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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

The Worst Part About the Borders Bankruptcy by Dana Milbank and Alexandra Petra, With a CARTOON!

Posted on February 16, 2011
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 hand, some are already delirious with joy that the harassing phone calls from credit card companies will stop when they hire my firm...

What Could Possibly Go Wrong in a Bankruptcy Case? Well, Ask Gerald Schuerer about his Jail Sentence for Bankruptcy Fraud!

Posted on February 16, 2011
Can you sell stuff prior to bankruptcy and spend the proceeds prior to filing your bankruptcy? Well, sure, if you have some guidance from an experienced bankruptcy attorney, and you list the transactions in the schedules, sell for fair market value, and actually receive proceeds for the dough, and if the sale is a real sale...

The Arizona Bankruptcy Exemptions, Assembled by the Bankruptcy Court for the District of Arizona

Posted on February 16, 2011
Has anybody else tried to post a pdf on a blog, whether it's an Arizona Bankruptcy Blog, or anyplace else? For a simple back-country Arizona Bankruptcy Attorney with no computer skills, it's challenging. On the other hand, sometimes you run into sites that make computer skills unnecessary...

Inflation Running at 5%. In China.

Posted on February 15, 2011
Apparently, the United States is not the only country with an inflation issue. 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...

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13 Trillion More in Debt? That's a Lotta Debt!

Posted on February 15, 2011
This article in the Kansas City Star suggests that the proposed budget would add 13 Trillion to the National Debt. Pretty soon, we'll be talking about real money.NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Business Bankruptcy Filings Up, Too!

Posted on February 15, 2011
Here's a short article that makes a mistake by assuming facts not in evidence. The article assumes that Chapter 11 Cases are all business cases, and that Chapter 7 Cases are all personal cases. There are also personal Chapter 11 Cases and business Chapter 7 Cases...

Bankruptcy and Valentine's Day

Posted on February 14, 2011
No relationship between bankruptcy and Valentine's Day, you say? Au contraire! Here's how this works: do NOT get married first, and then file bankruptcy. If you want your sweetie to send you a Valentine with chocolates instead of nitroglycerin, scrape off your debt before you say "I do!" NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Can I Discharge a Mortgage in a Chapter 7?

Posted on February 14, 2011
Well, a discharge in a Chapter 7 case is a very good thing. It's really an injunction, or a court order. It prevents creditors from taking actions against you to collect the debt, based on your personal liability. But there's a reason that secured creditors took a lien, or security interest, or deed of trust, on their collateral...

Congressional Budget Office Gives Us the Skinny on Unemployment

Posted on February 14, 2011
From the Congressional Budget Office Website "Hiring rates remain very low, with only faint signs of recovery, even though the recent recession appears to have ended in mid-2009. CBO expects the unemployment rate to average a little over 10 percent for the first half of 2010, and it will probably not dip below 9 percent until 2012...

If I Scrape off Some Liens in a Chapter 13, Will You Have Equity When the Market Rebounds? CNN says 2034. No Kidding.

Posted on February 14, 2011
Well, maybe I'm doing you a favor, because I can scrape off some liens, or lien amounts, in a Chapter 13, after you have made payments for three to five long and painful years. And if the market goes up, maybe I did you a favor. When should we expect the Phoenix housing market to rebound? In 2034, says CNNMoney...

Bankruptcy Law and Litigation Report is Being Marketed as a Valentine's Day Gift: Is that a Bad Sign?

Posted on February 14, 2011
Here's an advertisement of Bankruptcy Law and Litigation Report, which is apparently being sold as a Valentine's Day Gift. I find that a little disturbing, even though I'm a Phoenix Bankruptcy Attorney. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Will Obama Budget Cause More Bankruptcy? 3.7 Trillion Budget Proposal

Posted on February 14, 2011
Does anybody else have a little trouble wrapping their heads around a number like 3.7 Trillion? Now, I know that inflation has something to do with that number. Here's a link to a graph that sets out deficit numbers over a period of time. Here's a link to a pie chart that shows the categories of spending in 2010...

Insolvency Not a Local Problem; Consumer Bankruptcy in Great Britain

Posted on February 13, 2011
Not Just Around Here Department: personal insolvency highest in Great Britain in 2010. 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...

Bankruptcy of Blockbuster has More Drama Than Most Movies!

Posted on February 13, 2011
Even a big bankruptcy, with lots of resources and a Chapter 11 Plan already set to go on the date of filing, can experience some speed bumps. I was, however, entertained by the idea that somebody wants a Chapter 11 converted into a Chapter 7 because the debtor is insolvent...

Bankruptcy, Bookstores and Buggy Whips

Posted on February 13, 2011
I always liked bookstores and libraries, particularly when I could hide in libraries in grade school. And I never knew much about buggy whips, because they were more or less obsolete when I was growing up. So I never drove past a Buggy Whip Factory. But if the projections I've been reading are correct, brick and mortar bookstores are in for some real trouble in the next few years; some projections say that about three-quarters of all books published are going to be published for e-books, and that will have a heck of an impact on both bookstores and their bottom lines...

