The end of a year is a good time to start over – hence the ongoing tradition of making New Year’s resolutions. In the weeks leading up to and following January 1st, people all over the world are contemplating what went wrong and what went right in the previous year and setting goals to start fresh. A fresh start will be particularly appealing for companies that faced financial hardship in 2011 – especially if it led them to file bankruptcy.

Here’s a look at a few big bankruptcy cases from the past year:

1. MF Global

Not only does this bankruptcy top the list for 2011, it ranks as one of the biggest bankruptcies in history. The numbers alone are enough to make this one go down in the annals of financial ruin (we’re talking $41 million in assets), but even more flavor is added to the case with a big name in the company’s CEO office. Jon Corzine, a former New Jersey Governor and Senator, came on board as MF Global’s CEO in October 2010 – just a year before the company filed for bankruptcy. Corzine has since resigned from the position.

2. AMR Corp

Airline bankruptcies have been all over the news in recent years, but this parent company of American Airlines managed to avoid the original party. It is busy catching up now, however, filing bankruptcy with $25 million in assets. AMR Corp is based out of Houston, and now holds the title of the 100th airline company to file bankruptcy since 1990.

3. DYNEGY Holdings

This Texas power plant almost kicked the bucket about a decade ago but managed to pull itself together. Its most recent bout with financial hardship, however, did not have the same ideal ending.

4. PMI Group

This holding company is based out of California, but it was Arizona insurance regulators that seized the company’s primary subsidiary, PMI Mortgage Insurance Co. This seizure drastically reduced claim payouts and prompted the bankruptcy filing that came in late 2011.

5. NewPage Corp

This leading paper distributor produces coated paper from several mills located throughout the eastern half of the United States. It’s clear that the increasing dominance of the online world has made a negative impact on the paper industry, and NewPage is no exception. After a year of negative cash flow, the company filed Chapter 11 in early September.

6. Integra Bank Corp

This financial institution’s voluntary bankruptcy filing came after not-so-voluntary bank closures by an outside federal source, the Office of the Comptroller of the Currency (OCC). The smaller, regional bank filed bankruptcy the day after closure of several of its branches in the Midwest. Insured deposits were moved to another regional banking institution.

7. General Maritime Corp

This company isn’t the only one in the shipping industry struggling, but it is the biggest name that filed for bankruptcy this year. The company, which operates mostly in the Atlantic Ocean and large seas from the Caribbean to the Mediterranean, is the world’s second-largest operator of mid-sized tankers. Oversupply in the shipping industry crippled General Maritime Corp just like it did many shipping companies, and it filed for bankruptcy in November 2011.

8. Borders Group

The growing popularity of e-reader devices such as the Nook and the Kindle contributed to taking this big-name bookstore’s legs out from underneath it. The company began liquidating its stores in February 2011, and its last store closed its doors in September. The Borders website now redirects to Barnes & Noble, its former competitor – showing that even on its way out, Borders still promoted the non-electronic book industry.

Katie Hawkes is a freelance blogger for JacksonWhite Attorneys at Law, a leader in representation of people facing [http://www.jacksonwhitelaw.com/arizona-bankruptcy/]bankruptcy in AZ.

Article Source: [http://EzineArticles.com/?Big-Bankruptcies-in-2011&id=6783794] Big Bankruptcies in 2011

Big Bankruptcies in 2011 is a post from: Bankruptcy Court Online

Every state has been hit hard by financial difficulties over the past few years. The US has been going through a recession, the job market has been terrible, and the housing/mortgage crisis has impacted millions. Like other states, Arizona too, has seen its share of financial difficulties. As a matter of fact, Arizona has been hit a bit harder than many other states when it comes to financial issues.

In 2007, Arizona residents were doing okay, in relation to the rest of the country. The state ranked 40th in terms of bankruptcy claims. When you consider the fact that they country was already well into some serious financial difficulties at this point, being 40th out of 50 states was not a bad place to be.

Flash forward three years to 2010. Arizona is ranked 13th in bankruptcy filings for the US. This is a huge leap, and it reflects some of the serious unemployment, mortgage and general financial issues suffered by the people of Arizona. Jumping from 40th to 13th is a tangible indicator of just how bad things have been, financially, for the citizens of Arizona.

Though things seem to be improving for the nation’s economy, the effects of this upswing could take some time to reach Arizona, or any individual state for that matter. In the first quarter of 2010, there was no marked reduction in the number of bankruptcies filed in Arizona. In total, over 9,000 bankruptcies were filed during this time. This is still a significant amount of filings, so it appears that recovery may be very slow indeed.

Of the Arizona bankruptcy filings for that first quarter of 2010, 18% of them were for Chapter 13 bankruptcies, and a whopping 82% were for Chapter 7 bankruptcies.

The most recent trends on Wall Street do show that the economy will begin to improve more in the near future, but, again, these improvements are not going to be felt by everyone right away. Financial professionals in Arizona remain hopeful, though, that the bankruptcy filings in the state will begin to decline during the next calendar year.

