The first important decision when filing bankruptcy is should I file? Most clients struggle with whether or not to file for bankruptcy. Even if the person has significant outstanding debt, there is still often a question as to whether or not filing bankruptcy is the right solution. People worry about their credit scores. People worry+ Read More
The post Three Important Decisions When Filing Bankruptcy appeared first on David M. Siegel.

(posted 6 days 11 hours ago)

This month we take some time to honor founding member, Sherman Titens in his passing. Sherman had a great vision for ChamberWise and we will continue to pursue it.
Also in this newsletter you can check out the most recent webinars available at a deep discount for member-Chambers.
View the newsletter here or go to www.ChamberWise.org for more info.

(posted 6 days 20 hours ago)

Per www.globalinsolvency.com:

Thu., July 24, 2014The number of recorded personal insolvencies has reached its lowest level in nearly a decade, according to official figures, BBC News reported. The Scottish government said more people were using its debt payment programmes to manage their finances. Enterprise Minister Fergus Ewing described the figures as "encouraging". However, the figures also showed a rise in corporate insolvencies, with 250 Scottish firms failing in the second quarter of 2014. The official statistics published by the Accountant in Bankruptcy (AiB) showed a 25.8% decrease in the number of personal insolvencies from the same quarter the previous year. The recorded number of personal insolvencies, including both bankruptcies and protected trust deeds (PTDs), are now at their lowest recorded level since the first quarter of 2005-06. PTDs have fallen in popularity as Scots take advantage of government debt payment programmes (DPPs), which allow people to pay off their debt over a longer period rather than transfer their estate to a trustee to avoid bankruptcy, as is necessary under a PTD.

The COMI
(posted 6 days 20 hours ago)

handle a bill collectorI know how to handle a bill collector. I’ve had a lot of experience with debt collectors. First, two things for you to know. I worked my way through college as a bill collector. For another, I’ve been a bankruptcy lawyer in the San Fernando Valley, CA for 34 years. Knowing how to handle a bill collector is my stock in trade. So, let’s talk about how make a bill collector “Shut Up!”
There are three kinds of bill collectors that you as a consumer will encounter. These are:

Los Angeles Bankruptcy Blog
(posted 1 week 2 hours ago)

In “Try to Be the Least Bit Cool: Credit-Bidding After Fisker and Free Lance Star-Publishing,” the editorial staff of Commercial Bankruptcy Investor looks at two recent case in which credit bidding rights were scaled back and reflects on how credit bidders can avoid a similar fate in other cases.
Read the full article here, or visit www.commercialbankruptcyinvstor.com.

(posted 1 week 2 hours ago)

Cooley Go
Cooley GO
Earlier this month, Cooley LLP launched Cooley GO, a terrific new resource center for entrepreneurs with businesses at all stages of the growth cycle. Cooley GO is a mobile-friendly microsite that provides a wide range of free legal and business content covering formation, financing, building a team, working with directors and advisors, intellectual property, M&A, IPOs and more.
I have the pleasure of being a contributor to Cooley GO. A new post I wrote called “A Key Customer Filed for Bankruptcy: Should You Keep Doing Business With Them?” is now on the Cooley GO site. To read the article just follow the link in the prior sentence.
Be sure to explore the full Cooley GO site. Among other tools, Cooley GO provides entrepreneurs with the ability to:

(posted 1 week 3 hours ago)
In this Sept. 7, 2012, file photo, Joe Francis attends the House of Hype Music Awards at the Beverly Hills Hotel in Beverly Hills, Calif.
Arnold Turner/Associated Press

Your move, Joe Francis.
A federal judge has slapped the Girls Gone Wild founder with a daily fine of $5,000 until he returns two luxury cars that belong to the porn business, whose famous brand was recently sold out of bankruptcy.
The fines, which started on Friday, came after Judge Sandra Klein didn’t buy Mr. Francis’s explanation for why he hasn’t returned the 2007 Cadillac Escalade or a 2012 Bentley Flying Spur.
Mr. Francis had said in court papers that he was “powerless” to return the autos after a Mexican strip club owner—angry that several Girls Gone Wild promotions fell through—took the vehicles.
Mr. Francis is appealing the sanctions. His attorney said in an email that the court decision is “outside the scope of proper civil contempt sanctions.”

WSJ.com: Bankruptcy Beat
(posted 1 week 6 hours ago)

Federal Reserve stress tests evaluate banks' ability to withstand severely adverse scenarios like the Great Recession. But the next downturn may pose different problems, according to Tony Hughes of Moody's Analytics.

BankThink
(posted 1 week 6 hours ago)
In this July 27, 2009, photo, Scott Rothstein is shown in his former office.
Associated Press

More than four years after Scott Rothstein’s $1 billion-plus Ponzi scheme came to light, a bitter turf war between representatives of his fraud victims and his creditors has finally been resolved.
A recently reached settlement between federal prosecutors and bankruptcy officials should bring an end to a long-running fight over how to divvy up the fruits of Mr. Rothstein’s fraud among fraud victims and creditors of his now-defunct law firm.
Ever since Mr. Rothstein’s arrest and the bankruptcy filing of his Florida law firm in late 2009, prosecutors and bankruptcy lawyers have bickered over whether Mr. Rothstein’s luxury cars, watercraft, jewelry, cash, real estate and other assets were his personal property or property of the law firm.

WSJ.com: Bankruptcy Beat
(posted 1 week 6 hours ago)