Leigh Steinberg — the “real” Jerry Maguire, has filed for bankruptcy
The need to file a bankruptcy case can happen to anyone. Just recently ESPN brought the news that once high-flying sports agent Leigh Steinberg, known as the inspiration for the “show me the money” character of Jerry Maguire in the movie of that name, has filed a Chapter 7 case in California. In his heyday, [...]
Chapter 7 bankruptcy eligibility in New Hampshire
Starting with cases filed in November 2011, the Chapter 7 “means test” eligibility figures have changed slightly for residents of New Hampshire considering bankruptcy. The new thresholds for annual family income are: Family size = 1, threshold is now $51,550; Family size = 2, threshold is now $61,679; Family size = 3, threshold is now [...]
Chapter 7 eligibility changes for Massachusetts residents
Starting with cases filed in November 2011, the Chapter 7 “means test” eligibility figures have changed slightly for residents of Massachusetts considering bankruptcy. The new thresholds for annual family income are: Family size = 1, threshold is now $53,496; Family size = 2, threshold is now $64,174; Family size = 3, threshold is now $80,337; [...]
What chapter are we in, anyway?
Talk to a bankruptcy lawyer, and it won’t be long before he’ll start spouting off about “chapters,” as if he was the deranged leader of Oprah’s book club: “First you’ve got Chapter 7, then Chapter 13, and there’s always Chapter 11, and even chapters 9, or 12 and 15 . . . ” Potential bankruptcy [...]
How long will this bankruptcy take, anyway?
It’s one of the most popular questions at my office, and perhaps rightfully so: “How long does a bankruptcy take?” It’s also not really the right question to be asking, but let me explain: If someone is asking “How long does it take to get started?”, the answer is simple: usually right away. Call for [...]
Payday loans — a bad deal that can be fixed through the bankruptcy court
When you’re running out of cash, it’s not uncommon for folks to turn to payday loan centers for the little extra they need to get by until their next check arrives. It’s almost always a bad deal. They know its a bad deal, too (hey, 400% interest can’t be good, right?), but they are stuck, [...]
Last call for bankrupt Borders stores in Methuen, Salem, NH
If you would like to see the bankrupt Borders bookstores in Methuen and Salem, N.H. remain open, you better put a bid in on them before Sunday night. As of now, it looks like the whole chain might be headed to a Chapter 7 liquidation sale, which would eventually close the Methuen and Salem stores [...]
Presto, change-o! Converting a bankruptcy case
When you file a bankruptcy case, the debtor must choose a particular chapter of the bankruptcy code (chapters 7, 11, 12 and 13 are the most common), and the rules of the chose chapter are then applied to the case. The initial choice of chapter is not forever binding, however. Indeed, debtors have a great [...]
The different kinds of bankruptcy trustees
Russell DeMott is a bankruptcy attorney in South Carolina, and he has posted a hilarious article on the internet outlining the differences between Chapter 7 bankruptcy trustees and Chapter 13 bankruptcy trustees. Attorney DeMott’s thesis is that Chapter 7 trustees act like voracious wolverines, chewing through all the debtors they come across in a desperate [...]
Do consumer bankruptcies really hurt consumers?
If you have been looking around on the Internet for financial or bankruptcy information, there’s plenty of it out there, but you gotta know who you can trust. If you’re looking specifically for bankruptcy information, we hope you will trust this site. I try hard to keep it up to date and accurate. Until recently, [...]
