Characteristics Your Company Needs To Survive Bankruptcy Bankruptcy is one of the most powerful tools available to businesses facing financially difficult times; but how does an owner know if their company can survive the bankruptcy process? Below are a few characteristics your company needs to survive bankruptcy: Flexibility Your company and core stakeholders are flexible [...]

The most successful bankruptcy filings involve careful planning on the part of the debtor and their bankruptcy attorney.  However, all pre-bankruptcy planning should be done carefully. Below are a few things debtors should use caution with when planning their bankruptcy: Quitting A Job When a debtor files for bankruptcy, they may need to take the [...]

What is Fraudulent Conveyance in Bankruptcy? Fraudulent conveyance is when a bankruptcy debtor transfers something of value, such as cash, real estate or other assets to someone or something else.  If this transfer of wealth is made with the intention of defrauding the creditors, made while the debtor is insolvent or is transferred for considerably [...]

Choosing the right bankruptcy attorney is one of the most important steps in filing for bankruptcy. Below are a few tips on what every debtor should consider when they hire a bankruptcy attorney: Choose Local Make sure that you chose a bankruptcy attorney who not only lives in your state; but is familiar with your [...]

It's the season of giving again which often means racking up tons of debt on top of the debt already owed.  But if one of your New Year's resolutions is to consider your bankruptcy options, you will want to avoid the biggest mistakes bankruptcy filers make during the holidays. Below are a few tips: Consider [...]

TICs and Bankruptcy During the real estate boom, many investors sunk money into TICs or what's commonly known as tenant-in-common real estate investment structures.  These investment entities allowed investors to own shares in properties which they could not individually afford. But when the real estate industry collapsed in 2008, many of these TICs went down [...]

When you think of bankruptcy, do you think of people who've suffered from medical emergencies?  Do you envision a bankruptcy court that's filled with individuals who've been irresponsible with their money? If that sounds familiar to you, then it's time to open up your mind to another cause of bankruptcy: credit card fraud.  Recent statistics [...]

Bankruptcy and Unreasonable Attorney Fees Besides the fear of affordability, many debtors fear that the fees charged for their bankruptcy case may be unreasonable.  Fortunately, the bankruptcy code has anticipated the need to protect debtors from unreasonable attorney fees. Below we examine what is considered unreasonable and how debtors are protected: Freedom From Excessive Fees Section [...]

When a business owner files bankruptcy, they have certain rights, obligations and responsibilities. Let's take a closer look at a few of the facts: Right To Operate If a debtor places their business in Chapter 11 bankruptcy, they generally  have the right to continue to operate while they restructure their debts. However, if at any [...]

How to Spot a Bad Bankruptcy Attorney Many financial experts agree that filing  bankruptcy is a way to wipe the financial slate clean and start over again - and if you want to file the right way, you'll need to hire a high-quality bankruptcy lawyer with a superior track record. But this presumes the fact [...]