Filing Again: Understanding Chapter 22 Bankruptcy

If there was such a thing as a unicorn in the U.S. Bankruptcy Code, Chapter 22 would be it, because there’s really no such thing. When a business files for Chapter 11 bankruptcy more than once, they are commonly referred to as filing for Chapter 22. Radio Shack made the news in 2017 when it filed for Chapter 22. That second Chapter 11 came only two years after it underwent a restructuring in 2015. Instead of Read More

Learn from the Past: 4 Ways to Bounce Back From Tough Times

Financial hardship can be triggered by a wide variety of situations. Perhaps you’ve been through a long and difficult divorce, or maybe you were laid off and lost your home to foreclosure before you found another job and regained your financial footing. You may even have made some personal mistakes by living beyond your means. Whatever the reason, you can bounce back from hard times. Some of these methods are Read More

Bankruptcy Alternatives: What Is a Receivership?

Receivership is a legal process in which a receiver appointed by a court, creditor, or another authorized party takes control of a troubled company’s operations and assets. The receiver restructures the company and manages its assets and liabilities. In some cases, assets may be liquidated to improve financial flow. The goal is to help the company avoid bankruptcy and return to a profitable state. Receivership may Read More

How a Bankruptcy Will Impact Your Credit Score

Many people are so worried about the impact of a bankruptcy filing on their credit score that they put off seeing an attorney until a wage garnishment order comes in or they find their bank account frozen and no means of paying the rent. Their concern is understandable. With so many lifestyle decisions, such as housing, access to a motor vehicle, and even some jobs relying on a good credit score, people will struggle Read More

Understanding Garnishments

Garnishments occur when you miss a number of payments to a creditor and they take you to court, obtain a judgment against you, and collect the amount they are owed by having it diverted from your paycheck or withdrawn from your bank account. In some cases, such as when you owe child support, the creditor can force garnishment without a court order. It’s a stressful experience but not an uncommon one: according to Read More

Why You Should Hire a Board-Certified Bankruptcy Attorney

There are times when you want to work with a specialist. If you were having brain surgery, your doctor would be a neurosurgeon. When you’re filing for bankruptcy to begin anew financially, you deserve the experienced guidance of a board-certified bankruptcy attorney. What Does Board-Certified Mean? The American Board of Certification (ABC) is an organization that strives to heighten the quality of the Read More

Working with Lenders: How Bankruptcy Affects Your Ability to Receive Loans

Bankruptcy is designed to help you deal with an overwhelming amount of debt by eliminating some or all of it or allowing you to repay a portion of it over time. While it can protect you from creditor actions like collections, lawsuits, and even foreclosure, bankruptcy has a downside that you should also consider. Bankruptcy Stays on Your Report for Years A Chapter 7 bankruptcy stays on your credit report for up Read More

How Chapter 12 Bankruptcy Can Help Farmers

Oklahoma farmers play an important role in providing the community with fresh dairy, meat, and grain products, but many of them struggle with debt after a financially debilitating period. If this happens to you, bankruptcy can help. Chapter 12 is a comparatively new form of bankruptcy designed to help family farmers and fishermen reorganize and repay their debts. It is a debt relief option for single or married Read More

An Introduction to Chapter 9 Bankruptcy

Chapter 9 is a form of bankruptcy that protects insolvent municipalities from creditor actions by allowing them to reorganize their debts, extend the repayment timeline, reduce principal or interest on existing debts, or refinance. The Bankruptcy Code defines ‘municipalities’ as government entities such as: Cities Townships Counties Municipal utilities School districts Taxing districts Of all Read More

Servicemembers: How the Civil Relief Act Can Help You Save Your Home

The Servicemembers Civil Relief Act performs an invaluable service by providing a series of financial safeguards for active-duty members of the U.S. military and their families. The Act, which is an expanded update of the Soldiers’ and Sailors’ Civil Relief Act passed in 1940, covers fiscal and civil obligations such as: Credit card debt Mortgage payments Apartment and rental home leases By protecting Read More

B David Sisson

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