the Average Millionaire Filed Bankruptcy 3.5 Times?

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Going through a bankruptcy can be a stressful and time-consuming situation. We at The Weller Legal Group are here to help make the bankruptcy process easier and more efficient for you and your family. A common statement in the bankruptcy world is that, “the average millionaire will file for bankruptcy 3.5 times in their lifetime.” In this article, we are going to discuss this topic of how many times millionaires will file for bankruptcy in America? Millionaire Facts In this section we are going to Read More +

Top 10 Celebrities Who Filed Bankruptcy

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Going through a bankruptcy can be a stressful and time-consuming situation. We at The Weller Legal Group are here to help make the bankruptcy process easier and more efficient for you and your family. In this article we are going to talk about 10 celebrities who have filed for bankruptcy in their lifetimes. Mike Tyson Starting off the list we have the former world heavyweight champion Mike “The Baddest Man on the Planet” Tyson. Over his fighting career he has had a total of 58 Read More +

Five Benefits of Filing Bankruptcy

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Each year, a multitude of individuals, families, and small businesses are faced with the decision as to whether or not Chapter 7 Bankruptcy is a viable course of action. Alternatively, a Chapter 13 filing may be a better course of action for some who may not qualify for Chapter 7 relief. And, for some businesses and certain individuals, a Chapter 11 petition may be the right course of action. In any given situation, one of the three may be the better decision depending upon a Read More +

Should I File for Bankruptcy? – Reasons Why Bankruptcy May Be Right for You

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The decision to file for bankruptcy is a tough one no matter how you cut it. Going through the bankruptcy process takes time and money. Once a petition is filed, a person’s entire financial situation is a matter of public record and open to others. The process will take an emotional toll on the filer and his/her family and loved ones as well. So – again – the decision to file for bankruptcy is a tough one. One that should not be taken lightly and Read More +

Bankruptcy Pros and Cons

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The pros and cons of Bankruptcy are myriad. Among the cons of bankruptcy, is the filing of a Chapter 7 or Chapter 13 Bankruptcy will appear on your consumer credit report for a period of ten (10) years. Presently, in order to qualify for a federally backed mortgage loan, a debtor’s bankruptcy must be a least two years old. Some creditors may not extend credit to debtor’s who are still within a bankruptcy. Some creditors will extend credit to a debtor still in bankruptcy, with 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 +

Gibson Brands, Inc. Dba Gibson Guitars Secured Bondholder Recovery in Bankruptcy Court

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*** SECOND UPDATE *** According to a filing in U.S. Bankruptcy Court, the secured bondholders of Gibson Brands, Inc. bonds are set to receive 56 cents on the dollar for the $383 million in debt that they hold in the iconic guitar maker’s business. Senior secured bondholders, led by KKR & Company, were informed in a court filing yesterday (July 12, 2018) that such recoveries will come from Gibson under its Chapter 11 reorganization plan. The same bondholders are currently providing financing to Gibson during Read More +

Business Bankruptcy

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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 +

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 +

Weinstein Company Bankruptcy – Harvey Weinstein Pleads “not Guilty”

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*** FURTHER UPDATE *** In a further development related to the Weinstein Company’s Chapter 11 bankruptcy case, disgraced former CEO Harvey Weinstein today entered “not guilty” pleas to several charges in the State of New York Supreme Court in Manhattan. The pleas apply to one count of first-degree criminal sexual conduct and one count each of first-degree and third-degree rape. Weinstein’s attorney, Benjamin Brafman told reporters that the two sexual encounters alleged in the case were “consensual acts that do not amount to sexual criminal Read More +