Bankruptcy Law Blog

Running a business can be great. However, it is always possible for a business to fall into hard times, and when it does, it can be difficult to recover. One option for businesses that are in financial trouble is chapter 11 bankruptcy. Residential Capital LLC (ResCap) filed for bankruptcy protection on May 14, 2012. ResCap…

Many individuals dream of owning their own business. They want the freedom to be their own boss and the ability to grow and expand at whatever rate works for them. But when there is a change in the economy, many businesses may face financial hardship. This may be so serious as to require the owner…

It is not just individuals or businesses that can file for bankruptcy. If a municipality falls into hard times, it too can declare bankruptcy. This is what happened to Jefferson County (a county in Alabama). Jefferson County filed for bankruptcy protection in November 2011, becoming the largest municipal bankruptcy case in the United States. However,…

With the downturn in the economy in the last several years many Americans ended up increasing their debt load just to get by. This included not paying off mortgages or increasing credit card debt. However, according to a recent monthly report on debt, the amount of credit card debt and mortgage debt owed has dropped…

Today’s tough economy has led many individuals to make tough choices regarding their finances. Many Americans have had to create strict budgets to try and save what they had before the economy declined. But some were in too tough a position for a simple budget to help. Some have had to turn to bankruptcy to…

Running a business can be both a rewarding and difficult experience. When the economy changes, it can substantially affect a business owner’s ability to run their business. Sometimes, the only way for the owner to get their company out of a tough situation is to file for business bankruptcy. On Tuesday, a bankruptcy judge allowed…

It doesn’t take too big of a downturn in the economy to affect an individual’s ability to keep up with their bills. Before long, the individual may get so far behind in payments that he or she may be unable to catch up. In these instances, one of the only options available may be to…

Residents of California often turn to credit cards when finances get tight. With the recent downturn in the economy, many turned to credit cards for expenses they used to only use cash for. With this shift, many saw an increase in their credit card debt over the last few years. But first quarter figures show…

The recent change in economic conditions has forced many Americans to reevaluate their spending habits to prevent debt. In many cases, however, debt is inevitable. An increase in prices for everyday goods and the fact that many individuals have lost their jobs or are underemployed has led to an increase in debt such as credit…

Trying to run a business is never an easy task. But the recent economic times have made this task remarkably more difficult. It does not take many missed or late payments before creditors begin harassing a business for money owed to them. In many cases, the best way to get a business turned around and…