It takes a bankruptcy expert to explain what is true and what is myth about filing personal bankruptcy. The public has extraordinary misconceptions on the subject of personal bankruptcy. Even the chattering money experts on TV talk shows know next to nothing about it.
Have you ever said, “I can’t pay my bills?” If you have, this article is for you.

Los Angeles Bankruptcy Blog
(posted 21 hours 11 min ago)
“American Sniper” author Chris Kyle poses for this 2012 file photo. Mr. Kyle was fatally shot at a shooting range southwest of Fort Worth, Texas, on Feb. 2, 2013.
Paul Moseley/Associated Press

The widow of “American Sniper” Chris Kyle is suing the Texas law-enforcement-training business he founded, saying that the company has been illegally using Mr. Kyle’s image to sell merchandise and training services.
In court papers, lawyers for Taya Kyle said that Craft International LLC continues to use the name of her dead husband—who claimed to be the most lethal sniper in U.S. military history—without her permission. Ms. Kyle said that she and her children “have the right to control the use of Chris Kyle’s name, likeness and image” after he was killed on Feb. 2, 2013, on a Texas gun range.
Mr. Kyle, a former Navy SEAL, was credited with more than 150 “confirmed kills.” His 2012 autobiography became a bestseller.

WSJ.com: Bankruptcy Beat
(posted 21 hours 58 min ago)
Kenneth Feinberg
Bloomberg

General Motors Co. is now linking 19 deaths to faulty ignition switches in its vehicles.
The higher death-toll figure was disclosed Monday by the compensation expert retained by GM, Kenneth Feinberg, who gave his first public update on the claims made against GM in connection with the switch.
Reports WSJ’s Jeff Bennett:

WSJ.com: Bankruptcy Beat
(posted 1 day 38 min ago)

Interesting op-ed on digital wallets by Edward Castronova and Joshua Fairfield in the NYT. I'm a little more skeptical. Thoughts follow the break.

(1) We already live in a world of digital currency.
Thanks to fractional reserve banking and electronic records, most currency and transactions are electronic now, not cash. Most money is already digital; there is a right of paper convertibility, but we're in a digital currency world without involving Satoshis and Ripples (¿or is that ripplakh?). 
(2) Government Acceptance of a Currency Matters...A LOT. 

Credit Slips
(posted 1 day 1 hour ago)

NORTH OF THE BORDER UPDATE
This article has been contributed to the blog by Patrick Riesterer and Mary Angela Rowe. Patrick Riesterer is an associate in the Insolvency and Restructuring group of Osler, Hoskin & Harcourt LLP and Mary Angela Rowe is an articling student at Osler, Hoskin & Harcourt LLP.
In the recent case of Indcondo v. Sloan, the Ontario Superior Court appeared to strike a blow for creditors’ rights when it voided several property conveyances as fraudulent – although they had occurred more than a decade earlier, and the creditor’s first action in this respect had been dismissed. The plaintiff Indcondo was able to achieve a judgment on the merits by stepping into the shoes of its debtor’s former trustee in bankruptcy.
FACTS

(posted 1 day 1 hour ago)

An indictment a few days ago against a chapter 7 debtor in Palm Beach County provides an occasion to review the bankruptcy crimes provisions of title 18 of the United States Code.  This indictment gives credence to the rule of thumb to beware of the debtor who mentions the words "Rolex watch." 


Recent IndictmentThe indictment for a bankruptcy crime against the former chapter 7 debtors in alleged that they "did knowingly and fraudulently conceal and cause to be concealed property belonging to the bankruptcy estate" in violation of 18 U.S.C §152.  First on the list of undisclosed property - a Rolex watch.

Miami Bankruptcy Law Blog
(posted 1 day 2 hours ago)

An indictment a few days ago against a chapter 7 debtor in Palm Beach County provides an occasion to review the bankruptcy crimes provisions of title 18 of the United States Code.  This indictment gives credence to the rule of thumb to beware of the debtor who mentions the words "Rolex watch." 


Recent IndictmentThe indictment for a bankruptcy crime against the former chapter 7 debtors in alleged that they "did knowingly and fraudulently conceal and cause to be concealed property belonging to the bankruptcy estate" in violation of 18 U.S.C §152.  First on the list of undisclosed property - a Rolex watch.

(posted 1 day 2 hours ago)

Marcia L. Goldstein, Co-Chair of the Firm’s Business Finance & Restructuring Department, along with Lori R. Fife, Debra A. Dandeneau, Jacqueline Marcus and Ronit J. Berkovich, all partners in Weil’s Business Finance & Restructuring Department, co-authored an opinion piece published by The Wall Street Journal’s “Bankruptcy Beat” titled “Weil Partners: Restructuring Doesn’t Have to Stay a Male-Dominated Field.” The authors wrote the piece in response to a recent “Examiners” blog post that was published last week.
The original post was a response to the question “What factors can make restructuring a difficult field in which to balance work and family obligations, and what should professional firms be doing to help employees?” and it argued why the restructuring field would likely remain male-dominated. In response to this, Weil’s piece explains why restructuring doesn’t have to remain male-dominated, citing the authors as five of many examples of successful female bankruptcy professionals who are also mothers. Some of the authors’ key arguments include that women should not self-select out of certain careers for fear of not being able to sustain a work-life balance in the future, and that work-life balance is not solely a woman’s issue, but rather an issue for both males and females in a wide range of professions.

(posted 1 day 2 hours ago)
Getty Images

RadioShack Corp. is considering $585 million in financing from investment bank UBS AG and hedge fund Standard General LP, The Wall Street Journal reports.
Philip Falcone’s Harbinger Capital Partners filed a new restructuring proposal for the smaller pool of LightSquared’s assets, a plan that includes financing from J.P. Morgan Chase & Co. WSJ has the Daily Bankruptcy Review article here.
(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)

WSJ.com: Bankruptcy Beat
(posted 1 day 3 hours ago)

The Texas Agricultural Code requires milk processors to hold funds in trust for the benefit of milk producers, including dairies and cooperatives.  A trust fund is a powerful tool that will allow a milk producer to be paid ahead of other creditors in the event that a milk processor files bankruptcy.  To learn more about trust fund claims in general and the protection provided to milk producers in particular, click on the link below to an article written by Jason Binford and John Kane published in the September issue of the Texas Dairy & Ag Review.
http://www.texasdairy.com/#!power-of-a-trust-fund/c1x3y

Insolvency Insights
(posted 1 day 3 hours ago)