G Is For Guilty image credit: Dreamstime Most of us have been taught to pay our bills. If you borrow money, you should pay it back. We get mad at our “friends” who don’t pay us back. Whether it is money for furniture, a truck, a car, a boat, a house, a vacation, a student…
photo credit: dreamstime What the hell is Chapter 11? Just the name gives most people a headache. OK, maybe not as much of a headache as if you work for a company that files Chapter 11 bankruptcy, or, if a company that owes you money files under Chapter 11. Most Chapter 11 bankruptcies are filed…
Creditors may not all look like this. OK, probably none of them do. But that is what some of them make us think they are, on their way to bashing our heads in if we don’t fork over the loot. Loot that we don’t have. The bankruptcy code defines creditor as: (A) entity that…
How does a city go bankrupt? Same way you or I do, spending more than it takes in, over-estimating revenue, under-estimating expenses, or just ignoring reality. Like the federal government, local governments spend OPM, other people’s money. Its just that only the Federal government can print money. We used to be a federation of states,…
Many clients ask me who will find out if I file bankruptcy? Does my boss have to know? I don’t want my relatives and friends to find out. All court proceedings are matters of public record, unless the Judge orders the records sealed at the request of a party, and it must be for special…
order_re_max_fee UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF MICHIGAN In re: Case No. Chapter Hon. Debtor(s) / STATEMENT OF PETITION PREPARER PURSUANT TO F.R.BANKR.P. 2016(c) The undersigned, pursuant to Fed.R.Bankr.P.2016(c) states that: 1. The undersigned is the petition preparer for the Debtor(s) in this case. 2. The compensation paid or agreed to be…
You may run a small business, that is, or is not, incorporated. If it is a corporation, the corporation has to file for Chapter 11 to get bankruptcy relief. But, you do not have to be a corporation to file for Chapter 11. You may run a store, own and rent a bunch of houses,…
CBS news website says the parent company of the National Enquirer, among other publications, will file Chapter 11 Bankruptcy. How did that happen? The Associated Press story, (which also has the photo I used right here) says too much debt from borrowing when times were good. Why do people and businesses do that? Sometimes it…
