In re Beltway Law Group, LLP, 514 B.R. 341 (Bankr. D. D.C. 2014) – A managing partner filed an involuntary chapter 7 petition against a professional limited liability partnership. The bankruptcy court denied the petition and dismissed the case based on its … Continue reading →

(posted 1 week 1 day ago)

There are so many people that claim that they want to get out of debt, yet they don’t make the first step. They lament over their financial situation. They complain that they’re being held back and there’s nothing that they can do about it. They’ve heard about bankruptcy, but they really don’t want to go+ Read More
The post If You Want To Get Out Of Debt, You Have To Make The First Step appeared first on David M. Siegel.

(posted 1 week 2 days ago)

When you have serious debt trouble, “Self Help Debt Plans” can’t help you.
Clark Howard, a “financial expert”,  has been a frequent TV show guest.  He has a “Five simple Steps” debt plan. Suze Orman has a Nine Step Plan. The Motley Fool has a 60-Second Guide. Wiki How has a Nine step plan. I even found a site that debates whether Dave Ramsey’s Self Help Debt Plans beat out Suze Orman’s plans. Not surprisingly, it says sometimes it does, and sometimes it doesn’t. Gee, that’s helpful, huh?
Self Help Debt PlansAll these Self Help Debt Plans have something seriously wrong with them. If you can’t pay your debts, these plans can’t work.  These plans all require you to have significant amounts of spendable income for debt payments. But if you ain’t got the money, you ain’t got the money. No money means no steps to debt help. (Don’t trip over your own feet while you attempt the get-out-of-debt dance routine.)

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

The idea behind bankruptcy is to assist a person in resolving debt and learning better financial management. Being able to start again is not just about leaving the past behind, it also requires a person to protect their remaining assets. The benefits of this can be maximized by NOT borrowing, selling or depleting these assets... Read more »
The post Can I Sell Some of My Assets Before Filing Bankruptcy? appeared first on Allmand Law Firm PLLC.

AllmandLaw
(posted 1 week 2 days ago)

Financial Poise, The ChamberWise Education Consortium, and West LegalEdcenter are pleased to announce a brand new webinar series for 2014, Finance and Accounting. The first webinar, “The Income Statement” premieres on October 29, 2014 at 10am CT.
Webinars in the series include:

Speakers include:

  • Richard Claywell, Biz Valuations
  • Gary Frantzen, Alvarez & Marsal
  • Garth Tebay, Tebay & Associates, LLC
  • Todd Zoha, Stage Capital LLC

There is a saying: “If you don’t know your numbers, you don’t know your business.”  This webinar was created to teach the small business owner enough about finance and accounting so he can have an intelligent conversation with his controller or CFO.  As with all Financial Poise webinars, each episode in the series is designed to be viewed independently of the other episodes:  think sitcom rather than soap opera.Produced in conjunction with West LegalEdcenter. 1.0 CLE credit available.

(posted 1 week 2 days ago)

In case you were wondering, Columbus Day is in the top ten of “legal holidays” that Bankruptcy Rule 9006 recognizes.  Although the Weil Bankruptcy Blog is observing the holiday, we thought it provided a good opportunity to remind everyone of the diminished significance of legal holidays under Rule 9006.
Under current Bankruptcy Rule 9006(a)(1), if today is the last day in a time period set by the Bankruptcy Rules, the Federal Rules of Civil Procedure, any local rule or court order, or in any statute (assuming the statute does not otherwise specify a method of computing the time), you can go watch your neighborhood’s parade because you have an extra day to file your pleading or take some other action.
Remember, though, that Bankruptcy Rule 9006 no longer excludes weekends and legal holidays when computing a time period.  Before 1987, weekends and legal holidays were excluded from computing a time period when the period was shorter than seven days.  It was then changed to any period shorter than eleven days in 1987.  In 2009, Congress changed the rule to require that weekends and legal holidays always count when computing a time period.
By the way, according to the “Holiday Insights” website , today also is International Skeptics Day.  So, today is a great day for those who doubt that Christopher Columbus discovered the New World, as well as those who believe that he did!

(posted 1 week 2 days ago)

SEC Chair White signaled that the proposed rules on CEO pay ratio would be adopted before the end of the year at a Senate Banking Committee hearing last month, or at least that was her “hope and expectation.” Senator Menéndez, Congressional author of the rule under the Dodd-Frank Act, responded that he wanted “more expectation and less hope” for meeting that timetable, indicating that the proposal in its current form reflects the “legislative intent.”

(posted 1 week 2 days ago)

Here is another story that is being sold to the public to try to create confidence that there will not be a Lehman #2.  Whether one buys it seems to come down to a question of whether banks should be relied on to keep contractual promises that are contrary to their economic interests and, in the short run at least, to those of their shareholders.

Per www.businessweek.com:

By Gregory Mott  
October 13, 2014

Eighteen global banks have agreed to swaps contract changes designed to work with government rules for unwinding failed firms, a step that may help end the view that some financial companies are “too big to fail.” 
Counterparties of banks involved in resolution proceedings will delay contract termination rights and collateral demands under the plan announced by the International Swaps and Derivatives Association. The change is intended to give regulators more time to arrange orderly resolutions, ISDA said in a statement released in Washington on Saturday.

The COMI
(posted 1 week 2 days ago)

Endeavour International Corp., a Houston-based oil and gas company, filed for bankruptcy protection late Friday night as part of a debt-for-equity swap with bondholders that will slash about $568 million in debt off the company’s books, Daily Bankruptcy Review reports in The Wall Street Journal.
(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.”)
Alco Stores Inc . filed for Chapter 11 bankruptcy Sunday with plans to liquidate or sell the 113-year-old retail operation. WSJ has the DBR article here.
Apple Inc. supplier GT Advanced Technologies Inc. said closing its Arizona and Massachusetts factories to make artificial sapphire would cost 890 people their jobs, DBR reports via WSJ.

WSJ.com: Bankruptcy Beat
(posted 1 week 2 days ago)