Inherited Money in Bankruptcy
One question that many potential bankruptcy filers have is how the bankruptcy court handles inherited money and money that bankruptcy filers expect to receive in the months after their filing. The answer depends on a few variables. Here’s a look at some of them. The 180-day rule. One of the most important rules about bankruptcy [...]
School Board President files for chapter 7 bankruptcy
Last week, Milwaukee Public School Board President Michael Bonds filed for chapter 7 bankruptcy. Bonds said, “Filing for bankruptcy was a very difficult decision, but I had to do what was in the best interest of my family.” Bonds told sources that he began to struggle financially after him and his wife experienced a 35 [...]
American Apparel considers entering bankruptcy
Clothing manufacturer and retailer American Apparel is considering entering into bankruptcy protection. The company is based in Los Angeles and would have to raise between $20 and $25 million in order to avoid filing for bankruptcy. American Apparel is said to have around $5.3 million in cash and reported that it “may not have sufficient [...]
Michigan traveler’s club files for Chapter 7 bankruptcy
Nomad’s Inc., a travel club founded in 1965, recently filed for chapter 7 bankruptcy. The travel club was the only club in the United States with its own airplane, a Boeing 727. The club filed the petition for bankruptcy in the U.S. Bankruptcy Court in Detroit. Nomad listed the Boeing 727 as their largest asset [...]
Community Businesses Face Bankruptcy Across the Country
Small businesses are often what forms the core of the community, whether that community is a small town or Beverly Hills, and bankruptcy has hit such businesses hard in the last few years. Across the country, small businesses have strained to stay afloat under a struggling economy. And when a business must file for bankruptcy [...]