Blog Posts in 2016

  • The Importance of Honesty When Filing for Bankruptcy

    When filing for bankruptcy , some people get the notion that they must do whatever they can to protect and preserve their finances and assets, including lying. It should go without saying but falsifying a bankruptcy filing is not the best idea, or even a good idea at all. The bankruptcy court is thorough, looking under every metaphorical stone for money and valuables. If you are anything less than ...
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  • What is Going On with Sports Authority?

    If you liked to shop at Sports Authority for apparel and equipment, you will need to act fast to catch any more last-minute liquidation sales. In late June, U.K. sporting goods retailer Sports Direct International PLC entered talks with Modell’s Sporting Goods about a potential deal to acquire as many as 200 Sports Authority stores out of the retailer’s bankruptcy , which was filed in March. By ...
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  • Arizona Power Plant Operator Sundevil Power Files for Bankruptcy

    Here's a reorganization case striking close to home. Sundevil Holdings LLC, which operates two gas-fired power plants in Gila Bend, Arizona filed for Chapter 11 protection, Reuters reported. The company, owned by private equity firm Wayzata Investment Partners, listed $100 million to $500 million of both assets and liabilities in its filing with the U.S. Bankruptcy Court in Wilmington, Del. The ...
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  • Company Accused of Preying on Student Loan Borrowers Files for Bankruptcy

    Here's a problem I am seeing more and more of as student loans skyrocket. As reported in the ABI Journal, Student Aid Center Inc. filed for bankruptcy last week, claiming between $500,001 and $1 million in assets and between $1,000,001 and $10 million in estimated liabilities, MarketWatch.com reported on Friday. The company is part of a burgeoning industry of student debt-relief firms that ...
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  • 50 Cent Says Bankruptcy Plan Would Be Like Indentured Servitude

    ​Bankrupt rapper 50 Cent says the debt-repayment proposal up for review by a judge later this week would subject him to a form of modern-day indentured servitude, the Wall Street Journal ’s Bankruptcy Beat blog reported yesterday. In court papers, lawyers for 50 Cent, whose real name is Curtis James Jackson III, argued the proposal would force the 40-year-old entertainer to turn over all of the ...
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  • What is the homestead exemption in an Arizona bankruptcy?

    When filing for bankruptcy in Arizona, there are many factors that will be worrisome with the entire process. One is which bankruptcy exemptions are available to retain certain assets as the process moves forward. It is important to understand the homestead exemption and what it entails. In general, a homestead is a dwelling in which the land and buildings are occupied by the owner. The homestead ...
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  • Understanding Chapter 7 and the right to a discharge

    For those in Arizona whose financial situation reaches the level at which they find it necessary to file for Chapter 7 bankruptcy, it must be understood that it is not just a matter of filing and having all debts discharged. It is possible that the creditors could object. The filing can be made by the debtor, the case's trustee, or a U.S. trustee. The creditors will be informed after the case has ...
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