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Category Archives: Bankruptcy

Oilfield Company Files for Bankruptcy in Delaware After $250 Million Default

Because of its flexible corporate laws and beneficial state corporate income tax, many companies choose to incorporate in the state of Delaware. Because these companies are incorporated in Delaware, they often will file for bankruptcy in the Delaware district court even though their primary place of business might be located in another state. One such… Read More »

Determining Eligibility for Chapter 7 Bankruptcy: Understanding the Means Test

Bankruptcy is often the best solution to debt problems, but do you know what type of bankruptcy is right for you? For individuals as well as partnerships, corporations and other business entities, Chapter 7 bankruptcy can provide relief. Through Chapter 7, a bankruptcy trustee gathers and sells all the debtor’s nonexempt assets to pay off… Read More »

Does Filing For Bankruptcy Stop Foreclosure?

The best way to avoid foreclosure when you are behind on a mortgage payment is to work out a new payment plan with your lender or refinance the loan as soon as possible. However, even when your lender finds your loan in default and begins foreclosure proceedings, there are options such as bankruptcy that can… Read More »

Does Bankruptcy Help With Tax Debt?

Debts come in all forms from student loans to consumer debt, mortgage loans to medical bills, and even overwhelming tax debt. Many debtors find relief from debts by filing for bankruptcy, including either a full discharge of eligible debts or a plan to repay certain debts with the remainder being discharged. While bankruptcy provides relief… Read More »

How to File for Chapter 7 Bankruptcy for Consumer Debts in Pennsylvania

Deciding to file for bankruptcy is a huge step in repairing credit and rebuilding your finances, but the process can prove daunting. Understanding the filing process makes bankruptcy less stressful and more successful. The Chapter 7 bankruptcy process begins when a debtor files a petition with the bankruptcy court where he or she lives or… Read More »

Transferring Property May Be Bankruptcy Fraud in Pennsylvania

Bankruptcy fraud is a serious allegation that can be made against even well-meaning but inexperienced debtors. One of the most common types of bankruptcy fraud is concealing assets to avoid having to forfeit them. During Chapter 7 bankruptcy, the debtor must list all assets and any asset that is nonexempt is liquidated to pay off… Read More »

School Loans Burden Students With Unmanageable Debt

When debt becomes overwhelming, the logical step for many people is to file for bankruptcy to get a handle on debt through reorganization or a fresh start through liquidation. While bankruptcy could be an appropriate option, care should be exercised as there are special rules that apply in bankruptcy to student loans. Unfortunately for students,… Read More »

Chapter 11 Bankruptcy Saves Pennsylvania Business

When the Marathon Grill restaurant at 1818 Market Street in Philadelphia, Pennsylvania fell behind on rent because of the 2008 recession, they were able to continue operations through a debt settlement agreement with their landlord. But when ownership changed, the new landlord failed to honor the agreement and threatened to take possession of the leased… Read More »

Watch What You Post On Social Media

Most of us are aware that social media sites are public and the updates and photos on them can sometimes be used against the person posting the information. Colleges check prospective students’ social media accounts before admitting the students. Employers check the Facebook accounts of job applicants. Couples check the social media accounts of their… Read More »

Will Bankruptcy Affect My Employment?

If you are considering filing for bankruptcy, you might be concerned about how your filing will affect your future employment. Can your employer fire you because of the bankruptcy? Will your employer even find out? Will you ever get a job again? Rest assured that, while your bankruptcy may have some impact on your current… Read More »