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Statement of Financial Affairs Information »

The Statement of Financial Affairs, a detailed financial history that must be filed in all bankruptcy cases, is long and complex. Accordingly, my series about this document consists of many parts. This blog will serve as a “Table of Contents” with links to all of the articles, and will be updated as articles are posted.
Statement [...]

Statement of Financial Affairs: What Is It? »

This is the first in a series of blogs about the Statement of Financial Affairs and the questions it asks.
The Statement of Financial Affairs (SoFA) is a rather long document that is filed in every bankruptcy case. It consists of 18 questions if you don’t have a business, and 25 if you do.
This series of [...]

Bankruptcy Judge Stephen D. Gerling Retires Today in the Northern District of New York »

Today, after 23 years as Bankruptcy Court Judge in the Northern District of New York, Utica Division, Judge Stephen D. Gerling retires from the bench.
Judge Gerling graduated from Niagara University in 1964 and received his law degree from St. John’s University in 1967. He served as a military police officer in Vietnam from 1968 [...]

Chapter 11 is for People Too »

Chapter 11 is not for everyone. But these days, we are seeing many clients who were doing very well just a few months ago and who are now hitting the rocks. For these clients, chapter 11 often turns out to be a good answer and the only viable answer.

When’s the Right Time to File Bankruptcy? »

In her January 3, 2009 article, The Case for Walking Away, Jane Bryant Quinn, Newsweek columnist and financial advisor, makes the same argument that many bankruptcy attorneys make: sometimes the best thing you can do is walk away from your house and your bills and get the fresh start that’s the purpose of the Bankruptcy [...]

San Diego Bankruptcies »

If you are considering Bankruptcy Protection, you are not alone!  As real estate values continue to decline, the economy struggles,  and government bailouts seem to have little effect, more and more San Diegan’s are turning to Bankruptcy Protection.  For the year ended 2008, there were 13,633 filings for the Southern District of California Bankruptcy Court.  [...]

Chapter 11 Debtor in Possession »

In a Chapter 11 bankruptcy case, the debtor, the person or company that files the case, is a debtor in possession.
The debtor in possession, or D.I.P, has the power to keep running the business.  It also imposes duties and powers on the debtor.
The United States Trustee’s office has guidelines for the duties of a debtor [...]

Holiday Cookies: Some Good News for a Change »

In this time of generally bleak economic news, I thought some good news would be a change of pace.  But to tell this story, the bad news first.  In October, the company that made Archway cookies (and Salerno butter cookies, if you’re from Chicago) filed a Chapter 11 bankruptcy.
Chapter 11 is usually a reorganization, but [...]

Can Bankruptcy Court Bind Claims Against Debtor’s Insurer? U.S. Supreme Court to Decide in Asbestos Case »

The U.S. Supreme Court decided Friday to determine whether the bankruptcy court can bind claimants of a chapter 11 debtor’s liability insurer.
Johns Manville Corp. filed chapter 11 bankruptcy in 1982 after being sued for lung cancer and other health-related damages caused by asbestos, a substance found in insulation and fire retardant building materials.  The bankruptcy [...]

Who Will File For Bankruptcy Next? »

According to the USA Today, the Tribune Company is contemplating filing for bankruptcy protection under Chapter 11.  The Tribune Company has not filed for bankruptcy protection yet; however, it’s management is looking at the option of bankruptcy, as any good management team would in today’s economy.
Of Course, the Tribune Company’s contemplation of Bankruptcy, is enough to scare [...]