Archive by Author

Everything You Need to Know about the Means Test

August 08, 2018  |   Posted by :   |   bankruptcy   |   0 Comments

In 2005, Congress decided to revise the bankruptcy code, which hadn’t been changed much during the previous 25 years. Why did they choose to revise? Congress and bankruptcy courts had become increasingly concerned that too many people were filing for bankruptcy – and their cases approved – who could actually afford to pay their debts. […]

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Losing Profit Leads to Store Closings for Sears

July 05, 2018  |   Posted by :   |   bankruptcy   |   0 Comments

Remember the days when everyone would shop at Sears for back-to-school clothes after receiving the annual catalog in the mail? Well, the once-dominating department store is closing stores across the U.S. This is due to the company’s inability to reach sales goals, which ultimately means they’re losing profits. They currently can’t afford to keep stores […]

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Andy Warhol’s Interview Magazine – The End of an Era

June 01, 2018  |   Posted by :   |   bankruptcy   |   0 Comments

In 1969, Interview magazine was founded. It is a publication that details arts and culture, and which was started by Andy Warhol. On Monday, May 21, 2018, employees of the magazine company publicly tweeted that the publication is filing for bankruptcy. This comes nearly 50 years after the first issue was released. Let’s take a […]

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Bankruptcy in the News – Gibson Brands, Inc. Files for Bankruptcy

May 09, 2018  |   Posted by :   |   bankruptcy   |   0 Comments

For any musicians reading this, you may be devastated to learn that the guitar company, Gibson, recently filed for bankruptcy. But don’t worry, all may not be lost; the leading guitar company plans to stay in business by focusing solely on manufacturing and selling guitars and other instruments, while gutting its consumer electronics line of […]

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Who is Responsible for Paying Bankruptcy Debts?

April 20, 2018  |   Posted by :   |   bankruptcy   |   0 Comments

Filing for bankruptcy may seem very confusing. You may be asking yourself, “Where does the debt go?” or “Who pays for the debt?”. The answers to these questions all depend on the type of bankruptcy you file, be it either a Chapter 7 liquidation or Chapter 13 wage-earner plan. Let’s unpack this and clear up […]

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How Bankruptcy Can Help in Foreclosure

March 14, 2018  |   Posted by :   |   bankruptcy   |   0 Comments

​2017 saw the lowest number of foreclosures in the U.S. since 2005: 676,535 foreclosures. A foreclosure is when a homeowner defaults on their mortgage obligation usually when they miss three or more consecutive mortgage payments.  The lender will then typically files a Notice of Default (NOD). The lender will then take possession of the property in […]

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What Comes after Bankruptcy?

February 07, 2018  |   Posted by :   |   bankruptcy   |   0 Comments

Bankruptcy may seem like the end of the world, but we can assure you that life will go on after the filing of your petition and receipt of your discharge. Having said that, there are some steps you should take immediately following the court proceedings to get back on track. Let’s take a look: • […]

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Alternatives to Bankruptcy in MA

January 14, 2018  |   Posted by :   |   bankruptcy   |   0 Comments

Are you in debt and considering filing for bankruptcy in MA? Before you make the jump, have you considered all other possibilities and alternatives to pay off the debt? If not, keep reading! Bankruptcy should only be a last resort, after all other attempts to pay down the debt have failed. When it comes to […]

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Reasons Why People File for Bankruptcy

December 13, 2017  |   Posted by :   |   bankruptcy   |   0 Comments

In order to know why people file for bankruptcy, one must first know what bankruptcy is. Bankruptcy, as defined by Nolo.com, is the process by which individuals and businesses clear debt with the protection of the federal bankruptcy court. Furthermore, there are two types of bankruptcies for which to file: liquidation and reorganization. Chapter 7 […]

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Considering Filing for Bankruptcy? Try to avoid doing these 6 things

November 15, 2017  |   Posted by :   |   bankruptcy   |   0 Comments

The decision to file bankruptcy is never one to be made lightly. Whether you’re in debt from exorbitant medical bills, loss of income, or from a recent divorce, your only option to relieve yourself of the debt associated with these unfortunate events may be to file a personal bankruptcy. There are, however, certain actions you […]

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