Archive for the ‘Chapter 11 Bankruptcy’ Category

How to Survive on a Tight Budget

12 April 2013 by jacksonwhite  |  Bankruptcy Process, Chapter 11 Bankruptcy, Chapter 12 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Filing for Bankruptcy, General Bankruptcy, Money Saving Tips, Types of Debt  |  No Comments

Since most people in this world are not drowning in a bunch of extra cash lying around, we have to learn how to save and budget our money.  The following five tips will help you enjoy the pleasures of life while saving some dough. Plan out your life.  Decide what is most important to you.  Do you want to have the latest technology?  A decent amount of toys, such as, boats, cars, and quads?  Or do you want to live in a nice home, located in a safe neighborhood?  Whatever the case, you need to learn to have a balance…

Should I use a credit card after bankruptcy?

5 April 2013 by jacksonwhite  |  Bankruptcy Effects, Bankruptcy Process, Chapter 11 Bankruptcy, Chapter 12 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Credit Score, Debt Collection Issues, Filing for Bankruptcy, General Bankruptcy, Types of Debt  |  No Comments

You might be thinking it is a bad idea to have a credit card after bankruptcy.  However, even though credit cards could have been your reason for filing bankruptcy, they are essential to use after this process in order to begin restoring your credit. Lenders, landlords, utility companies, insurance companies, and employers can look at your credit score to determine the amount you will be paying for loans. Since bankruptcy can destroy your credit score, it is necessary for debtors to restore their credit score.  If you don’t have a card, it will be impossible for you to score points. There…

Hardware Store Files for Bankruptcy

23 January 2013 by jacksonwhite  |  Bankruptcy Process, Business Owners, Chapter 11 Bankruptcy, General Bankruptcy  |  No Comments

A Houston-based company, Handy Hardware Wholesale Inc., filed for Chapter 11 bankruptcy after starting a second distribution center during the U.S. recession. The company was founded in 1961 by hardware retailers who wanted to discuss lowering the price of inventory.  Handy Hardware has 1,000 members who own the company completely.  They are over 1,300 outlets which consist of retail hardware stores, lumber yards, and home centers.  The decreased inventory prices made it easier for the members—mainly family owned, independent businesses—to challenge other companies like Home Depot Inc. and Lowe’s Cos. In 2009, Handy Hardware constructed a 460,000 square-foot warehouse in…

The Ins and Outs of Chapter 11 Bankruptcy

21 September 2012 by jacksonwhite  |  Arizona Bankruptcy Code, Arizona Bankruptcy Procedures, Arizona Bankruptcy Rules, Bankruptcy Process, Chapter 11 Bankruptcy, Duties of the Debtor, General Bankruptcy  |  No Comments

Bankruptcy: Chapter 11 Chapter 11 bankruptcy begins with a filing of a petition with the bankruptcy court. The petition can be filed voluntarily or involuntarily. A voluntary petition is when the debtor files for bankruptcy and an involuntary petition is when the creditor(s) file for bankruptcy on the debtor’s behalf. When filing for chapter 11 bankruptcy, the debtor must also file: Schedules of assets and liabilities A schedule or current income and expenditures A schedule of executory contracts and unexpired leases A statement of financial affairs The debtor is also required to pay a $1,000 dollar filing fee and a…

MLB All-Star Jose Canseco Files for Chapter 7 Bankruptcy

8 August 2012 by jacksonwhite  |  Chapter 11 Bankruptcy, Chapter 7 Bankruptcy, Filing for Bankruptcy, General Bankruptcy  |  No Comments

Former MLB All-Star Jose Canseco filed for Chapter 7 Bankruptcy. He was ranked 32nd on the MLB all-time list with 462 career home runs. Canseco isn’t the only athlete who has had to file for bankruptcy. Former NFL running back Jamal Lewis filed for Chapter 11 bankruptcy, former NFL star Warren Sapp filed for Chapter 7 bankruptcy. Dennis Rodman, Michael Vick, and Allen Iverson are some other celebrities who have filed for bankruptcy. When these young athletes obtain a small fortune, they have a habit of purchasing luxury items instead of trying to secure a long-term fortune. Most of these…

Arizona Bankruptcy: Chapters 7, 11, and 13

18 July 2012 by jacksonwhite  |  Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Filing for Bankruptcy  |  No Comments

Declaring bankruptcy is a stressful and emotional time, but afterwards, it can leave you with a fresh start and a sense of freedom you haven’t felt in years.  In order to declare bankruptcy, you must first find out which chapter of bankruptcy best suits you. Second, you have to qualify in order to declare bankruptcy. Chapter 7 bankruptcy requires those in debt to liquidate all non-exempt items. The items on the non-exempt list include: One car Your primary residence and the equity in the property Your 401K plans Your life insurance policies Personal effects, such as household items, and clothing…

Infamous Law Firm Dewey & Leboeuf LLP (Finally) Files for Bankruptcy

5 July 2012 by jacksonwhite  |  Bankruptcy Process, Chapter 11 Bankruptcy, Choosing an Attorney, Filing for Bankruptcy, General Bankruptcy, National News  |  No Comments

Dewey & Leboeuf, once one of the largest law firms in the world, operating in over a dozen countries including Abu Dhabi and Doha, filed for Chapter 11 protection in May. The firm was conceived in 2007 after a merger between Dewey Ballantine and Leboeuf, Lamb, Green & MacRae, and it seemed to be a promising business in its first few years. However, some say that the greed of former chairman, Steve Davis, ultimately destroyed the colossal firm. Davis was determined to attract the best attorneys from across the world, and he proved successful in the beginning, recruiting thousands of…

After a Long Struggle to Keep the Coyotes in Phoenix, the NHL May Finally Announce Agreement to Sell Tonight at Playoff Game

7 May 2012 by arizonabankruptcy  |  Bankruptcy Process, Chapter 11 Bankruptcy, Filing for Bankruptcy, General Bankruptcy, National News  |  No Comments

The Phoenix Coyotes moved from Winnipeg where the team played as the Winnipeg Jets. It is said that the team has built up several hundred millions of dollars in debt since the move. The NHL secretly took over control of the team on November 14, 2008 after firing CEO, Jeff Shumway. At the time, it was reported that the Coyotes had lost $73 million in the past three years, including $54 million in 2008 alone. On December 23, 2008, the team pledged all of their assets to SOF Investments LP, a New York Company, to cover a projected debt of $80 million.

Twinkies and Wonder Bread File for Bankruptcy: What is to Blame?

17 January 2012 by jacksonwhite  |  Bankruptcy Process, Chapter 11 Bankruptcy, Debt Collection Issues, General Bankruptcy, National News  |  No Comments

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.”

Will Kodak File Bankruptcy?

10 January 2012 by jacksonwhite  |  Bankruptcy Process, Chapter 11 Bankruptcy, General Bankruptcy, National News  |  No Comments

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?

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