Category archive for ‘Chapter 11 Bankruptcy’ 
What is Involuntary Bankruptcy?
by Drew Broaddus on 1/15/10 | 0 Comment(s)
Many of the entries on this site deal with the decision to file bankruptcy. (See here for examples). However, there are instances where an individual can be forced into bankruptcy when they have not actually filed a petition. This is called an “involuntary bankruptcy” and is covered by 11 U.S.C. Sec. 303. Such proceedings Read more>>
What The Godfather Can Teach Us About the Morality of Filing For Bankruptcy
by John O'Connor on 1/03/10 | 0 Comment(s)
The decision to file for bankruptcy isn’t personal, “it’s strictly business.” Family comes first.
Morality is of paramount concern to many faced with the decision of whether to file for bankruptcy. Most who incur debt intend to pay it back, hence waving the “financial white flag” and meeting with a bankruptcy attorney can be difficult, it just Read more>>
Eastern District of Michigan Bankruptcy Court Seeks to Clarify Recent Local Court Rule Changes
by Drew Broaddus on 12/04/09 | 1 Comment(s)
As I have discussed here and on my firm’s website, the U.S. Bankruptcy Court for the Eastern District of Michigan (which covers Detroit, Bay City, and Flint) has recently enacted a number of changes to its local court rules. In order to assist Michigan bankruptcy attorneys in understanding at least some of the recent changes Read more>>
Detroit Bankruptcy Attorneys Receive Notice of Local Court Rule Amendments
by Drew Broaddus on 11/25/09 | 1 Comment(s)
This morning, attorneys registered for electronic filing in the U.S. Bankruptcy Court for the Eastern District of Michigan (which has divisions in Detroit, Bay City, and Flint) received an e-mail containing a “Notice Regarding Adoption of Amended Local Bankruptcy Rules.” On November 2, 2009, the United States District Court approved amendments to the Local Bankruptcy Read more>>
Eastern District of Michigan Bankruptcy Court Issues “State of the Court” Report
by Drew Broaddus on 11/20/09 | 1 Comment(s)
On October 8, 2009 Chief Judge Phillip J. Shefferly issued the “State of the Court” report for the U.S. Bankruptcy Court for the Eastern District of Michigan (which has divisions in Detroit, Bay City, and Flint). The report discusses a number of issues of interest to bankruptcy practitioners. For example, the Court reported statistics which Read more>>
Supermarket Files for Bankruptcy
by Jay Jump on 11/18/09 | 0 Comment(s)
Penn traffic files for Bankruptcy:
Penn Traffic is the owner of a chain of regional supermarkets on the east coast. Today, according to Reuters, they filed for Chapter 11 bankruptcy in Delaware.
This is a significant problem in our society if you haven’t already considered it. Small businesses across the country have been cut off from Read more>>
Exemptions: What can I keep if I file bankruptcy?
by Drew Broaddus on 10/23/09 | 4 Comment(s)
The bankruptcy code allows each individual who files bankruptcy to keep basic assets deemed necessary for the debtor’s ‘fresh start’ after bankruptcy. That property is the debtor’s ‘exempt property.’ The debtor claims property as exempt in the schedules that are filed to initiate the case. If no objections are filed to the exemptions, they become Read more>>
In-Kind Exemptions and the ‘Super’ Schedule C
by John O'Connor on 10/15/09 | 1 Comment(s)
Under normal circumstances, a debtor claiming and exemption is limited by the statutory dollar amount that their jurisdiction imposes on the type of asset they are seeking to protect. For instance, North Carolina law allows a married couple filing a joint case to protect up to $37,000 of equity in their home. A couple who Read more>>
Love and Marriage (and Bankruptcy), Part 2: Who Has to Pay for What After Divorce?
by Steve Combs on 9/28/09 | 4 Comment(s)
Section 523(a)(5) of the Bankruptcy Code provides that a domestic support obligation is exempt from Discharge. What this means is that child support, alimony, and any debt classified as a “support obligation” will typically survive bankruptcy. What is less clear, though, is what happens to property settlements in bankruptcy. It is well known that regardless Read more>>
Love and Marriage (and Bankruptcy), Part 1: Are Both Spouses required to file?
by Steve Combs on 9/28/09 | 1 Comment(s)
As a former state court Magistrate who presided over nearly 18,000 family hearings and the former President of the Florida Association of General Magistrates and Child Support Hearing Officers, practicing Bankruptcy law has provided me a real change of pace. I am amazed, though, when I look at the interplay Read more>>
