On November 5, the American Suzuki Motor Corporation chose to file for Chapter 11 bankruptcy protection. The decision to file for bankruptcy means that Suzuki motor vehicles will no longer be sold in the United States. Sales of ATVs and motorcycles will still continue...
Bankruptcy Law
Former MLB player files for Chapter 7 bankruptcy protection
Jose Canseco, a former MLB player for multiple teams including the Oakland Athletics, has filed for Chapter 7 bankruptcy protection.Canseco, who currently plays for the Worcester Tornadoes, an independent league team, earned two World Series rings during his time in...
Percentage of seniors filing for bankruptcy on the rise
Several recent bankruptcy studies have concluded that the percentage of seniors seeking bankruptcy protection is on the rise.For instance, one study says that in 2006, seniors accounted for 7.8 percent of the nation’s total bankruptcy filings. In 2009, the...
Bankrupt Funeral Home Sold
Al.com reports that “bankrupt Bessemer Funeral Home will be sold to a new company that has promised to honor all burial contracts, according to testimony at a court hearing Wednesday.”The company’s old owner, Elizabeth Anne Modder Wallace, formed a new company to buy...
Can tax obligations be discharged during a bankruptcy?
When individuals file for bankruptcy, they usually believe that they cannot discharge their tax obligations. However, some of these tax obligations may be discharged in a bankruptcy filing.In some cases, none of the tax obligations can be discharged. Certain...
Are you required to go to court in a bankruptcy proceedings?
When individuals file for bankruptcy, they do not necessarily go to multiple court hearings. However, they are often required to attend one hearing, which is commonly known as a 341 meetings.At this meeting, bankruptcy filers will meet with their bankruptcy trustees...
Can you employer fire you because you filed for bankruptcy?
When individuals file for bankruptcy, they often have many concerns about their finances, families, and jobs. Some individuals believe that if their employers find out about their financial situation, they may fire them.However, according to U.S.C. Sec 525, employers...
The consequences of bankruptcy fraud
Bankruptcy fraud occurs when individuals file for bankruptcy with criminal intent. Such intent includes filing for bankruptcy for purpose of not paying for goods and services even though the filers have sufficient funds.If individuals are convicted of bankruptcy...
What is a garnishment?
A garnishment is a way of collecting payment from a defendant. It orders a third party, which owes money to the defendant, to pay money directly to a plaintiff.Garnishments may cause significant financial hardship for those who have a number of debts. For this reason,...
Will your small business bankruptcy drive you into personal bankruptcy?
When small businesses file for bankruptcy, their owners’ personal assets are typically protected from creditors. The filing typically freezes or erases creditors’ claims on the business’s assets.However, if the owner is liable for the businesses debts, then the...