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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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Pros and Cons of Filing a Joint Bankruptcy

First, let’s be clear that only legally married people can file for joint bankruptcy. Same sex couples are gaining some ground in this arena, but they cannot have a civil union, they too have to have a legal marriage to be able to file joint

Procedures for Judge Bason (Los Angeles)

United States Bankruptcy Court - Central District of California Edward R. Roybal Federal Building and Courthouse Download Bason_Procedures

California Supreme Court's Decision re Standing in Prop. 8 Case

Read the decision here.

General Maritime Files Bankruptcy With $1.4 Billion in Debt

"General Maritime Corp., the second- largest U.S. owner of oil tankers, filed for bankruptcy protection from creditors after falling oil demand and a surplus of ships led to two years of losses. The New York-based company listed assets of $1.71...

Friendly’s CEO, Sun Capital Ring Up Hefty Expense Tabs

Getty Images Harsha Agadi, the fast-food veteran who signed on to lead Friendly Ice Cream Corp. last year, billed the failing company $243,000 for expenses in the year before it filed for bankruptcy, court records show. That’s in addition to nearly

Deadlines in a Chapter 7 Bankruptcy

Like all things legal, a bankruptcy has deadlines that signify important milestones in your case. The following deadlines are ones you want to take particular note of because they’re very important. 10 Days after the 341 Ten days after your 341

Bankruptcies Down in Massachusetts

Massachusetts bankruptcy filings fell in October 2011, which was the fourth straight month that we saw a decline in bankruptcies throughout the country. It is not clear if this was because folks have better control of their credit or because the next

The Daily Docket: General Maritime Plunges Into Bankruptcy

General Maritime Corp. voluntarily filed for Chapter 11 bankruptcy and reached agreements with key senior lenders for a financial restructuring that will allow the oil-tanker company’s operations to continue. Click here to read the article in Daily

Can I Pay Tax By Credit Card Then File Bankruptcy?

Credit card debt is frequently discharged in bankruptcy. Taxes can be paid with a credit card. State and Federal governments accept and even encourage such payment. However, a credit card debt incurred to pay tax is probably not dischargeable. There

Is It Possible To Get A Car Loan After Declaring Bankruptcy?

You’ve had to declare bankruptcy – but that doesn’t mean your needs for big-time purchases have been put to an end. If you need to purchase a car – and you have the mark of bankruptcy on your credit score – it’s easy to think that a dealer or lender

Bridgeport – Distressed but not Insolvent

On November 9, 2011, facing an ongoing sewage debacle and claimed liabilities in excess of $4 billion, Jefferson County, Alabama, filed for bankruptcy protection under chapter 9 of the Bankruptcy Code. Jefferson County’s chapter 9 filing is reported

Responding To Debt Collectors

Often people call me and ask me to help them deal with creditors calling to collect money. I always explain that handling collection calls is not legal work, and they will waste money paying attorneys to respond to collection calls....

Navigating Distressed Co-Lender Loans: Just Another (Dysfunctional) Modern (Finance) Family?

Earlier, I offered up some advice that in a workout, you really can't take it personally . If that didn't work for you, then here's another approach that should resonate (I can't get it out of my head): if you're in a loan with other lenders, the co

Where Will I Live After the Bankruptcy?

Plenty of my clients are worried about where they will live if they file for personal bankruptcy and hand over their (usually far under water) house. They've heard horror stories about people with bankruptcies being incapable of finding a place to

Start Thinking About Bankruptcy Before You Are Broke

Oftentimes folks wait until they've spent every last penny they have before contacting a lawyer regarding bankruptcy. This seems like common sense: You go broke and then you go bankrupt. However, this is not how you should go about it. There's a

Is Bank of America Gambling on Resurrection (or Is BoA Holding the US Hostage)?

What would you do if you were running an insolvent company? The smart thing is to bet big: go with a high-risk/high-return strategy. If the gamble pays off, you're solvent, and if not, well, you're already insolvent. You're playing with the creditors

OCC Should Embrace Mutual Savings Institutions

The Treasury and the banking industry would like nothing better than to see more credit unions convert to taxpaying banks. This is hardly going to happen if CUs perceive the OCC as an inhospitable regulator of their mutual form.

Insolvency Law Committee eBulletin

November 16, 2011 Dear Insolvency Law Committee Constituency List members: The purpose of this eBulletin is to provide analysis concerning substantial amendments to the Federal Rules of Bankruptcy Procedure (“FRBP”). In February 2010, the Insolvency

When is the right time to sell silver coins?

Sell your silver coins at the right price. To figure out what price that is, follow this method.

Best buys on Black Friday and what to skip

Looking for a great deal on Black Friday? Some things are worth facing the crowds and some aren't.