Top Celebrity Bankruptcies

Found an awesome article from Howtosavemoney.com that details the top celebrities who filed bankruptcy... When people come into our office and say they are embarrased or we hear people who are financially struggling say, "I need help but i'm too good to file bankruptcy"... we tell them that we are here to help. There is help. We help people get a fresh start, one that has afforded millionaires the opportunity to find their success... innovators to make their mark on the world and ordinary people to find peace and get a fresh start. Check out this fun read... ___________________________________________________________ Willie Nelson Willie Nelson is one of Country Music’s living legends with over 50 million records sold but even with all those gold records he was no stranger to debt....

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Posted in Celebrity Bankruptcy , ford bankruptcy , walt disney bankruptcy

How Does Chapter 7 Work?

Now we are getting to the "meat and potatoes" of the topic... How does Chapter 7 work? According to the US Courts website, here is the first step... A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets. (3) In addition to the petition, the debtor must also file with the court: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a statement of financial affairs; and (4) a schedule of executory contracts and unexpired leases. Fed. R. Bankr. P. 1007(b). Debtors must also provide the assigned case trustee with a copy of the tax return or transcripts for the most recent tax...

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Posted in bankruptcy court , Chapter 7 Bankruptcy , The Federal Bankruptcy Code

Qualifying for Relief Under Chapter 7 of Bankruptcy Code

Happy June 2nd... Let's continue with learning about Chapter 7 of the Bankruptcy Code. The topic of the day... Who is eligible to file for Chapter 7 ? According to the US Courts website... you can be an individual, a partnership, or a corporation or other business entity. 11 U.S.C. §§ 101(41), 109(b). So who is not eligible ? An individual cannot file under chapter 7 or any other chapter, however, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors...

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Posted in Chapter 7 Bankruptcy Eligibility , Foster Law Offices

What is Chapter 7 Bankruptcy

It's June! Only 19 more days until it is officially summer AND we are kicking off our "Learn about Bankruptcy Month"... we are excited to provide you with some educational information, hopefully you are excited to learn a bit more about bankruptcy. Today's Topic - What is a Chapter 7 Bankruptcy? While the answer may vary depending on who you ask... we are going to take the safe road and give you the explanation provided to consumers on the website by the United States Court System, a site that is designed to provide you with information about the judicial branch of the US Government, click here to check it out. - A chapter 7 bankruptcy...

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Posted in Chapter 11 Bankruptcy , Chapter 13 bankruptcy , Chapter 7 Bankruptcy , Foster Law Offices