Bankruptcy Blog

Author Bill Fay This is the story for anyone who thinks a bankruptcy is a bankruptcy is a bankruptcy. Not so. In fact, bankruptcies are like Nike sneakers: They come in a variety of styles, each fashioned to meet the particular needs of the applicant. Named for the chapter of the federal bankruptcy code that describes them, two of the most common varieties are Chapter 7 and Chapter 11. Which one is right for the
By Retail Dive Team The pace of bankruptcies in retail hit a high-water mark last year, after years of elevated filings that tracked with a major shakeout in the industry. In the years leading up to 2020, those retailers that were forced to reorganize, sell themselves or liquidate entirely were typically the heavily indebted, often from private equity buyouts. The pandemic’s massive disruption to sales and consumer demand brought financial strain, and sometimes ruin, to
By Cara O’Neill, Attorney Most people who file for Chapter 7 bankruptcy don’t turn over any property or cash to the bankruptcy trustee appointed to administer the matter. Instead, they keep everything they own in what is known as a “no-asset case.” The shorthand term “no-asset” tells creditors not to expect to get paid out of any bankruptcy proceeds because there won’t be any. Read on to learn more about Chapter 7 no-asset bankruptcies. How
Find out what information and documents you’ll need to complete your bankruptcy petition and forms. By Lisa Guerin, J.D. Once you have decided that filing for bankruptcy is your best option, it’s time to get started on your paperwork. Whether you file for Chapter 7 or Chapter 13 bankruptcy, you will have to complete a fairly large packet of forms with the bankruptcy court. (Here’s a full list of the forms you’ll need and links to download them
Source: Bankruptcy is a legal process overseen by federal bankruptcy courts. It’s designed to help individuals and businesses eliminate all or part of their debt or to help them repay a portion of what they owe. Bankruptcy may help you get relief from your debt, but it’s important to understand that declaring bankruptcy has a serious, long-term effect on your credit. Bankruptcy will remain on your credit report for 7-10 years, affecting your ability