Last Wednesday, the bankruptcy judge overseeing the Detroit bankruptcy case put a hold on all lawsuits that were challenging Detroit’s bankruptcy filing, as well as most other litigation against Detroit. However, this does not mean an end to Detroit’s legal troubles. The bankruptcy judge pointed out that his ruling did not decide whether Detroit could…
Continue reading ›What is bankruptcy court? To put it simply, bankruptcy courts are the courts in which all bankruptcies must be filed, including those for Yreka bankruptcy attorneys. After a person has prepared his or her petition, schedules, and other documents, that person must file those documents at the bankruptcy court for his or her district. As…
Continue reading ›Businesses face many challenges but can also reap several benefits. Business owners must manage all the issues that arise in a business such as submitting and paying for orders, hiring and paying employees, paying rent or buying the location. Business owners also get the satisfaction of being their own boss and managing it how he…
Continue reading ›Bankruptcy is not just for individuals and businesses. In certain states, municipalities can file for bankruptcy as well. Recently, the city of Detroit filed for bankruptcy, becoming the largest municipal bankruptcy in terms of both population size and debt load. On July 18, 2013, Detroit filed for bankruptcy. Detroit has approximately $18.5 billion dollars in…
Continue reading ›Many companies face financial challenges at some point in their existence. Many are able to turn it around, but some are forced to turn to bankruptcy to get out from under mounting debt. There are two types of bankruptcy that a company can file, and one is Chapter 7 bankruptcy. Chapter 7 allows the debtor…
Continue reading ›The vast majority of bankruptcy cases are voluntary in Rancho Cordova, CA. When a business or person has trouble paying debts filing for bankruptcy helps create debt relief. However, in very rare cases, it is possible for creditors to force a person into bankruptcy. This is what happened to Tommy Thompson, a treasure hunter. In…
Continue reading ›Filing bankruptcy in Elk Grove begins with an attorney or individual lodging a petition with the Federal Bankruptcy Court. Individuals and businesses considering bankruptcy to eliminate their debts should consult with an attorney before filing a new case. The bankruptcy laws change frequently and a lawyer can advise you of these changes. When a bankruptcy…
Continue reading ›The recent economic downturn has forced many Americans to turn to other ways to pay for everyday items instead of cash. One common payment method people turn to is credit cards. But with an increasing use of credit cards without an increasing income to pay off the balance, many Americans have experienced an increase in…
Continue reading ›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…
Continue reading ›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…
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