Bankruptcy Law Blog

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…

In the current economy, uncertainty about the future is a common concern. This is especially true for business owners. Small changes in the economy can substantially affect an owner’s ability to pay creditors. It does not take many missed or late payments to creditors before a business can fall very behind and face significant economic…

Divorce can be one of the most difficult times in California resident’s life. One of the main issues in divorce is the division of assets. However, many do not think about another item that must be divided: credit card debt. With the recent economic times, many Americans have ended up relying more heavily on credit…