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Monthly Archives: February 2014

Ex-All Star Canseco Decides Filing Bankruptcy Is His Best Option

Former baseball star Jose Canseco has filed for Chapter 7 bankruptcy back in 2012. Canseco has a long history in the baseball world, and he was voted to be Rookie of the Year in 1986. In 1988, Jose Canseco was voted the most valuable player of the American League when he played for the Oakland Athletics. […]

One Resort Requires Five Chapter 11 Filings

A single-location resort would not appear to be the source of multiple business bankruptcy filings, but when it is operated by five business entities, it requires five separate Chapter 11 filings. That is what occurred in late 2012 when five commercial bankruptcy proceedings were filed in the bankruptcy court in Phoenix related to the operation […]

Airline Trimmed Costs During Business Bankruptcy

Business owners in Phoenix, Arizona, are all too aware of the effect a struggling economy has had on their cash flow and accounts receivable payments. Business owners across the country who made the difficult decision to pursue a business bankruptcy have saved their companies by using the business reorganization process to drastically cut costs. For […]

American Airlines Shows Phoenix Entrepreneurs Bankruptcy Is Not To Be Feared

Thanks to our still-troubled economy and the mortgage and foreclosure crisis that is wreaking havoc on homeowners across the country, Maricopa County readers have probably gotten used to hearing about bankruptcy in the news. After all, it seems like there is some new story or report on bankruptcy every day.   Sometimes, when a concept […]

Income-Based Debt Relief For Graduates: Too Good To Be True?

For years, discussions about student loan defaults have largely centered on unemployment and other financial challenges that made loan repayment difficult for graduates. Federal law precludes student loans from being discharged in personal bankruptcy, so debt relief was impossible for some college graduates to achieve. Help appeared to have arrived in the form of a […]

Stockton, California Municipality Bankruptcy Filing And Its Aftermath

The Chapter 9 Municipality Bankruptcy of the California City of Stockton occurred in June, 2012. Unfortunately, it may soon have more company, the primary reason is that cities across America created big promises to their workers (primarily police and firemen) during the good times when housing prices and the economy were surging.  The problem now […]

Rebounding From a Business Bankruptcy

People associate business bankruptcy with failure that occurs when a business owner could not compete in a highly competitive market. Fashion designer Betsey Johnson might have fit that description in 2012 when, after 35 years in business, dwindling profits and mounting debt forced her to close the 63 shops that sold her clothing designs for […]

Expiring Law Could Add Tax Bill After Personal Bankruptcy

Arizona residents who experience unexpected life changes such as unemployment or illness may find themselves struggling to pay mortgages, medical expenses and credit card debt. By utilizing personal bankruptcy, they can resolve their financial challenges. However, he expiration of the federal Mortgage Fairness Debt Relief Act at the end of 2012 could add an additional […]

Overwhelming Debt Forces Chapter 7 Filing By Football Coach

A struggling economy has left many Americans struggling with financial challenges caused by unemployment, business ownership, medical issues or bad investments. Some people reach the point where Chapter 13 or Chapter 7 bankruptcy becomes the best means of achieving debt relief. John L. Smith struggled with that decision the summer of 2012 in the spotlight […]

Half of Arizona Chapter 11 Filings Are Personal Bankruptcy

Arizona experienced a 22 percent decline in bankruptcy filings in 2012 from a year earlier, and Chapter 11 bankruptcies increased 14.5 percent in 2012. Individuals and not businesses accounted for more than half of the Chapter 11 filings. This is somewhat unusual because most people filing a personal bankruptcy file either a Chapter 7 or […]

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