When debtors are struggling to put food on the table and keep a roof over their head, they often don’t have the funds to pay Uncle Sam. When they’re looking for long-term financial solutions, they’re often curious about tax liens and how filing for bankruptcy would affect such liens. What You...
Long before there was Napster and Spotify, there was Columbia House. For anyone under 35, they may have never heard of Columbia House, but for those of us who grew up with the lure of 11 tapes for a penny or 13 CDs for $1, its demise felt like a final goodbye to a bygone era. Columbia House was...
A volunteer fire department in rural Pennsylvania has filed for bankruptcy to protect its main source of revenue –bingo games. On July 1, 2015, the Wall Street Journal reported that the Madera Volunteer Fire Co. filed for bankruptcy on June 30, urging a judge to allow them to continue spending the...
Colt has been manufacturing guns in the United States for 160 years. As a result of the iconic gunmaker’s financial struggles, it missed a $10.9 million interest payment on its debt last month. It a regulatory filing, Colt stated that its failure to make the May interest payment raises substantial...
On Tuesday, Rep. Chris Collins (R., N.Y.) introduced a bill that would bar bankruptcy trustees from attempting to claw back tuition money from universities, and under some circumstances, from college students – a legal strategy that arises in some parents’ bankruptcy cases. Currently, when a...
The total student loan debt in the United States is in excess of $1.3 trillion, thus, it’s understandable why lawmakers are under considerable pressure to allow borrowers to include their student loan debt in their bankruptcy filings. Unlike credit cards, medical bills, personal loans, and...
Only people with zero spending control file for bankruptcy, right? Nothing could be further from the truth, say bankruptcy attorneys nationwide. Just ask any bankruptcy lawyer why their clients are driven towards bankruptcy, and you will hear the same reasons repeated: job loss, divorce, injury,...
It is no secret that Americans have faced economic challenges in the last decade, especially in light of the Great Recession which led to millions of foreclosures across the nation. While it is safe to assume that the majority of these folks were not eager to file for bankruptcy, it is important...
