Category Archives: Bankruptcy
Social Media Accounts and Your Business Bankruptcy Case
Court decisions issued over the past 15 years are full of evidence of the ways in which social media has destroyed interpersonal relationships and the reputations of individuals and companies. If a time traveler read court decisions that reference social media activity, though, it would also be obvious to him or her that social… Read More »
Frequently Asked Questions About Chapter 13 Bankruptcy
The vast majority of bankruptcy filings by individuals take place under chapter 7 or chapter 13 of the bankruptcy code. The shorthand descriptions of the differences between these two types of bankruptcy filing commonly used in the media do not tell you all the details about how the case will go if you file. … Read More »
4 Bummers About Bankruptcy
No one goes to bankruptcy court expecting that filing for bankruptcy will feel like taking a victory lap, but many applicants go into the bankruptcy process with an excess of optimism. Bankruptcy will take away some of your debts, but only if you hold up your end of the bargain, and even then, you… Read More »
Should Retirees Declare Bankruptcy?
Retirement is supposed to be a time when you can walk away from the rat race and stop worrying about money. Federal programs such as Social Security and Medicare are designed to protect seniors from poverty. In practice, though, the law gives companies a lot of leeway to impose heavy financial burdens on consumers;… Read More »
Denial of Discharge in Chapter 7 Bankruptcy Cases
The best-case scenario in a chapter 7 bankruptcy case is that the bankruptcy court discharges all of your eligible debts and does not liquidate any of your assets. When this happens, you get to keep your house and your car, and the court discharges your credit card debts and your old medical bills. Therefore,… Read More »
Top Reasons That People File for Bankruptcy
Getting sued by a creditor is one of the most humiliating things that can happen in a courtroom, but business to consumer lawsuits are unfortunately common in Florida. Creditors can persuade the court to order you to pay debts that you cannot afford, and when you do not pay (as you have been saying… Read More »
Subchapter V Is a Boon to Small Businesses
You have probably heard the gloomy statistic that most businesses close within the first five years of opening. What that statistic does not take into account is that even the businesses that are still operating take a while to become profitable. Debt is a virtually inescapable part of operating a small business, even a… Read More »
Florida Celebrity Bankruptcy Files: Antoine Walker
Several years ago, ESPN made an entire series of rags to riches to rags stories of professional athletes who gained immense wealth during their sports careers, only to lose their fortune several years later. Viewers who lack athletic talent watched the show with Schadenfreude, thinking that people who made their money through boring jobs… Read More »
Filing For Bankruptcy Protection After Closing A Business
More than half of small businesses close within a few years of opening. Meanwhile, closing a business with losses is one of the most financially disruptive events in a person’s life. Just as a disproportionate number of bankruptcy filings are by recently divorced people, people who have recently closed a business with losses also… Read More »
Do You Fit The Profile Of A Typical Bankruptcy Filer?
You have probably heard all the stereotypes about people who file for bankruptcy. There’s the guy who makes extravagant purchases and invests in business ventures that have little chance of success and then, instead of paying up, declares bankruptcy when the bills come due. Then there’s the guy who declares bankruptcy after a divorce,… Read More »