Chapter 11 Bankruptcy

29 Nov Bankruptcy Dominoes

Bankruptcy filings--especially big ones--are often like dominoes. Let's say a large commercial project, like a shopping center, falls on hard times, and the developer files for bankruptcy. Even if the bankruptcy is a Chapter 11 reorganization, which means that the company may continue to operate, and even continue to develop the shopping center, the contractors who have done the construction, the suppliers, and even the architects and engineers, may not get paid for a while, or may not get paid all they are owed. So the general contractor also files bankruptcy. Now the subcontractors don't get paid, and the workers are laid off, and so on, and so on. Even a small or medium-sized business bankruptcy can have a ripple effect.
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08 Sep Do I Really Need to Disclose My Second Job in a Bankruptcy?

Another bankruptcy lawyer recently told me he was meeting with a client in a Chapter 7 case before filing, and was asked, "Does the Court really need to know about my second job?" We smiled and shook our heads (the answer is clearly, "Yes"), but I realized that most people, being completely unfamiliar with the process, don't really know what information is and isn't necessary--and what can happen if it isn't provided. Here's a short list:
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