What Assets are Subject to Liquidation in Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows creditors to liquidate some of your assets to repay the amount owed. In most cases, those filing under Chapter 7 are already struggling and don’t necessarily have major assets on which to draw. However, equity in your home or your vehicle is also subject to liquidation,...
Christmas Tree Shops Defaults on Bankruptcy Loan, Headed for Liquidation
The beloved retail chain Christmas Tree Shops is headed for liquidation, according to a recent news report. The chain had entered into a Chapter 11 bankruptcy and had planned on selling off a small number of stores that were not doing well. However, the chain defaulted on its $45 million bankruptcy loan and has since announced plans...
How Co-Parenting Apps for Divorced Couples Can Streamline Parenting Time
One of the most anxiety-inducing aspects of divorce is co-parenting. Parents are expected to coordinate their schedules with that of their former spouse’s schedule and their children’s schedules. Last-minute changes to the schedule, and you may not be able to see your children at all. To take away some of the pain associated with maintaining...
Instant Pot and Pyrex Maker File for Chapter 11
Instant Brands, the company that owns Instant Pot and Pyrex Maker glassware, has filed for Chapter 11 in Texas, according to a recent press release. The company blames the COVID-19 pandemic and supply chain issues for putting them nearly $1 billion in debt. High interest rates and waning access to credit were also factors in the Chapter...
How Companies are Using Bankruptcy to Shield Themselves From Mass Torts
Recently, 3M, the company responsible for selling allegedly defective earplugs to the military, attempted to try a process called the “Texas Two-Step” to avoid having the liabilities attached to their parent company. The courts, however, are blocking the effort. The process is somewhat dubious, to say the least. Companies facing major liabilities in mass torts,...
Chapter 13 Can Save Your Home From Foreclosure
If you are facing a foreclosure notice, Chapter 13 can help prevent the bank from repossessing your home until issues related to your bankruptcy are resolved. In some cases, you may be able to keep your home so long as you can continue to make payments on both the arrearage and the mortgage. The Automatic...
Divorce Statistics That Will Raise Eyebrows
Statistics concerning divorce and the divorce rate are difficult to generate, and there are multiple ways of calculating the divorce rate. Nonetheless, one of the most surprising things to come out of the pandemic was that the divorce rate actually decreased during that period. This is a surprising statistic as the divorce rate in China...
When is the Right Time to File for Bankruptcy?
There are a number of factors that will play into the decision of if and when you should file for bankruptcy. Typically, folks wait until the last minute and only after they have exhausted all other options. This makes sense because no one “wants” to file for bankruptcy. It simply ends up being the best...
Bankruptcy Blitz Sends Vice Media Into Chapter 11
Vice Media is the latest large company headed into bankruptcy, but unlike BuzzFeed, Vice may survive the process. It spells a certain doom for news media outlets that operate on an internet and social-media basis. While likes and shares from Facebook may seem like your company is successfully disseminating its journalism, what we are learning...
Crypto Company Voyager Unveils Bankruptcy Plan
The crypto company Voyager filed for bankruptcy earlier this year amid claims of fraud and theft from small-time investors who used their platform as a digital wallet for cryptocurrency. The company is now in a firesale to sell off its remaining assets and repay creditors, including the millions who used the platform as an investment...