Bankruptcy Law Blog

Ponzi schemes have allowed individuals to amass large amounts of money by swindling others. Fortunately, many of these individuals get caught. But one individual who was charged with fraud and bribery in relation to a ponzi scheme recently filed for Chapter 7 bankruptcy in Sacramento, California. The individual conned $20 million out of an Indian…

Owning a home is the dream of many American families. For most families, a mortgage is necessary to achieve that dream. However, a mortgage is still a debt that, in difficult financial times, can put families in significant financial hardship. This can lead to the need for debt relief to try to save their home…

The recent economic downturn has affected all different kinds of industries, from agriculture to manufacturing. One California poultry farm has recently chosen to file for bankruptcy to pay off creditors. Zacky Farms LLC owes creditors close to $100 million. Zacky points to the dramatically rising feed costs and heavy debt as the reasons for filing.…

Credit cards can be an easy way to make purchases when one is short on cash. These economic times have led families to put more on credit cards and take on more credit card debt. But excessive use of credit cards can lead to unmanageable levels of credit card debt. And, unlike cash, a balance…

The recent economic downturn has forced many businesses to make tough decisions. Many turned to business bankruptcy to keep their companies afloat. Pacific Ethanol Inc. was among those companies which chose a business reorganization in bankruptcy court as a way to get through a tough time. Pacific filed for bankruptcy in 2009 and is in…

This period of economic downturn has affected many different financial aspects of businesses. An increasing number of business bankruptcies have affected employee protections such as pensions due to the protections granted to businesses in bankruptcy. The California legislature and Governor Brown recently passed public pension reform that was careful not to affect any current or…

Credit cards have become an even more useful tool to many Americans during these difficult economic times. Credit cards allow individuals to spend more than then currently have in their bank accounts to cover expenses by ‘borrowing’ from a credit card company. But spending beyond one’s bank account can eventually lead to unmanageable credit card…

California residents know that this economy has taken its toll on many businesses. The economy has resulted in several companies having to seek business bankruptcy protection. Journal Register Co. is another business that is seeking the protection of bankruptcy. This is the second time in three years this company has sought this protection. The company…

Individual Americans are not the only ones feeling the pinch of the recent economic downturn. Cities throughout America are also trying to figure out how to make it work. Many cities, especially in California, are contemplating filing for bankruptcy as a form of debt relief. Bankruptcy can prevent creditors from harassing the individual who filed,…

In these tough economic times, many Americans have turned to credit cards to make everyday purchases. But this has left many Americans with substantial credit card debt. But what happens to this debt if you die? Generally, the estate pays off credit card and all other debts. In most cases, the estate is not able…