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As auto-safety advocates urge GM to waive its bankruptcy immunity as to legal claims that may arise from the recall of an ignition switch defect, GM remains silent on its plans regarding those claims.  In a polite statement, GM said it has the “safety and peace of mind” of its customers at heart but did not respond to demands that it waive immunity for incidents that occurred prior to the taxpayer-funded, government supervised bankruptcy in 2009. For the full story see, “GM urged to waive … [Read more...]

Ashley Stewart, a plus-sized women’s retail store, filed for bankruptcy protection under Chapter 11.  The retailer announced it would immediately close 27 stores that it says are underperforming.  A statement released by the company reported that the company experienced a decrease in profitability in 2012 but the factors causing the problem have been corrected.  Bankruptcy filings show that the company has between $10 million and $50 million in both assets and liabilities. For the full story … [Read more...]

Prospect Park Networks, the company that briefly brought back the popular ABC daytime soaps, “All My Children” and “One Life to Live,” filed bankruptcy this week.  The company spent millions of dollars trying to revive the daytime dramas and it alleges that ABC tried to block Prospect from bringing back the long-running shows.  Prospect filed suit against ABC in 2013.  Viewers will have to wait at this cliffhanger plays itself out in the court system. For the full story read, “Soap opera … [Read more...]

In a case that is more than just strange from the very beginning through the very end, including a unanimous Supreme Court opinion written by Justice Scalia himself, the land’s highest court held that debtor’s exemptions under the Bankruptcy Code are protected from surcharge.  In layman’s terms, the debtor is entitled to these exemptions even, as in this case, when the debtor’s conduct is boldly and clearly fraudulent. Read more about this case and the facts surrounding 10-year battle at … [Read more...]

If you are one of the millions of Americans that are still uninsured, you need to get the facts straight before the March 31 deadline under Obamacare.  By March 31, most Americans will be required to have health insurance that meets or exceeds the government’s standards for health insurance.  If you have not taken The Affordable Healthcare Act serious, now might be the time to take action to avoid penalties for failing to have health insurance. For more about the March 31 health insurance … [Read more...]

If you are considering filing a bankruptcy case, you may be wondering how long the entire process will take.  How long does it take from the time I hire my bankruptcy attorney until my case is filed and I go to court?  You may wonder how long it will take after your court hearing until your case is closed.  The answers to those questions depend on the chapter of bankruptcy that you file as well as your individual case.  While most Chapter 7 bankruptcies are completed in 4 to 6 months, some make … [Read more...]

If you have filed bankruptcy, you probably have already taken your required credit counseling and financial management classes.  Through those classes, you learned to manage your expenses better so that you would have more money and less debt.  If you have not filed bankruptcy, learning how to manage your expenses better may keep you out of debt and help you save money.  One of the best ways to manage expenses is to create and live by a weekly or monthly budget. For more ways to manage … [Read more...]

After violating numerous bankruptcy court orders related to preparing bankruptcy petitions for compensation and working without the supervision of an attorney, Derrick Hills was convicted of five counts of criminal contempt and sentenced to four years in prison.  Hills is not an attorney but prepared bankruptcy petitions and was involved in bankruptcy casework in violation of court orders dating back to 2007.  While non-attorneys may perform some work, it is very limited and has … [Read more...]

If you love the Italian cuisine served up by Sbarro, the popular Italian restaurant chain that is in many of the malls across the United States, you may not be happy about this story.  Sbarro is preparing to file for bankruptcy protection citing slower mall traffic as one of the reasons for lost revenues.  This will be the second bankruptcy filing for the piazza giant since 2011.  As part of the current restructuring plan, Sbarro plans to close about 155 locations across North America. For … [Read more...]

If you made a New Year’s resolution to pay off your debt in 2014, you are probably not alone. Over one-half of all New Year’s resolutions have something to do with finances.  You can pay down or even pay off your debt if you are smart about the way you allocate your funds. For example, learning how to prioritize your living expenses and debts reduces the amount of interest you must pay to creditors so that you can be debt free in less time. To learn how to pay off your debt in 2014 read … [Read more...]