Understanding Chapter 7, 11, and 13 Bankruptcy

Bankruptcy means seeking help to get back on strong financial footing. That often means forfeiting some of your property through the process of liquidating your assets. But specifically what happens to your property in bankruptcy is entirely based on what form of bankruptcy you file for, and there are various forms of bankruptcy that people file for. […]

Is Obamacare the Reason Behind the Drop in Personal Bankruptcy?

From the 1980s to the mid-2000s medical bills rose to become one of the largest reasons for personal bankruptcy filings in the United States. After hitting record levels in 2005, that number started to decline. Personal bankruptcy is now in its twelfth straight year of decline and US federal court records show a 50% drop since 2010. […]

Gymboree Announces Chapter 11 Bankruptcy

San Francisco-based children’s clothing retailer Gymboree Corp. will be closing 350 stores as its works to restructure in Chapter 11 bankruptcy. Gymboree Announces Chapter 11 Bankruptcy The company recently it will be closing Gymboree and Crazy 8 stores. The company also operates Janie and Jack stores. Following the closing of 350 stores, 900 locations will still be open. […]

One Year Prison Sentence for Serial Filer

After filing for bankruptcy over 10 times, “serial filer” Mark A. McFarland has been sentenced to one year in prison for his convictions on two counts of bankruptcy fraud. One Year Prison Sentence for Serial Filer Evidence presented at a recent sentencing hearing has established Mark A. McFarland, 58, as a serial bankruptcy filer. Serial bankruptcy […]

Chapter 7 Brings Bad News to Brides

If you’re a bride who ordered her dress through Alfred Angelo Bridal you might have just a little more reason to be “bridezilla.” The dressmaker filed for Chapter 7 bankruptcy liquidation last Friday. Chapter 7 Brings Bad News to Brides Alfred Angelo Bridal, which has 60 stores nationwide and sells through 1,400 other locations, might have […]

True Religion Files Chapter 11

True Religion Brand Jeans has filed for Chapter 11 bankruptcy protection but plans to continue to operate its business uninterrupted. True Religion Files Chapter 11 True Religion, the Los Angeles-based maker of stylized jeans and apparel has decided to file for Chapter 11. The company, which is owned by TowerBrook Capital Partners, said the plan for […]

What You Need to Know Before You File

Understanding the following aspects of bankruptcy will help you be more prepared to take the next step. Bankruptcy is Not Quick Chapter 7 bankruptcy case lasts an average of four months. A Chapter 13 bankruptcy plan lasts for three to five years. A Chapter 11 bankruptcy case may last for two years or longer. Public […]

Takata Files for Chapter 11

This week Japanese car parts maker Takata filed for bankruptcy protection in both the US and Japan. The company’s defective airbags have been linked to at least 17 deaths worldwide. Takata Files for Chapter 11 Japanese car parts maker Takata was forced to file for Chapter 11 bankruptcy protection in like of the billions of dollars […]

Considering a Pre-Packaged Bankruptcy?

When a company knows it’s going to need to file for bankruptcy, one of the quickest options available is a pre-packaged bankruptcy. But what is that? Considering a Pre-Packaged Bankruptcy? A Pre-packaged bankruptcy is when a company that is facing bankruptcy arranges creditor support for their bankruptcy plan before they actually file. The plan for […]

You Can Protect Your Assets During Bankruptcy

You worked hard for the assets you’ve earned. And sadly, if you’re facing bankruptcy, chances are you’re at risk for losing the assets you’ve worked hard to achieve. Luckily, lawmakers have passed acts that shield certain assets. Here are some of those things. Laws That Protect Assets During Bankruptcy State and federal laws have been […]