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...
How Much Does it Cost to File Bankruptcy?
Well that is the fundamental question. You are in rough financial shape and need to file for bankruptcy. You just lost your job or just closed your business. Creditors are calling. How do you make the break between saving up to file bankruptcy and holding off the...
Potential Wave of U.S. Bankruptcies Draws Nearer as Corporate Distress Spreads
For many troubled companies, like luxury retailer Neiman Marcus Group Inc., which filed today, the lockdown to blunt the COVID-19 coronavirus super-charged the effects of pre-existing problems like debt overloads and the inability to please fickle consumers. For...
What Is a Lien Strip? (Bankruptcy 13)
Lien stripping allows a Chapter 13 debtor to remove a junior mortgage secured against the debtor’s real property. Lien stripping does not apply to first mortgages. First mortgages on residential real estate cannot be modified. Lien stripping is available only for...
Top Five Things to Do If You May Not Be Able to Make Your Credit Card Payments
First, run a budget. What is your income and what are your core living expenses? How much have you been paying each month on general unsecured debt such as credit cards, medical bills, and unsecured loans. If you lost your job, assess whether you will be able to get a...
What to Do If You Receive a Summons from a Credit Card Company
Your credit card company has filed a lawsuit against you and you have been served with a summons and complaint. What to do now? Should you file for bankruptcy? Understand that credit card debt is a type of unsecured debt that if you can’t make payments, your credit...
A New Bankruptcy Reorganization Option for Small Businesses
The Small Business Reorganization Act of 2019 (“SBRA”) became effective February 19, 2020. The goal of the Act was to streamline the Chapter 11 process and reduce the costs for those debtors that qualify. Small businesses who are facing cash flow issues due to the...Social
