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Bankruptcy

Arizona Bankruptcy Attorney Blog

The perspective of one Arizona Bankruptcy Attorney on insolvency during a depression.
By Joseph McDaniel, Esq.

Post Frequency: 2.4/day

Last Entry: March 31, 2011 at 10:42:02

Equifax Says There's a Drop in Small Business Bankruptcy Cases: That is Not a Good Sign.

Posted on February 24, 2011
Do not think the the Equifax-noted drop in small business filings is a good thing. It's really a reflection of despair on the part of small business owners, who are just closing the doors of their businesses and filing personal bankruptcy cases to deal with personal guarantees...

Does Anybody Really Think Oil Prices Will Do Anything But Go Up?

Posted on February 24, 2011
I always get a kick out of the remarkably short memory span of the collective intelligence in the world. Oil prices spike, then come down slightly, and everybody says, "Whew! Glad that's over! Back to business as usual!" Rising oil prices, which will keep rising forever in herky-jerky amounts, constitute a serious economic problem for the United States; the fact that we don't have a current national program to build either 300 nuclear power plants (like Japan) or GIGANTIC SCARY EXPENSIVE windmills, or acre after acre of solar generating plants, or dig for coal and drill for oil, is a testament to our collective stupidity as a nation...

Life After Bankruptcy? Well, There is if You're General Motors!

Posted on February 24, 2011
Life after bankruptcy is something I've written about in the past, and will write more about in the future. But it appears that there is one company has bounced back from bankruptcy, and that's General Motors! NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

"many politicians, labor unions and civil society groups prefer government spending and domestic protectionism over further economic " growth. In India.

Posted on February 24, 2011
Foreign investment is a major issue, and it's just started dropping like a rock. In India. And that's a remarkable thing, because of the reasons cited by the article in The New York Times Global Edition. p.s. my current guess is that India's Bankruptcy Law follows Great Britains's Bankruptcy Law, which is not terribly warm, fuzzy and supportive...

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Chapter 13 Bankruptcy Filings Increase

Posted on February 24, 2011
Bankruptcy filings all over the United States went up in 2010, and that just makes sense; we also saw around 1.1 mortgage foreclosures and trustee's sales in the same period, and bankruptcy and foreclosure go hand in hand. And since we're on track for 1...

Surprise, Arizona has a Surprise in Its Audit!

Posted on February 24, 2011
Ordinary people often have a lot of month left over at the end of their money, and then want to talk to a bankruptcy lawyer in Arizona. But if an ordinary couple, or even a couple of lawyers, doctors, or CPAs noticed a hole in their bucket to the tune of $73,000,000, they might be...

What Could Possibly Go Wrong in My Bankruptcy Case, Part Whatever: Page Kinney, or Jaime Lee Lawler

Posted on February 23, 2011
There are some cases you read about and say, "Gee, I'm sure glad they didn't drop into my office!"NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY ATTORNEY WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY THINGIE...

11 USC 523: What WON'T Go Away in a Chapter 7 Banrkuptcy, Part I: Tax Debt

Posted on February 23, 2011
It's important that you know what debt will survive your Chapter 7 Bankruptcy in Arizona, and everywhere else. One starting point is 11 USC 523. Now, reading it at one sitting and trying to digest it can make a strong man go into seizures, so I'll be slicing and dicing it for the next week or two, so that a normal human can get an idea of what it means...

The Discharge: The Pot of Gold at the Middle of the Bankruptcy Rainbow

Posted on February 23, 2011
Why do you file a Chapter 7 Bankruptcy in Phoenix? It's pretty simple. You want the automatic stay of 11 USC 362, and you also want the bankruptcy discharge that arrives in your file (but not your mailbox) about a hundred days after you file your case...

We Are in For a Fight to Balance the Government Books; Interesting Article by Jonah Goldberg in the L.A. Times

Posted on February 22, 2011
It will be interesting to see how the fight to balance the books for the States and the United States works out. We all have a stake in it, because when States become insolvent, that's a bad thing; ditto the Federal Government. Some folks suggest that States be permitted to file Bankruptcy, which is Jake by me...

