bankruptcy

Giuliani Seeks to Alter Bankruptcy to Speed Asset Sale but Keep Future Income

Rudolph W. Giuliani told a bankruptcy court on Monday that he would like to have his assets sold to pay his creditors, including two Georgia election workers he defamed in his efforts to keep former President Donald J. Trump in office after the 2020 election.

Mr. Giuliani asked the bankruptcy court to convert his case from what is known as Chapter 11 to Chapter 7, which would put an independent trustee in charge of his assets, similar to what the creditors requested.

Mr. Giuliani, who filed for bankruptcy in December, has listed about $11 million in assets, most of which come from two properties he owns in New York and Palm Beach, Fla. In court filings, he has disclosed that he owes about 20 people and businesses about $153 million, including $148 million to the two election workers, Ruby Freeman and Shaye Moss.

After months of absent, late and incomplete filings, lawyers for his creditors recently asked the court to hold the former New York City mayor in contempt and to impose penalties. They have previously expressed concerns that he is hiding income. Last month, they asked the court to appoint an independent trustee to take over Mr. Giuliani’s

… Read the rest
July 2, 2024 by ATTORNEY

When Should a Small Business Owner File for Bankruptcy?

When Should a Small Business Owner File for Bankruptcy?

For small business owners, the decision to file for bankruptcy is often scary, stressful, and intimidating. It’s a critical choice that can have far-reaching implications for both the business and the personal lives of the owners and any employees who work for the business. Sometimes, it’s 100 percent the right choice. But it all depends on how you approach it. 

Understanding the Truth of Bankruptcy

First off, let’s tackle the stigma. Bankruptcy often comes with a shadow of failure, but in reality, it’s a legal tool designed to provide a fresh start. It’s about making a strategic choice to protect what can be saved and to rebuild on a more solid foundation.

As bankruptcy attorney Rowdy G. Williams explains, “We need to get over the notion that bankruptcy is embarrassing or a black mark on who you are as a person. Bankruptcy is a legal and ethical tool that exists to help people escape bad financial situations. See it as a tool – not a mistake.”

When you see bankruptcy as a tool – much like debt can be a tool – it starts to open you

… Read the rest
February 24, 2024 by ATTORNEY

Here’s how to get your money back if a business shuts down or files bankruptcy

NORFOLK, Va. — Phillip Coe, an Army veteran, says he was looking forward to escaping the day-to-day by taking a trip to San Juan, Puerto Rico.

He booked the trip in 2019 with a travel agency that specifically helps military members and their families.

Coe says the final cost, including airfare and a hotel, came out to $1,137.65. However, before the 21-year Army veteran could make the trip, there was the pandemic and then he was diagnosed with cluster headaches, in addition to his leukemia.

“They call them suicide headaches and if you’ve ever had one, you know why,” he says. “Cluster headaches are very painful. They come on one side of your head, and you never know when you are going to get them. It just ruins your whole life.”

He shared a medical statement from his neurologist with me, which says

“Mr. Coe is an active patient at this facility’s neurology clinic due to a diagnosis of cluster headaches. Traveling at high altitudes affects cerebral blood flow and is known to trigger an attack of cluster headaches. Due to this condition, Mr. Coe was advised and will no longer be able to fly on any aircraft.”

Coe

… Read the rest
January 17, 2024 by ATTORNEY

Bankruptcy Attorney Advises Not to Borrow from Your Usual Bank

Bankruptcy Attorney Advises Not to Borrow from Your Usual Bank

A bankruptcy lawyer offers advice about the process of dealing with debts, saying that “one of my rules is I will never borrow money from the bank where I bank at.”

The TikTok video, put up on Dec. 29, comes from Adrienne Hines, a bankruptcy attorney with the Sandusky, Ohio-based Kademenos, Wisehart, Hines, Dolyk & Wright Co. LPA firm. The video went up on Hines’ the Lady Like Lawyer (@theladylikelawyer) account, drawing more than 717,200 views since landing on the platform.

She clarifies her position by saying, “I will never borrow money from an institution that has eyes on my actual deposits and my financial activity. Because if I ever default, and I know nobody ever plans to, but sh*t happens, and if you ever can’t pay that bill, the problem with your banking institution is they know everything about you.”

She goes on to explain that they know your deposit history, your average tax returns, and other information that might work against you. “And so when you have a problem financially,” she points out, “the creditors who come after you the quickest are the ones who know the most about you.”

She also says, “The other issue is setoff.

… Read the rest
January 10, 2024 by ATTORNEY

An Illustrated Guide to Corporate Failure

An Illustrated Guide to Corporate Failure

Traders and lawyers know when a company is about to go under. So should you.

By Jeremy Hill
Illustrations by Cath Kastner

Illustration: Cath Kastner

“Bankruptcy” is a dirty word in boardrooms, on trading floors and in ­employee break rooms. There’s good reason: Insolvency tarnishes reputations, wipes out stockholders and kills jobs. Thankfully, corporate failures are rarely surprising to those who know what to look for. Close observers fully expected the recent bankruptcies of coworking giant WeWork Inc. and pharmacy chain Rite Aid Corp. Almost 200 companies with debts of at least $50 million declared bankruptcy this year—the most since the global financial crisis, except for 2020, during the Covid-19 pandemic. The wave shows no signs of ebbing as high interest rates weigh down corporate balance sheets. So how do you know if a company is about to go under? Read on.

Stock, bond and loan prices are the quickest way to spot a troubled company. When brokers offer floating-rate loans for less than 80¢ on the dollar, there’s little doubt the borrower is struggling. That price means lenders don’t expect the debt to be repaid in full. Almost a year before Rite Aid

… Read the rest
December 29, 2023 by ATTORNEY
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031