GM: A Model for How Bankruptcy Works?

general motors how bankruptcy works

General Motor’s record profit for the year 2011 is making headlines these days, with President Obama and others claiming the profit points to the success of government bailout. Just two years ago the company was in dire straits and filing for bankruptcy; closing plants, winning changes in labor contracts, and losing the weight of weaker

Alternatives to Bankruptcy

alternatives to bankruptcy

Do you need help fighting debt that you cannot afford? Were you contemplating hiring a bankruptcy attorney to guide the way? Maybe you think bankruptcy is the only way out of debt. However, there are more options on the table then you think. Negotiating with creditors, speaking to a credit counselor, or other techniques may

A Sandwich Giant Stays Afloat

Quizno's Escaped Filing for Chapter 11 Bankruptcy

For once, the news has kind things to say about bankruptcy. Recent months have seen legendary American businesses like American Airlines, Kodak Eastman, Hostess, and many others file for bankruptcy protection. However, it looks as if one popular American restaurant franchise has dodged the bankruptcy bullet. Quizno’s sandwiches, a submarine sandwich chain, recently restructured its

The Curious Case of Leigh Steinberg

leigh steinberg file for chpater 7 bankruptcy

Sometimes the money behind professional football is even more fascinating than the sport itself. Consider the case of super-agent Leigh Steinberg, the most famous—and perhaps infamous—back room wheeler and dealer in the history of the game. The sports agent achieved legend status when Cameron Crowe allegedly made him the basis for the Tom Cruise film

A Picture is Worth a Thousand Words; Kodak Filing for Bankruptcy

Kodak filing for bankruptcy

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

Bonds or Funds? Wall Street Takes on Jefferson County


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

American Airlines: Not Too Big to Fail

american airlines files for bankruptcy

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

Filing for Bankruptcy On Your Own: Never a Good Idea

Long Island Bankruptcy, filing for bankruptcy

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

The 10 Steps to Take Prior to Filing Bankruptcy

Long Island Bankruptcy Attorney

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 Should I expect?

The "341 Hearing" - What to Expect

    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. 

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