Category Archives: Newsletters

Newsletters about bankruptcy and issues related to bankruptcy, such as bankruptcy laws, seeking bankruptcy exemptions and the truth about filing for bankruptcy.

How Does Chapter 11 Bankruptcy Help Businesses?

Washington DC Bankruptcy Attorney Examines an Unusual Case Bankruptcy is a procedure in which consumers or businesses can repay some or all of their debt on a reasonable plan, and in some cases, eliminate their debt entirely. Declaring bankruptcy guarantees the safety of your belongings, protecting you against the actions of any creditors you may have. For business owners, the most common form of reorganization bankruptcy is Chapter 11, which is a complicated process. Those planning to file this kind of bankruptcy are strongly encouraged to hire an experienced bankruptcy attorney. An Attempt to File For Chapter 11 Bankruptcy Gone Awry Dean Smothers, owner of a Washington DC nightclub called Love, recently had his venue shuttered by the DC Office of Tax Revenue (OTR) after a bewildering series of twists and turns. For several years, Smothers turned hefty profits. At some point, however, the impresario fell behind on taxes, plunging…
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Supreme Court Rules That Inherited IRAs Are No Longer Protected From Bankruptcy

Washington DC Bankruptcy Lawyer Weighs In on Inherited IRAs Simply put, an IRA is an Individual Retirement Account, or a retirement plan that provides tax advantages for retirement savings. Each month that a person earns a paycheck, a percentage of their pay is deposited into a separate account. Once there, the funds cannot be withdrawn before retirement without incurring a hefty fine. There are several types of IRA, including the traditional IRA, the Roth IRA, the SEP IRA and the SIMPLE IRA. Each type has different rules as to how it works, but they all share an exemption from bankruptcy status. The reasoning is that when one contributes to an IRA for future use during retirement, those funds must be protected in order to assure sufficient funds to live on after passing the age at which one can work for a living. It is quite common for an IRA to be left to a loved one after…
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Can You File Chapter 13 After Completing Chapter 7 Bankruptcy?|Washington DC Bankruptcy Attorney Demystifies Chapter 20

Filing for a Chapter 13 bankruptcy after completing a Chapter 7 bankruptcy, commonly referred to as a Chapter 20 bankruptcy, is one way to take care of debts not cleared by the Chapter 7. To clarify, a Chapter 7 bankruptcy will often leave the debtor with certain debts still intact. While credit cards payments may have been forgiven, unaddressed car and mortgage payments will still remain after a Chapter 7. A Chapter 20 bankruptcy helps the debtor put those unaddressed debts into an easily payable order. The following are common reasons for filing for Chapter 20 bankruptcy: Behind on Mortgage or Car Payments – Even though the debt for a mortgage or car payment has been discharged by the Chapter 7, the creditor’s liens remains in effect. As such, your house can be foreclosed and car repossessed if you fail to make payments. Priority Debts – Certain priority debts cannot…
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