Monthly Archives: February 2022
Looking At Some Of The Largest Bankruptcies In U.S. History
From the average consumer, to the large fortune 500 company, everybody can, and does, file for bankruptcy. But what are the biggest bankruptcies in history? Obviously, these would be corporate bankruptcies, but what were the largest companies ever to file for bankruptcy? Here are the largest companies to file for bankruptcy: Lehman Brothers –… Read More »
Will You Lose Wages Or Income In Bankruptcy?
We’ve written a lot about what a bankruptcy court can and cannot take from you when you file for bankruptcy, but can bankruptcy take your wages, or your regular income? In Florida, the answer is generally, no. Bankruptcy vs. a Creditor’s Judgment The bankruptcy court can almost never take income that is earned after… Read More »
Will You Get A Free House In Bankruptcy?
When you think of bankruptcy, you may often think of losing your stuff—even though in reality, most people don’t lose much or any property in their bankruptcy. It is still a common myth that you will lose property, but there is also another myth that goes the opposite way: Will you get a free… Read More »
Do Non-Debtors Get Releases In A Chapter 11 Bankruptcy?
When you file for Chapter 11 bankruptcy, as part of the reorganization, the company and many of its officers are often provided releases—that is, they are held harmless from liability for debts, or lawsuits, that arise before the bankruptcy was filed. This is obvious—a potential lawsuit against you or your company is a liability,… Read More »
Can You Get Back A Repossessed Vehicle In Bankruptcy?
When you fall behind on your car payments, bankruptcy can help you get current and avoid repossession. But often people wait too long. They wait until their car has been repossessed. In fact, for many people, it is the repossession that leads them to seriously consider bankruptcy. But although bankruptcy can stop a repossession,… Read More »
Will The Bankruptcy Trustee Visit My Home And Take My Property?
In a bankruptcy case, a bankruptcy trustee represents all of the creditors. The trustee has a duty to treat all creditors fairly, but also has a duty to fight for and on behalf of those creditors. That means that in some sense, the trustee has an adversarial position against you, as the debtor. The… Read More »
New Law Could Help Reduce Bankruptcy Related To Unexpected Medical Bills
One good thing about having health insurance, is that you can be reasonably confident that you won’t get a medical bill that is so high that it forces you into bankruptcy. But for many consumers–including those who have insurance–they still end up with shockingly large medical bills, many of which are so high that… Read More »
Can A Creditor Take Your Home?
Can having a judgment against you leave you homeless? If you are sued for a debt, you may be initially very worried that the creditor will take your property, and leave you on the streets. In fact, some creditors may (illegally) threaten to do just this. But in fact, in Florida, a judgment creditor… Read More »
How And Why Can You Keep Property In A Chapter 13 Bankruptcy?
In reality, as we have written numerous times in the past, most people will not lose any property in their bankruptcy. That’s because bankruptcy provides people with a lot of exemptions, which allow them to keep property, and because most debtors simply don’t own a lot of property that has significant value (at least,… Read More »
Discharging Personal Guarantees In Bankruptcy
As a general rule, your business debts are owed by the business, not you, personally. The business can sue, be sued, or file bankruptcy, and it should not ever affect your personal income, assets, credit, or other aspects of your life. Except for one situation: When you sign a personal guarantee. What is a… Read More »
