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

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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