The company responsible for Ho Hos, Twinkies, and Ding Dongs has announced that it has filed for bankruptcy protection. Hostess Brands has filed for Chapter 11 bankruptcy once before, in 2004 when it was under the name Interstate Bakeries Corp. The company recently came out from a financial restructuring process in 2009 with changes that the company now considers as “insufficient.”
If you went all out for Christmas and got your spouse and children everything on their wish lists, your bank account might not be feeling the same warm glow of contentment as your family. If you want to avoid hitting rock bottom or plunging further into debt, you need to take some proactive steps to getting a grip on your finances. 1. Evaluate where you stand right now. Before you can get your finances in order, you need to know everything that is happening with your various accounts and bills. Take the time to sit down and make a list…
Eastman Kodak Co., the notoriously innovative company that was credited with making the camera financially assessable to the greater public, is considering filing for Chapter 11 bankruptcy, according to the Wall Street Journal. How did a company that was once so successful end up in such a rut?
Due to the unprecedented real estate market, many people are facing the very difficult question of whether to let their underwater homes go by short sale, foreclosure, or surrendering the home during bankruptcy. In many cases a short sale may be the best option; however, in cases that involve recourse loans, it may be in your interest to surrender the home through bankruptcy.
Potential clients may hesitate to call a bankruptcy attorney, especially if they’re unsure about whether or not they even qualify to file. Alleviate hesitation and give your website visitors the confidence to call you by adding a Bankruptcy Calculator to your firm’s website. Simply choose a size below, copy and paste the HTML code on your website, and you’re good to go. We’re sharing it for free, so there’s no need to worry about money — and that’s something we know can resonate with any bankruptcy attorney. Want to see the bankruptcy calculator in action? Click on the link to…
There are two common tools in bankruptcy that relate to mortgages. The first is called a “Lien Strip,” and the second is a “Cramdown.” It’s important to note that these tools are only available in a Chapter 13 bankruptcy. (Chapter 13 requires monthly payments.)
It’s extremely common to have multiple names on a single bank account. Married couples do it all the time. Parents put their names on their children’s accounts. Domestic partners will often open joint accounts. Children will put their names on accounts for their aging parents. Usually, this is to provide the joint signer of the account access to the money in case something happens to the primary owner. When people file for bankruptcy, they often think they have access to money in any bank account that has their name on it. This, however, is not the case.
Bankruptcy does not affect custody rights. If you currently have a custody or visitation agreement or order in place and need to file bankruptcy, you can rest assured that the bankruptcy will not change the determination. It is important to note that any agreement or order regarding child support will also remain unaffected by the bankruptcy. Child Support is a non-dischargeable debt, and whatever past due amount of child support you may owe and whatever amount you are obligated to pay on a monthly basis will remain the same unless a change is made through the Family Court.
In fact, I tell this to every potential client that comes into my office. You are under no legal obligation to hire an attorney to file bankruptcy. However, the practical answer is different. Do I think it is imperative to hire a bankruptcy attorney to file bankruptcy? Absolutely.
Because it’s common for people to move from state to state, it is also common for people filing bankruptcy in Arizona to have property, both personal property and real estate, in other states. Because of this, there are three common questions that come up: When can I file bankruptcy in Arizona? What state’s laws control the outcome of my bankruptcy? What state’s laws protect me outside of bankruptcy?
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