Bankruptcy Blog

I often have clients voice concern over obtaining credit cards after filing for bankruptcy. While it is true that bankruptcy can help you discharge your debt, it can also affect your credit. Surprisingly, in many cases your credit score will improve after filing bankruptcy. Why? Think about it from a lender’s perspective. You discharged debt…

Having trouble keeping up with mortgage payments? Experiencing a financial hardship? Consult with a bankruptcy lawyer immediately. Depending on your situation, bankruptcy may be your best option. If you anticipate your home being foreclosed on, you can use your bankruptcy application to stop the action. What Is a Foreclosure? When a homeowner fails to make…

GenOn, a subsidiary of NRG Energy Inc., filed for bankruptcy Wednesday, June 14 after reaching an agreement with its bondholders to eliminate $1.75 billion of its debt and restructure itself as a standalone company. A securities filing , made after the company reached a debt structuring agreement in May, revealed information regarding GenOn’s bankruptcy filing…

The U.S. territory of Puerto Rico continues to hang on the brink of bankruptcy as it continues to struggle with massive amounts of debt. A federal judge is now overseeing a form of bankruptcy for the territory, which owes more than $74 billion to creditors in the United States, along with more than $40 billion…

This has been a tough year for retailers. As of June, more than 300 have filed for bankruptcy, up 31 percent from the same period in 2016. While most of those filings were made by small businesses with a single location, there are plenty of household names that have also filed for bankruptcy so far…

Gymboree, a company that specializes in children ‘ s clothing, recently filed for Chapter 11bankruptcy as the weight of its debts became inescapable. The retailer currently has more than $1.4 billion in debt, and looks to eliminate $900 million from that total figure. The company will close at least 375—and up to 450—of its 1,281…

Bankruptcy exemptions are key considerations in both Chapter 7 and Chapter 13 cases. These exemptions allow you to keep a certain amount of your assets protected from your creditors. These exemptions can only protect certain types of property, such as a motor vehicle. Your attorney needs to analyze the available exemptions for the applicable state.…

Chapter 13 bankruptcy might be a great option for you to restructure your debt and secure the financial relief you need—if you are eligible for it. But how do you determine your eligibility to file for Chapter 13? Below is a general overview some key considerations of which you should be aware. Businesses Are Ineligible…

On May 15, 2017 the U.S. Supreme Court ruled in the case of Midland Funding, LLC v. Johnson, 581 U.S.____(2017), that debt collectors and purchasers are not in violation of federal law when pursuing debts during a Chapter 13 bankruptcy that they know to be beyond the statute of limitations. The 5-3 decision was a…

When you file for Chapter 7 bankruptcy, you might wonder what will happen to your potential tax refund. Whether you lose that refund depends mostly on when you file for bankruptcy. There are, however, some steps you can take to make sure your bankruptcy does not prevent you from receiving your tax refund. If you…