Forbes Discusses Outrage Over the Borders Bankruptcy Filing!

Posted on February 22, 2011
I liked the perspective of Marianne Bickle, who wrote a nice discussion of the emotional responses to the Borders filing in Forbes. I liked it that she saved her deepest sympathy for the soon-to-be out-of-work employees of the Borders Bookstores that were closing...

Whining About Being a Bankruptcy Lawyer in Phoenix is Just an Excuse For Using this Photograph

Posted on February 22, 2011
Some days it's good being a bankruptcy lawyer in Phoenix, and some days it's a little less good. For instance, some days clients send me gift baskets with cards that say, "Thank You. Thank You. Thank You." Other days, clients send me emails and say, "What do you mean, my diamond-encrusted Rolex isn't exempt in Arizona????? I paid you a fee, now fix it!" To be fair, both of those events happen seldom, but they happen, and they make me happy or sad, as the case may be...

Phoenix Home Invaded by 4 Gunmen: Not By a Bankruptcy Trustee!

Posted on February 22, 2011
When I saw the headline, "Phoenix Home Invade by 4 Gunmen", I had several thoughts. One was the hope that everybody in the house survived the ordeal. That's gotta be scary. Another is one of those questions I'm seldom asked anymore, because I've answered it in this blog, which is "will the bankruptcy trustee come to my house"? My answer was always that it can certainly happen, but seldom...

The Top Three Per Cent of Chapter 7 Bankruptcy Cases in Phoenix

Posted on February 22, 2011
If you're in school, and you score in the top three per cent of class, there's a good chance that your parents will be happy with you. If you weigh as much as the top three per cent of the population, on the other hand, you'll probably have serious health problems...

My Favorite Borders Bookstore is the Victim of a Chapter 11 Bankruptcy! On the Other Hand, 40% Off Sounds Nice.

Posted on February 22, 2011
There's a Borders Bookstore at the Biltmore Mall, next to a Cheesecake Factory, and a few steps away from the Apple Computer Store. Today. But it won't be there in a couple of weeks. The liquidation sale of the merchandise there is taking place, and on Camelback Road at 24th Street or so there are two nice young men twirling signs that talk about liquidation and 40% off the ordinary prices...

Top Ten Bankruptcy Blog Entries for the Week in Phoenix, Arizona

Posted on February 21, 2011
Filling Out the Dreaded Lists and Schedules!! Daaa-daaa-daaa-DUM!!!!!!!!!This is designed to help my clients fill information into their forms. This is not legal advice for somebody in New York, because the local ... The Worst Part About the Borders Bankruptcy by Dana Milbank and Alexandra Petra, With a CARTOON!I love cartoons, because some of the people I get to help every day aren't laughing very much about their impending bankruptcy; on the other...

Bankruptcy Survival Food; After You Run Out of Cat Food, After Spending Your Retirement Trying to Pay Credit Cards!

Posted on February 21, 2011
Okay, there's one major mistake people make before coming to see a bankruptcy attorney in Phoenix, or anyplace else in Arizona. That mistake is spending all of the dough they have in their 401(k), or their IRA, or similar retirement vehicles. Why is that a mistake? Well, the debtors in those cases mean well, but they don't get any extra gold star in the bankruptcy process from throwing themselves on an economic grenade...

More Jobs, Fewer Bankruptcy Cases? Stay Tuned for More!

Posted on February 20, 2011
I don't know Governor Jan Brewer. Some people like her, some hate her, because that is the fate of politicians. It all depends on whose ox is getting gored. But I always like it when a politician cuts taxes. Always. And it happens so infrequently that I'm disproportionately happy when I see it...

Arizona First Meeting of Creditors, or The 341 Meeting in Your Chapter 7 Bankruptcy

Posted on February 18, 2011
Here's a blog entry with a video about your First Meeting of Creditors, also known as The 341 Meeting!NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY ATTORNEY WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY THINGIE...

