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How Will Bankruptcy Impact Your Tax Refund?

  Tax refunds are the end product when people pay more taxes during the year than what they actually owe. While you might not think it, tax refunds are a critical source of income for many Americans. It is common for people to wonder if they will be able to keep a tax refund check after filing for Chapter 7 bankruptcy. While it might not seem like a satisfying answer, the reality is that various factors influence whether or not you will be able to keep this amount.  How Bankruptcy Courts V[...]

What is a Bankruptcy Auction?

  The primary lenders of the Toys ‘R’ Us company recently decided to cancel a bankruptcy auction of the company’s brand name as well as other associated intellectual property. Instead, the lenders intend to revive the Toys ‘R’ Us brand name as well as the Babies ‘R’ Us brand name as part of an effort to open new branding companies. The lenders also intend to develop the company’s international presence. In stating their decision to cancel the auction, the lenders stated that[...]

Why Bankruptcy Cases are Dismissed

  Filing for bankruptcy is a stressful experience that requires multiple court hearings, meetings with an attorney, and a thorough review of your finances. While these things are unpleasant they are usually viewed as a reasonable inconvenience by those drowning in debt. Unfortunately, in some situations the bankruptcy case is abruptly dismissed before the filer is able to receive any benefit from the choice. Understanding why bankruptcy cases are dismissed will help you avoid making a mista[...]

How Common is Bankruptcy?

  Individual bankruptcy has long been viewed as a sign of defeat or financial failure, making those burdened by debt reluctant to file. As the news of large corporations like Toys R’ Us and Claire’s filing for bankruptcy relief dominates national headlines, average people are starting to reassess their decisions to forgo filing for chapter 7 or chapter 13 relief. The truth is that people file for bankruptcy on their own behalf or on behalf of their small business more often than many re[...]

Chapter 7 Bankruptcy in Florida

Deciding to declare bankruptcy is never easy. There is a strong connotation associated with the word itself. Still, it may provide some solace to remember that even once-wealthy celebrities have filed for bankruptcy over the years. Just ask Mike Tyson. If used properly, declaring bankruptcy can offer a clean slate. This blog will provide an overview of when you should consider declaring bankruptcy and which steps to follow if you decide to do so. What to Consider The Chapter 7 bankruptcy statute[...]