It is a sad time for film lovers. Wall Street is a flutter with rumor that Kodak may soon file for bankruptcy. Those rumors indicate the film giant has hedged its bets on a “Hail Mary” that might save the company from Chapter 11–specifically, several billion dollars’ worth of patents–but that the company is prepping
The case is sending red flags up in municipalities all over the United States. In the middle of the worst recession in decades, Jefferson Count, Alabama is attempting to file for Chapter 9 bankruptcy. Since June, dozens of county employees have been laid off without pay. The county is buried in litigation as the employees
The last domino has fallen. American Airlines, the last of the previous generation of top airlines not to file for bankruptcy, caved in last week and filed for chapter 11 protection. Analysts cite a history of high costs, inefficient operation, and an overall lack of flexibility in a changing business environment. America’s third largest carrier now faces
One of the first things you learn in law school is: “only a fool has himself for a client”. It is hard to imagine a situation that this truism applies more to than filing bankruptcy. While individuals may represent themselves in bankruptcy court and file a bankruptcy case without an attorney or “pro-se,” it is
Bankruptcy is very often a time-sensitive process and pre-bankruptcy planning can be critical in protecting assets. Chapter 7, in particular, the trustee’s responsibility is to “look back” at the actions the debtor has taken to insure that there hasn’t been a fraudulent conveyance of assets, a non-allowed preference payment to creditors or other actions that
The “341 Hearing” – What to Expect The creditors’ meeting, otherwise known as 341 meeting, is a procedural step in every Chapter 7 and Chapter 13 bankruptcy. In a typical 341 meeting, the debtor will be asked questions under oath by the bankruptcy trustee with respect to his or her financial affairs.
Filing bankruptcy is one of the hardest decisions a person will ever have to make but more and more financially strapped people are choosing to do so in these economic troubling times. The rising cost of food, fuel, and living coupled with the declining job market and the dismal run on Wall Street and collapse