When you file a bankruptcy case, you need to list all your stuff. That means all your stuff. That means at fair market value. That means don’t mess around. In particular, don’t mess around with the Bankruptcy Court in Texas. In a recent case, In re Peters, the debtor listed “Art” consisting of “six pictures” worth [...]
January 2011
Even a rich and ancient institution like the Roman Catholic Church needs bankruptcy. On January 4, 2011 the Archdiocese of Milwaukee filed for protection in bankruptcy under chapter 11. Other Archdioceses around the United States have previously been forced to file for chapter 11 relief, including those in Portland, Oregon; Wilmington, Delaware; Tucson, Arizona; Spokane, [...]
As we start a new year, it is a good time to set some new financial goals. In particular, the goal of reducing debt or eliminating your dependence on debt should be everyone’s goal. So, how do we get started? First, you need to know what your debts are. As one financial talking head stated, [...]
No one wants to file bankruptcy. No one does it for fun. It’s like going to the dentist (or proctologist, or urologist–take your pick). You do it only because you need to, and it will improve your life in the long run. So how do you know when the time has come? Here are some [...]
Filing bankruptcy if you have an interest in a corporation or a limited liability company requires some extra work for you and your bankruptcy lawyer. Preparing an accurate balance sheet listing the company’s assets and debts is a critically important part of this process. As we’ve written before, just because you file bankruptcy doesn’t mean [...]
Every person who files a bankruptcy is required to attend a Meeting of Creditors. The meeting, also called a Section 341(a) meeting, is held by a Trustee. The Trustee is an individual, usually an attorney or a certfied public account, who is responsible for reviewing the debtor’s bankruptcy to see if there are any assets [...]