Egypt's Military Disolves Parliament, Says New York Times; Anybody Want to Guess About Price of Oil?

Posted on February 13, 2011
First, when I read a headline like "Egypt's Military Dissolves Parliament", I get a bad feeling. Remember the nice, democratic government that was set up immediately following the Russian Revolution? Well, there was a nice, democratic government right after the Czar stepped down, which government was shut down by the Communists soon after the abdication of the Czar, followed by the murder of the Czar and his family...

Bankruptcy: Should We Add a New Chapter? Chapter M for Mortgage!

Posted on February 12, 2011
Here's an article discussing a proposal to add a new bankruptcy Chapter to deal with mortgage foreclosures. My guess is that Congress works too slowly to go with this sort of a program, but it might be useful. An easier repair job would be the repeal of the 2005 Amendments; making it easier to discharge credit cards would free up money for mortgages...

Bankruptcy for "Young Buck"; Rappers need Bankruptcy Love, Too.

Posted on February 12, 2011
The issue of Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and Chapter 11 Bankruptcy is an issue in a lot of cases these days, even bankruptcy cases for Rappers. And that is clearly the issue for the moment in the "Young Buck" case, now a Chapter 11...

Offshort Drilling Company Filing for Bankruptcy: Seahawk Drilling, Inc.

Posted on February 12, 2011
Seahawk Drilling Inc. is filing a Chapter 11 Bankruptcy. It makes me sad when drillers file bankruptcy. 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...

Oil Prices Will Go Up, and the Economy Will Go Down, As a Result of Revolution in the Middle East

Posted on February 12, 2011
I am not the same guy I was in college, and except for the biceps, I think that's a good thing. In college, my beard and long hair would have gone well with my Che Guevara T-Shirt, except that I couldn't afford a Che Guevara T-Shirt. And I thought a Glorious People's Revolution would have been cool, because the People's Dictator would certainly have given me the Che Guevara T-Shirt I so deserved! There's nothing like working in the private sector (and I've also worked for years for the government, as a bankruptcy law clerk for Bankruptcy Judges and bailiff for Superior Court Judges) and reading history to make you suspect that most revolutions are just one guy grabbing a government from another guy, the American Revolution excepted (read history; you'll be amazed!)...

When A Real Estate Entrepreneur Files a Bankruptcy, Is That Really News?

Posted on February 12, 2011
My inclination is that the news story should really be "noted real estate entrepreneur did not file bankruptcy today!" Because news stories are supposed to reflect unusual events, and it's unusual today to see former real estate biggies who have not filed bankruptcy...

Bankruptcy Caused by Inflation, Too!

Posted on February 12, 2011
There are a lot of reasons for inflation. And everybody knows that inflation is going up, and going up fast. But you can play with statistics, and you can talk about the importance of inflation in commodity prices, or at the grocery store. But for a family that's up against the wall, the combination of higher gasoline prices and then higher prices at the grocery store may just be enough to push over the Jenga Tower...

What is a Chapter 7 Bankruptcy?

Posted on February 11, 2011
It crossed my mind that I never talked on this blog about a fundamental question: what is a Chapter 7 Bankruptcy?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...

Bankruptcy Displays Infinite Variety

Posted on February 11, 2011
No two bankruptcy cases are the same, neither consumer bankruptcy cases, nor business bankruptcy cases. After thirty years, I see patterns that are similar, but never identical. And large bankruptcy cases are their own little ecosystems. You could read Bloomberg instead of the funny papers...

The Price Tag for Fannie Mae and Freddie Mac Would Bankrupt Most People!

Posted on February 11, 2011
Bailouts are interesting; some people like them, some hate them. One this is certain; bailouts seem to cost a lot of money. Here are the numbers for bailing out Fannie Mae and Freddie Mac, so far; it makes you wonder whether it would make more sense to let them file...

Can I File a Chapter 13 Bankruptcy by Myself, Without Hurting the Credit of my Spouse?

Posted on February 10, 2011
I generally don't like singleton filings, because Arizona is a community property state. Here's an interesting article from a bankruptcy lawyer who is a little more optimistic than I am about the prospect of filing a Chapter 13 bankruptcy without your spouse...

Finding the Best Bankruptcy Lawyer in Arizona for Your Particular Bankruptcy Case

Posted on February 10, 2011
There are a lot of tools you can use to track down the best bankruptcy lawyer for your particular case, and they include AVVO.com, Martindale,com, Findlaw.com, and Board Certification. Here's a more complete discussion of the various considerations to...

Bankruptcy Mega-Cases; the WaMu Saga Continues

Posted on February 10, 2011
Think Chapter 11 Bankruptcy Cases look like fun? Then WaMu must feel like it's in Disneyland! 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...

Bankruptcy For States, Part Seven Trillion; A Nice Editorial

Posted on February 10, 2011
I just read a nice editorial on the issue of permitting States to file Bankruptcy, perhaps under Chapter 9 of the Bankruptcy Code. The tone of the editorial was appreciated, because the issue seems to provoke people with strong opinions into shouting...

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