Category Archives: Bankruptcy Information

The Different Types of Bankruptcy

A little over a hundred years ago, Supreme Court Justice John Clark McReynolds laid out the intent and purpose of the then-new Bankruptcy Code in Williams v. U.S. Fidelity Guarantee Company (1915): “It is the purpose of the Bankrupt Act to convert the assets of the bankrupt into cash for distribution among creditors, and then […]

Do You Have Too Much Money and Too Many Non-Exempt Assets to File Bankruptcy?

Contrary to popular myth, bankruptcy debtors do not automatically lose their non-exempt assets, even in Chapter 7 liquidations. The trustee (a court-appointed bureaucrat who oversees the case on behalf of the judge) is under no duty to perform such random seizures. Instead, the bankruptcy trustee must examine non-exempt assets and determine if it is worthwhile […]

Financial Troubles? When to File Bankruptcy

Bankruptcy filing rates are down overall, but four Georgia counties are among the top ten in the nation in terms of consumer bankruptcy filings. With 1,096 bankruptcy filings per 100,000 people, Clayton County (Jonesboro) is second only to Shelby County in Tennessee. The recession hit folks in Clayton County hard, as unemployment peaked at 13.5 […]

Bankruptcy and Security Clearance Revocation

Many people who work at Dobbins A.R.B., Moody A.F.B., Kings Bay N.S.B., or a company that supports these installations, put off necessary bankruptcy filings because they fear that such a move will result in the security clearance revocation. While financial problems may have an adverse effect, there is not a direct relationship between consumer bankruptcy […]

Bankruptcy Can Help Lighten The Load

Chapter 13 and Chapter 7 bankruptcy are great tools for lightening a person’s debt load.  With both chapter 13 and Chapter 7, you can eliminate medical debt, credit card debt, and other types of unsecured debt. Shrinking your debt can be critical to your financial and emotional health.  If the load gets too heavy, something […]

Detroit Files Bankruptcy For A Record 18 Billion Dollars

The City of Detroit, the 18th largest city in the United States, has filed for bankruptcy.  The city’s population has dropped from 2,000,000 in 1950 to approximately 700,000 today.  The Wall Street Journal refers to Detroit as the “automobile capital and one time music powerhouse.” The Journal quotes Governor Rick Snyder as stating, “This [filing […]

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