 13 bankruptcy, where a debtor retains their property and pays back a portion of their debts, Chapter 7 bankruptcy discharges remaining debts so the debtor does not have to pay them. As the most common form of bankruptcy, Chapter 7 is also known as straight or ordinary bankruptcy. Chapter 7 bankruptcy is usually a Read More +

Rookie Bankruptcy Paralegal Anthony Rodriguez

Episode 1: The Journey My name is Anthony Rodriguez. At age 33 I found myself barely making it in the San Fernando Valley located in the county of Los Angeles, California. Even making a decent income every year, I was still living paycheck to paycheck and struggling to make ends meet. Single, no kids and still struggling! I have nothing but love for California but I do not miss the struggle. In my opinion, there is no longer a middle class in Los Angeles. You Read More +

Public Sector Pension Plans: A “ticking Time Bomb”

According to a December, 2017, washingtonfreebeacon.com report “…unfunded liabilities of state public pension funds increased by $433 billion over the past year and presently exceed $6 trillion…”. The report continues, “Unfunded liabilities of public pension plans continue to loom over state governments nationwide. Absent significant reforms, unfunded liabilities of state-administered pension plans will continue to grow and threaten the financial security of state retirees and taxpayers alike.” Astonishingly, the $6 trillion in unfunded liabilities average approximately $18,676.00 for every person in the United States. Alaska has Read More +

Puerto Rico & Bankruptcy

The island of Puerto Rico is officially a Commonwealth of the United States. Puerto Ricans are citizens of the United States who share many of the same rights and benefits of their fellow citizens living on the mainland. Until February, 1898, Puerto Rico had been under the colonial rule of Spain for centuries. In that year and month, Spain granted them a quasi-independent status. The welcome status under the rule of the Spanish Kingdom came with a constitution, voting rights, and a theretofore unknown sense Read More +

Harvey Weinstein / The Weinstein Company – Chapter 11 Bankruptcy In The Offing As Sale Talks Fail

“Born under a bad sign, been down since I began to crawl if it wasn’t for bad luck, I wouldn’t have no luck at all…” (“Born Under a Bad Sign” -Original Version, Albert King, 1967; covered by Cream, 1968) Today, Albert King’s song might seem like the “anthem” of (former) movie mogul Harvey Weinstein, and, by extension, his former corporation The Weinstein Company LLC (more universally referred to, and known more simply as TWC). According to online news / gossip source TMZ.com, The Weinstein Company Read More +

Hcr Manorcare, Inc. – $7 Billion In Debt – Files For Chapter 11 Bankruptcy

HCR Manorcare, Inc., the second largest nursing home operator in the United States, has filed a voluntary petition for Chapter 11 Bankruptcy. The Toledo, Ohio-based company has $7 billion in debt.. Informed sources say the Chapter 11 petition is part of a pre-arranged debt-for-equity swap deal whereby ownership of the HCR will be transferred to its landlord, Quality Care Properties, Inc. (“QCP”). According to the QCP website, the company is “…a self-managed and self-administered real estate investment trust (REIT)… focused on post-acute/skilled nursing and memory Read More +