Summit Business Media Holding Co. is another great example of using Chapter 11 bankruptcy protection as a tool to adjust to a rapidly changing industry and rising debts.  The company is exiting bankruptcy after cutting $140 million in debt from its balance sheet and paying unsecured creditors only a fraction of what they were owed.  [...]

How Bankruptcy Exemptions Work When a debtor files Chapter 7 bankruptcy they are allowed a certain amount of exemptions in their case. An exemption is the dollar amount of equity or value a debtor is allowed to protect from creditors and the bankruptcy trustee.Below are a few examples of how bankruptcy exemptions work: 1. A debtor [...]

In 2010 1.5 million Americans filed for personal bankruptcy and many more considered their bankruptcy options even if they didn't file eventually. But why are so many Americans considering bankruptcy? Here are a few reasons why: 1. While the corporations are making more money as the economy tries to recover, many ordinaryAmericans aren't seeing the [...]

One of the most difficult aspects of Chapter 11 bankruptcy is renegotiating employee and retirement agreements which may be draining an already financially struggling company. Employee compensation and retirement agreements are an emotional issue in Chapter 11 bankruptcy cases, especially in the arts. The recent bankruptcy filing of the Philadelphia Orchestra demonstrates just how emotional [...]

There are some clear advantages to filing a business bankruptcy liquidation over filing a personal Chapter 7 bankruptcy (aka a personal bankruptcy liquidation). One of those advantages is the fact that you don't need to take the means test. But another big advantage is that the business bankruptcy case is not easily dismissed because of [...]

The Differences Between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy While both Chapter 7 bankruptcy and Chapter 13 bankruptcy allows debtors to get a fresh financial start, there are some major differences between the two bankruptcy chapters. Let's a take a look at a few: Time - The amount of time required of the debtor [...]

Many are up in arms about a recent bankruptcy decision in Massachusetts which left a debtor's spouse with no share of her husband's income tax refund. The state's Supreme Judicial Court ruled that the wife of a bankruptcy debtor had no right to an equal portion of the debtor's tax refund because she did not [...]

Going through financial troubles with kids is no picnic. But for bankruptcy debtors, it is especially important to work with your children to make sure that the entire family is on the same page when it comes to financial recovery. Below are a few tips: Be honest with your kids about the bankruptcy filing.  Make [...]

Congratulations to Holly Petreus, who was recently appointed to head the team that's creating the Office of Service members Affairs within the new Consumer Financial Protection Bureau. The Office of Service members Affairs is charged with helping service members and their families make sound financial decisions and avoid pitfalls.   Thank you for reminding our nation's [...]

A deal between Russell Adler, a former law partner of Ponzi-scheme operator Scott Rothstein, and the bankruptcy trustee was approved this week.  The law firm Rothstein Rosenfeldt Adler was forced into involuntary bankruptcy after Rothstein was arrested on federal criminal charges related to his Ponzi scheme. Judge Raymond B. Ray of the U.S. Bankruptcy Court [...]