A medical company in the Bronx, New York was forced into filing for Chapter 7 bankruptcy last week. According to court documents, Eastchester Precision Medical, which operated out of a van, was required to file for Chapter 7 bankrutpcy, by its sister company Precision office Management Inc. The report shows that Eastchester owed Precision Management [...]
Tags: Bankruptcy
Posted April 8, 2012 by Brayden Laura under Credit Report
Lawmakers in Harrisburg, Pennsylvania are at odds over whether Chapter 9 municipal bankruptcy is the right option for the indebted state capital. A team of state-appointed advisors has recommended against bankruptcy, suggesting instead a rescue plan that would sell an incinerator at the root of the city’s fiscal problems. The Harrisburg City Council has until [...]
Tags: Bankruptcy, Chapter Bankruptcy
Posted March 4, 2012 by Brayden Laura under Credit Report
There’s a saying we hear a lot in law – “what a difference a day makes.” In law, this is very true. If you file for bankruptcy on a Thursday, you may be ineligible for a Chapter 7 – submit that same petition on the Friday, and you could be eligible. It all comes to [...]
Tags: Bankruptcy, Bankruptcy Eligibility
Posted February 21, 2012 by Amelie Hampton under Bankruptcy Articles
There is one area of an individual’s finances that really peeves bankruptcy lawyers, and that’s their taxation returns. You can only file for a Chapter 7 petition for bankruptcy if your tax returns are all up to date. It’s not unusual for a bankruptcy attorney to send a client to the local tax office as [...]
Tags: Bankruptcy, Tax Returns
Posted December 8, 2011 by Amelie Hampton under Bankruptcy Articles
When filing for bankruptcy, the bankruptcy court, and more particularly the appointed trustee, needs to know what assets you own and what their value are. This enables the trustee to place a value on the bankruptcy estate and to determine how to proceed with the bankruptcy petition. It is important to list every asset that [...]
Tags: Bankruptcy, When Filing
Posted November 8, 2011 by Amelie Hampton under Bankruptcy Articles
Southern Montana Electric Generation and Transmission filed for bankruptcy Friday afternoon citing that they had a serious cash flow issue. A board meeting took place on Friday when multiple board members allegedly walked out because the board protested to seat a new representative. The members that were protested at the meeting said that they did [...]
Tags: Bankruptcy, Electric Generation, Montana Electric, Montana Electric Generation
Posted October 29, 2011 by Brayden Laura under Credit Report
Bankruptcy is a tool that is designed to help people who are underwater with debt gain a fresh start. While that is sound in principle, there is one group in our society who don’t really need a fresh start, they just need a clean end, and that’s the elderly. We have a rapidly growing senior [...]
Tags: Bankruptcy, Bankruptcy Social
Posted October 11, 2011 by Amelie Hampton under Bankruptcy Articles
While bankruptcy provides a lot of protection for debtors, it provides very little protection for any co-signers, unless of course they file for bankruptcy as well. Under the provisions for a Chapter 7 bankruptcy, the automatic stay doesn’t even protect co-signers. A creditor is free to chase debts from that co-signer the moment a Chapter [...]
Tags: Bankruptcy
Posted August 24, 2011 by Amelie Hampton under Bankruptcy Articles
Feeling Guilty About Bankruptcy? The U.S. economy has historically been fueled by consumer spending. For years, lenders have spent many billions of dollars on target advertising containing subliminal messages that are aimed to convince us to buy goods we cannot afford. If you don’t have enough money to purchase what you want today, you can [...]
Tags: Bankruptcy, Feeling Guilty
Posted July 25, 2011 by Imogen Lay under Credit Report