Did you know that you can be prohibited from filing for bankruptcy if you’re found to have committed defalcation? It’s true — although the term had never actually been defined until now. On Monday, the U.S. Supreme Court took up [...]

American Airlines’ parent company AMR Corporation filed for Chapter 11 bankruptcy in late 2011 in the hopes of reorganizing its debts, ditching some obligations, and putting itself in a strong position for future profitability. Last year, US Airways Group, Inc., [...]

A Chapter 7, 11 or 13 Debtor may avoid a judicial lien recorded against their real property that impairs the exemption on the property. There is no statute of limitations on filing a motion to avoid this judicial lien. Thus [...]

The following are the main advantages to filing a Bankruptcy: 1. Discharge of Debts. No matter what chapter of the Bankruptcy Code a debtor may file under, the goal would be to obtain a discharge. A discharge makes some of the debtors [...]

For most individuals there are two different types of Bankruptcy filing — A Chapter 7 liquidation and a Chapter 13 repayment plan. Both serve the same purpose of providing relief from your debts. But each has advantages and requirements that will determine which is [...]