Struggling Businesses and Personal Guaranties Regarding Bankruptcy
When a business is struggling business owners often think ahead and wonder what would happen if they had to close the business, either with or without a bankruptcy filing. One of the first considerations is whether the principals of the company signed any personal...Guitar Center Officially Cleared to Exit Chapter 11 Bankruptcy
About one month after formally moving to restructure its debts, Guitar Center has been cleared to exit Chapter 11 bankruptcy. The 61-year-old music-retailer chain recently announced that a Virginia bankruptcy court had approved its reorganization plan. As detailed in...
When Should you Consult an Attorney About Your Debt?
The strain of 2020 has resulted in the loss of unemployment benefits, the loss of jobs, the loss of bonuses, and the loss of businesses. Living on credit day-to-day has now become a reality for millions of Americans. Total consumer debt recently hit just below $4.2...
How Creditors Can Put a Company Into Bankruptcy – The Involuntary Petition Process
An operating company can be hit with an unusual surprise: being served with an involuntary bankruptcy petition. Most of the time companies file for voluntary bankruptcy relief. But on occasion a group of creditors can come together and force a company into...
How are Half-Siblings and Step Children Dealt With in California Probate
California has a variety of intestate laws that apply if you do not have a will. If you have any half-brothers and half-sisters well, they inherit as if they were “whole” under California law. That is, your brother with whom you share a father, but not a mother, has...
New California Homestead Rules Will Allow More Homeowners to File Bankruptcy
Effective January 1, 2021, California’s homestead exemption — the amount of equity in a primary residence that can be protected from creditors — will increase to $600,000 for all Bay Area residents. Assembly Bill 1885 provides that the homestead amount will be the...
COVID-19 and the Shelter in Place Orders Have Wrecked Businesses (Chapter 11)
When there is an extended interruption in cash flow, many large corporations turn to Chapter 11 bankruptcy relief. I am not surprised that Hertz filed for Chapter 11 bankruptcy relief just like a lot of other companies have done recently. We can expect more filings...
Debt Consolidation Companies Are Not Your Only Option
Are you having a hard time keeping current with all of your credit cards? Have the credit card companies raised your interest rates? With high interest rates, minimum monthly payments just prolong the agony. The odds are stacked against you as the credit card...
What You Can Learn from the Hertz Bankruptcy
When there is an extended interruption in cash flow, many large corporations turn to Chapter 11 bankruptcy relief. I am not surprised that Hertz filed for Chapter 11 bankruptcy relief just like a lot of other companies have done recently. We can expect more filings...Social
