No Picture
Law School

Donald Trump and Bankruptcy

Historically in the United States, bankruptcy is a term that has carried an extremely negative connotation.  Those who file for bankruptcy protection are seen, mostly by themselves, as failures who could not meet their monthly obligations.  Unfortunately, this is almost always an inaccurate way to think about and approach bankruptcy, as you’ll see below.
Donald Trump
When people think of successful businessmen in the United States, many will either immediately or quickly think of Donald Trump.  He’s long been famous for his aggressive business tactics and his willingness to make the ‘big deal’ that makes a huge splash with the media.  Most of Trump’s success has been within the real estate field, but as anyone who’s been paying attention in recent months understands, the real estate market is in dire straits.
When a market-wide crash occurs as it is right now, no one is exempt from its effects.  That includes Donald Trump, whose real estate company has also fallen on hard times given the dropping values of land and property, the extreme difficulty with obtaining competitive financing and the lack of ability to sell property at a price that presents a profit to the seller.
As a result, Trump’s real estate company recently filed for bankruptcy.  Since it was technically a corporate bankruptcy petition, filed under Chapter 11 of the United States Bankruptcy Code, Trump’s individual assets are not at risk.  However, his company must now be reorganized under the tenets of bankruptcy law and it must meet all the criteria set out by the court in order for the reorganization to be accepted and to ultimately be successful in getting the company back on its feet.
Not the First Time
Additionally, this latest filing for bankruptcy protection is not the first time one of Trump’s development companies has sought bankruptcy protection.  Trump’s company also filed for bankruptcy protection in 1991 during the previous American recession and for many of the same reasons – his company owed too much money and his assets could not be sold to the point where the company could meet its obligations.
Lessons Learned
What anyone should take from this brief bit of history is that anyone can fall into hard times financially and because of circumstances beyond his or her control.  Those who may be struggling should also understand that bankruptcy is not an end, but rather a beginning anew, as Trump has already proven.

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No Picture
Statutory

Bankruptcy and Your Marriage

You might read the title of this article and shudder. After all, bankruptcy can’t be a good thing for a marriage, can it? If you’re like many people, you may be under the impression that bankruptcy always means bad news. However, we’d have to tell you that you’re wrong. In fact, bankruptcy might be the best thing that ever happened to your marriage!
If you’re marriage is struggling, there’s a good chance that a lot of the difficulty is financially-related. Everyone knows that money issues are one of the biggest struggles that most couples go through. From money management and budgeting to strategies for approaching debt, even the closest couples sometimes disagree about money. Those disagreements become even more serious when dealing with the kind of debt that involves bankruptcy.
Seeing a Marriage Counselor
If your marriage is burdened by serious debt, many people are probably quick to recommend you see a marriage counselor. For many couples, marriage counseling can be a great way to address and resolve many of the relational issues they face. Many marriage counselors are more than qualified to help you work through some of the financial issues that strain your relationship.
However, not even the best marriage counseling can get rid of your debt. Solvency is hard to come by; and, it might take bankruptcy for you to get the solvency you so desperately need! While other debt solutions are available, the biggest problems need the most extreme solutions. More and more couples are finding bankruptcy to be a terrific “extreme” solution.
Seeing a Bankruptcy Lawyer
Here’s where the bankruptcy lawyer comes in. While your bankruptcy lawyer might not provide you with relationship advice, a good bankruptcy lawyer will help you attain solvency through the bankruptcy process.
When the heavy financial burden is lifted from your shoulders, you and your spouse will notice that your relationship becomes much easier. After bankruptcy, there’s no more fighting about how debt will be addressed; there are no more disagreements over what expenses have to be cut in order to pay a bill. Further, the bankruptcy process can be a mutual learning experience and teach both of you valuable skills for the future.
Bankruptcy might be the smartest money management tactic the two of you ever employee. If you’re curious to learn more about the bankruptcy process, and you’re serious about getting rid of debt and saving your relationship, contact a bankruptcy attorney. Why not you and your spouse? Don’t delay in getting your life back on track!…

No Picture
Barrister

A Bankruptcy Lawyer Can Help Ease the Financial Burden

Bankruptcy is an extreme financial situation and many people across the world have faced this situation at some point in their lives. Individuals who are overburdened with debt can be under tremendous stress and this can also impact their overall health. Creditors will try hard to recover the maximum amount of money owed to them and the debtor will be in a difficult situation. Under these circumstances, hiring the services of a bankruptcy lawyer can be the best way out of the troubled times. The lawyer provides all the help and support required to guide their clients through the entire process.
When an individual files for bankruptcy, the creditors and collection agencies are required to halt their procedures of recovery. The debtor is required to appear in court and provide the evidence of the inability to repay debts. A bankruptcy lawyer guides the individual through various chapters involved in the process. In order to have the bankruptcy case approved by the court, it is essential to prove the financial hardship of their client. The student loans and child care payments are excluded in this process. A bankruptcy attorney makes sure that their client’s case is approved and the assets are protected.
It is necessary to consider various options before going ahead and filing a bankruptcy. A bankruptcy lawyer can be able to explain these options in an effective manner. The debts may not be so worse that a bankruptcy case seems as the only possible solution. The debts can be consolidated with the help of a loan or the assistance of close friends or family members can be sought to pay off the dues. A bankruptcy attorney analyzes the financial situation of the client and provides the most appropriate solution. They help their clients decide whether the option of filing for bankruptcy is the best for them.
The clients have many questions in their minds before they consult the lawyers. Generally they are concerned about losing their homes and cars or the way their credit will get affected due to this event. Some are worried about not getting any loan in the future. While the answers to these questions may depend entirely on the financial situation of the clients, a bankruptcy attorney can be in a better position to guide these individuals. After a brief consultation with the attorney, their clients can get a better view about the implications that the filing of bankruptcy can have on them.
Generally, a bankruptcy lawyer is well-qualified and have years of experience in dealing with such type of cases. These lawyers can handle the bankruptcy cases of individuals and business organizations. They services that they provide are always in the best interests of their clients. The situation of bankruptcy may require these lawyers to come up with more creative solutions to deal with the problem. They approach each case with high amount of diligence and professionalism to make sure that their client gets the desired benefit. This enhances their reputation and ensures that the clients are satisfied with their service.…