In the spring of 2005, the Bankruptcy Abuse Prevention & Consumer Protection Act (BAPCP) was signed into law by then-president George W. Bush. A fourteen-year-old piece of legislation filled with arcane detail might not seem like the juiciest topic, but the 2005 bankruptcy law promises to resurface in the ongoing Democratic presidential primaries—with possible implications … [Read more...]
Legal Work Abounds From Mining Industry Challenges
Economic conditions in the relatively poor areas of Appalachia—West Virginia, Kentucky and some parts of Tennessee and Virginia—have been at the epicenter of political and sociological debates for decades, due to the region’s dependence on coal. While the future of coal is up in the air due to a variety of challenges facing the mining industry, this much seems clear—there’s … [Read more...]
What Makes Real Estate Bankruptcies Different in Court
Many people look to make extra income and secure their retirement by purchasing real estate and then renting it out. Perhaps, in addition to your house, you’ve got a duplex that provides a steady stream of residual income and the future promise of a big payday when you sell. But what happens if the plan goes awry? Real estate bankruptcies were the driving force behind the … [Read more...]
Farm Bankruptcies Are Climbing, and the Problem is Far From Over
Farms across the Midwest are struggling financially, leaving many to wonder why. An alarming number of farms have filed for Chapter 12 bankruptcy, and the number continues to rise steadily. Farmers are choosing to file for Chapter 12 bankruptcy because it allows high debt levels like Chapter 11 bankruptcies, but is also an easier process, similar to Chapter 13 … [Read more...]
The Good, the Bad and the Ugly of Filing For Bankruptcy
Bankruptcy can be described as a way out of a financial hardship situation, with strings attached. And by strings, we mean conditions, obligations and restrictions. For individuals and businesses that can’t see a way to pay their debts, a bankruptcy can swoop in and wipe their debt slate clean, in most situations, but it comes with quite a few restrictions for the business or … [Read more...]
Is Declaring Bankruptcy Right for You?
Declaring bankruptcy is not something you wake up one morning and decide to do on a whim. Sure, you can decide quickly at times what you’re going to eat or wear, but a decision as serious as bankruptcy that can greatly affect your long-term future should be well thought out. Below are some questions and ideas to ponder before plunging into the bankruptcy bowl. Have you … [Read more...]
