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Even the big companies can fall!
Hostess files for Chapter 11.
Hiring is up! This is good, right?
Hiring was up in December. Great for the economy, but there may be other consequences.
An initial post.
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Q. How do I know if I can file for bankruptcy?
A. Bankruptcy, like ice cream, comes in several different "flavors". For individuals, there are considerations such as your income, your interests in real estate, insurance policies, and other assets that may affect what kind of bankruptcy you need, Chapter 7, Chapter 13, Chapter 11 or Chapter 12. Businesses have different issues, most importantly - whether they intend to stay in business or shut down. The first task of any lawyer in bankruptcy cases is to have a detailed and careful discussion with a client to determine what will be in the client's best interest and provide the most effective debt relief possible.
Q. I have a car, a house, and other things. Will I lose everything in a bankruptcy case?
A. This is going to depend on what flavor of bankruptcy you are working with. In Chapter 7, the equity in your property will determine if you get to keep it. In Chapter 13, you can keep most things, but sometimes certain luxury items that you still owe money on may have to go in order to help you restructure your life. Nevertheless, in most cases people keep all or almost all of their possessions.