Bankruptcy Law Blog

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…

The recent economic situation has led many Americans to have to examine their finances and make changes. In some cases, minor changes to a budget will not be enough to drastically change someone’s financial situation. In these cases, one of the only options left is to file for bankruptcy. There are two types of bankruptcy:…

A previous post discussed that Bob Cook, a minority owner of the Sacramento Kings, had filed for chapter 11 bankruptcy. At the time, the trustee in the bankruptcy case was pushing for a sale of Mr. Cook’s minority share in the Sacramento Kings to Chris Hansen, who apparently wants to move the team to Seattle.…

After the chapter 7 petition has been filed, the court will set a date for the meeting of creditors (also called the 341 meeting). At this meeting, the trustee and the debtor’s creditors have a chance to question the debtor. The trustee will generally ask questions like whether the information provided in the petition and…

This recent economic downturn has forced many individuals to turn to alternative ways to pay for everyday items such as groceries and gas aside from cash. The most common alternative, unfortunately, was for people to turn to credit cards. This led to an increase in credit card debt for most individuals during this time period.…

Running a business can be a difficult thing, and many businesses face financial troubles at one time or another. Even businesses that some might think are immune to financial pressures can end up in financial trouble. Some might think that being a doctor can make you immune from financial troubles, but even doctors sometimes need…

When a company is facing tough economic times, there are many decisions to be made and discussions to be had on how to bounce back. Many times, a company is able to make a few changes and add a few cost saving measures to get back on track. But in some cases, the company is…