Filing bankruptcy is often considered a bad thing. However, companies file bankruptcy because things have gotten bad, and the one thing that may be worse than filing bankruptcy is not filing. Take Eastman Kodak Co. for an example. In 2011,… Continue Reading
Chapter 9 bankruptcy is reserved for municipalities. Basically, when a city gets into financial trouble and cannot repay its debts, Chapter 9 bankruptcy gives it a way to reorganize its financial obligations. Earlier this year Detroit filed for bankruptcy relief… Continue Reading
Filing for bankruptcy relief puts an automatic stay into effect. This stay prevents collection activity against the debtor. How long the stay continues in effect depends on the type of bankruptcy case filed. There are two common types of consumer… Continue Reading
Credit ratings are used to determine the risk to the lender of loaning money to a borrower. However, the score by itself isn’t the only factor that lenders consider. Lenders also consider how much debt the borrower has and their… Continue Reading
If you are thinking about filing Chapter 7 bankruptcy then chances are good that you are in financial trouble. When potential clients ask me whether I think they should file bankruptcy, I usually ask them what will happen if they… Continue Reading