Tag Archives: Chapter 7 Bankruptcy
Can I Keep My Sports Memorabilia In Bankruptcy?
Former basketball phenom and erstwhile actor Darius Miles, who made over $60 million in his brief professional career, may have to part with his sports memorabilia collection at an upcoming bankruptcy auction. The Los Angeles Clippers selected the 18-year-old East St. Louis High School standout in the first round of the 2000 draft; in… Read More »
The Financial Comeback Trail
Abraham Lincoln, one of Illinois’ favorite sons, declared bankruptcy in 1833. In his early 20s, Lincoln worked various jobs in Springfield, and that work included employment at a local general store. When the establishment closed, the young and enterprising Lincoln decided to open his own store in New Salem with a business partner. The… Read More »
Hard Times In The Oilfields
Two hundred and thirteen oil and gas companies in North America have filed bankruptcy since energy prices crashed in late 2014, and these companies have listed a collective $85 billion in debt. Things have been particularly tough in the oil exploration service industry, as 108 of these firms have filed bankruptcy in the last… Read More »
Baseball And Bankruptcy
Another baseball season is coming to an end, and may people claim that winning is all in the numbers, from RBI and ERA to OPS and WAR. Other people say that the only number that matters in baseball is three, because when there are less than three outs in an inning, anything is possible,… Read More »
This Is The End?
A prominent financial planner has advised the city of Chicago and state of Illinois to file bankruptcy and start over, because their financial problems are completely overwhelming. Former FDIC head William Isaac said that now may be a good time to seek Chapter 9 protection, because the city and state are in “dire financial… Read More »
What Kind Of Bankruptcy Is Right For You?
The underlying purpose of the Bankruptcy Code is to give the honest but unfortunate debtor a fresh financial start. Some people are burdened with unsecured debt, like credit cards and medical bills. Typically, debtors in these situations want to eliminate this debt as quickly as possible and start rebuilding their credit. Other people are… Read More »
Protecting Cash In Bankruptcy
Both Illinois and Indiana have wildcard exemptions that can be used on any otherwise non-exempt property, like savings accounts, rental property, vacation homes, boats, and so on. Although the dollar values are relatively high ($4,000 in Illinois and $9,350 in Indiana), they may be insufficient to cover a large amount of inherited cash, which… Read More »
Your Business Can Emerge From Bankruptcy as a Publicly Traded Company, Just Ask Twinkies Maker Hostess
In 1930, in a suburban Chicago bakery, the Twinkie was invented. Since then, Twinkies and other hostess snacks have truly become a part of Americana. Hostess Brand owns both Twinkie and Ding Dongs and operated as a financially successful company for many years. However, over the decades Hostess has found itself in a bit… Read More »
What Is Chapter 7? What Is Chapter 13?
If you are struggling with mounting and unpayable debts in the Chicago area, discuss your circumstances and your options with an experienced Chicago bankruptcy lawyer. If you conclude that bankruptcy is the best option in your situation, then you’ll need to determine whether a Chapter 7 bankruptcy or a Chapter 13 bankruptcy is best…. Read More »
Bankruptcy In Illinois: Where And How Long?
The traditional form of personal bankruptcy is Chapter 7, where the court sells most of your assets and uses that money to pay off as much of your debt as possible. Anything not paid is discharged or erased. Under a Chapter 13 bankruptcy, you draft a plan to pay off secured debts and as… Read More »
