Bankruptcy News
A Survey of the Local Form chapter 13 plans
The Final Report of the American Bankruptcy Institute Commission on Consumer Bankruptcy §4.02 addresses Nonuniform Court Practices. The background to the provision notes that “Local practices can deviate from the Bankruptcy Code or the Federal Rules of Bankruptcy Procedure. Perhaps...
Signs You May Want to Consider Filing Bankruptcy
Life can be unpredictable. Unfortunate circumstances can leave people worrying every day if they will ever be able to pay off their debts. Many people struggling to make ends meet likely exhausted their savings and fear losing their homes. Others...
CARES Act for Consumers & Small Businesses
The U.S. Government enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help individuals, families, and businesses across the U.S. access emergency assistance during the COVID-19 pandemic. Some parts of the $2.2 trillion economic relief package provided...
Neiman Marcus Nears Bankruptcy Filing
Facing nearly $5 billion of debt and dwindling sales during the COVID-19 pandemic, luxury retailer Neiman Marcus may file for bankruptcy. Brick-and-mortar retail sales have dropped significantly because of stay-at-home orders, which have closed non-essential businesses like clothing stores. Like...
Pier 1 Files for Chapter 11 Bankruptcy
Home goods and decor retailer Pier 1 Imports Inc. filed for Chapter 11 bankruptcy on February 17 and is pursuing the sale of the company. According to its last yearly financial report, the company had about 18,000 employees as of...
Impact on Businesses from COVID-19
This morning, my daughter and I went out to breakfast to celebrate her birthday. We went to a popular local breakfast spot that we’ve been going to for years on her birthday. The same Saint Patrick’s Day specials were being...
Raising of Debt Limit Allows More Family Farmers to Qualify for Bankruptcy Relief
Operating a family farm in North Carolina is a challenging way to make a living, with fluctuating commodity prices, disruptions in export markets, higher land prices and unpredictable weather emergencies. When times get tough, the amount of debt that family...
Reverse Mortgages and Bankruptcy: What You Need To Know
It’s not unusual for us to meet with individuals whose financial condition is best described as land rich, but cash poor. These are usually people who have lived in their home long enough to have built up significant equity but...
Chapter 13 Debt Limits Increasing after April 1, 2019
Individuals who are considering seeking bankruptcy protection may benefit from the recent increase in the amount of debt you can have and qualify to file for a Chapter 13 bankruptcy reorganization. Debtors can only qualify for a Chapter 13 reorganization...
Tracking Your Monthly Expenses to Avoid Financial Problems
Financial trouble can be avoided by making sure you do not spend more money than you take in. It sounds simple, but many people lose the battle of income vs. expenses. The key to coming out ahead is making sure...