Right Ways to Hide from Creditors, Courtesy of MSN Money

Posted on February 18, 2011
There are some ideas that don't come naturally to me. One of them is hiding from creditors, because I'm an Arizona Bankruptcy Lawyer, and have been for thirty years. But if MSN Money wants to give you pointers on how to hide from creditors, well, there you are! And thanks and a tip of the bankruptcy bench to David, who pointed out the article to me...

What Happens to My Tax Refund in a Chapter 7 Bankruptcy in Arizona?

Posted on February 18, 2011
That one is pretty simple. You lose it if you have not spent it on ordinary living expenses, non-dischargeable debts like child support, or legal fees by the date of your bankruptcy filing. I discuss tax refunds and Chapter 7 Bankruptcy Cases in Arizona at a little greater length here...

The Executive Guide to Corporate Bankruptcy, by Thomas J. Salerno, Jordan A. Kroop and Craig D. Hansen

Posted on February 18, 2011
This is just a shameless plug for a book by friends of mine. I know Tom Salerno the best of the trio; he was a crackerjack, high-end Chapter 11 bankruptcy lawyer from the day he started his practice, and he had the opportunity to study with the best...

Bankruptcy and the Amish, With a Joke thrown In. For Laughs. Because It's Friday.

Posted on February 18, 2011
What's this: "clop, clop, clop, clop, clop. BANG! clop, clop, clop, clop, clop, clop, clop....." It's an Amish drive-by shooting. Here's the non-joke takeaway: the Amish would rather not be involved with Bankruptcy Courts, or Bankruptcy Proceedings...

Giordano's Pizza Files Bankruptcy; If You Can't Sell Enough Pizza, This is a Depression.

Posted on February 18, 2011
I have a love-hate relationship with pizza. It tastes so good that I can eat two or three big pizzas at a sitting, or at least I could before I saw the dreaded Hawaiian Vacation Photos ("who's the fat guy standing next to...."). The same is true for some of my family members...

Borders Bookstore Bankruptcy and Trickle-Up Creditors

Posted on February 17, 2011
The New York Times has reported on the Borders Bookstore Chapter 11 Bankruptcy. This paragraph grabbed my attention: "Large publishers have grimly accepted that they will lose millions on books they shipped to Borders throughout the holidays...

Borders Bankruptcy Spawns a Live Blog: Thank You, Edward Vielmetti in Ann Arbor

Posted on February 17, 2011
Big bankruptcy cases take on lives of their own, and some have life spans that rival redwoods. This is the first live blog about the Borders Bankruptcy that I've seen. Thanks and a tip of the bankruptcy bench to Edward Vielmetti in Ann Arbor!NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Don't Pay Your Relatives Back During the Year Prior to Filing Your Bankruptcy! Preference Law, Right?

Posted on February 17, 2011
This is a quick reminder, because I just got a very sad email from a nice lady who has relatives who are being sued for a bunch of money they received from the debtors during the year prior to filing. I'll come back and beat this to death soon, but for now the message I want you to take away is that you should not pay back relatives during the year prior to filing...

A Message from Borders CEO Mike Edwards; Kinda Like Postcards from the Edge, Bankruptcy Division

Posted on February 17, 2011
Here it is, for your reading pleasure! And I give this Mike Edwards props for writing it, because announcing the ground rules to the public when a big Chapter 11 is filed makes for less panic in the streets for your habitual customers! NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

AHCCCS and Medicaid To Be Cut in Arizona: The Cupboard is Bare.

Posted on February 17, 2011
Everybody wants a free lunch, and that includes me. If somebody is handing out a free, jewel-encrusted pony I can take home to the kids, I'm there! But I've decided that there's no such thing as a free lunch; somebody is going to pay, and if you're reading this, the chances are that you've been a payor! Now, AHCCCS was plugged into it's present size and shape by a Legislative Initiative, which amounts to folks voting to give away a bunch of free health care to a bunch of people...

A Cruel Hoax Played on Union Workers; Why Wisconsin Stripped Collective Bargaining from Unions

Posted on February 17, 2011
Union workers often include heroes like firemen and policemen, and unions are often involved in collective bargaining. And the unions, because they focus well, are frequently better at collective bargaining than the cities and states with which they bargain...

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