Elle Wood recommends Dault Law if you are contemplating filing bankruptcy. Brian Dault offers Bankruptcy counseling and is one of the leading Phoenix bankruptcy lawyers in Arizona. The Dault Law Team focuses on providing quality legal services for consumers and small businesses at affordable prices

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Bankruptcy Statistics for the State of Arizona is a post from: Bankruptcy Court Online

The collection agencies are hounding you relentlessly. The calls keep coming in at all hours, your making the best effort to meet the obligations of your various creditors, and you are scrambling to make ends meet. Despite your best efforts, your finances are simply upside down and you are considering declaring bankruptcy. You are aware that it can provide relief and allow you to restructure your debt and settle obligations with the bankers, but is it right for you?

When you are facing the decision to file for bankruptcy it can seem like financial weight of the world is lined up against you, and in some cases upside down obligations and high interest rate debt is. Going bankrupt, often first encountered in our youth after a hard fought session of Monopoly, is not the result anyone seeks after pouring so much blood sweat and tears into their fiscal endeavors, but going bankrupt can provide a second chance opportunity to press the reset button on your money matters.

What You Need To Know About Bankruptcy Before You File

Filing for bankruptcy has consequences. The acknowledgement that you can no longer pay your bills has an obvious impact on your credit reputation for years to come and can pre-disqualify you for future borrowing opportunities. I understand fully that in this present moment, crushed by debt, future borrowing is the last thing on your mind but bears taking a moments consideration. Going bankrupt is the single most damaging thing you can do to your credit history and will remain on your consumer credit reports for 7 to 10 years.

There are a variety of alternatives that should be explored before you decide to file to eliminate your debts. For example, there are often opportunities to restructure your debt through consolidation loans, negotiation with your creditors, or to get your finances back on their feet through downsizing and or asset restructuring. The credit impact is that serious, that you will want to be sure that you have explored every possible alternative to declaring bankruptcy.

Chapter 7 Bankruptcy

The Chapter 7 is the most common method of going bankrupt, as it can provide the fastest results and is open to be filed by individuals, corporations, married partners, and partnerships. A Chapter 7 is sometimes referred to as a straight bankruptcy and filing begins a court appointed asset managed liquidation proceeding.

After filing you, as the debtor, turn over all property to the court appointed trustee to liquidate into cash in order to pay off your lenders with the proceedings. Following the liquidation of your assets, you will receive a discharge of your debts, typically within a four month period. Following your debtors discharge you have been given a fiscal fresh start to proceed without the onerous fiscal obligations that were crushing you prior to filing. It is important to note that federal, or tax debts are not possible to discharge through bankruptcy.

The Chapter 7 bankruptcy code also provides for a number of asset exemptions that are deemed ‘exempt’ under Federal and State exemption laws, meaning that you get to keep these assets. Don’t be confused, if you owe any money for these assets, like your primary car, your primary home, or other assets that your particular state deems exempt, you will still be obliged to make the payments if you choose to accept the exemption.

The assets that are exempted vary from state to state, so check your local laws to confirm what will potentially be protected from your Chapter 7 Bankruptcy.

Chapter 13 Bankruptcy

A different declaring option that is available is the Chapter 13, known as the reorganization bankruptcy. In this case the filer has wishes to pay off their indebted obligations over a period of three to five years. This is an ideal solution for people declaring bankruptcy who wish to protect non-exempt properties while providing opportunity to restructure the terms of obligations that cannot be met as contracted. A Chapter 13 is typically an option chosen by people with a predictable revenue that will allow them the financing flexibility in the coming years to pay off their debts.

Do I Qualify To Go Bankrupt?

There are a few qualifications that must be met in order to file to go bankrupt. Firstly, if you have declared Chapter 7 bankruptcy previously, within the last 8 years, you are prevented from refiling until that period is exceeded. In the case that you had filed for Chapter 7 within the last 8 years but are in dire need of debt relief again, you can file for the more stringent Chapter 13.

The following debts are not available to be discharged and so, if they are the primary reason for your considering filing, dissuade you:

• debt for trust fund taxes
• Criminal restitution
• taxes for returns that were never filed or filed late (within 2 years of the petition date)
• domestic support payments
• taxes for which the debtor made a fraudulent return or evaded taxes;
• Student loans
• Drunk driving injuries
• Civil restitutions or damages awarded for willful or malicious personal actions causing personal injury or death

Rebuilding Your Credit After Bankruptcy

Following a successful discharge of your debts through a bankruptcy filing, you can rebuild. In fact, the federal code that allows you to go bankrupt is intended to provide you a second chance, financially speaking, after being entangled in unmanageable debts. Filing for bankruptcy, and the subsequent successful discharge of your fiscal obligations gives you an opportunity to gain lasting debt relief within a 3 to 5 month period and say goodbye to the harassment of credit collection agencies for good.

With time your credit score will improve, bankers will begin to work with you again, and borrowing is not ruled out forever. Get your financial house in order, and re-enter the marketplace with all the additional experience and fiscal wisdom having suffered through a bankruptcy can provide.

If you’re serious about eliminating your debt and ending the spiral of endless bill payments and struggling to make ends meet. If you are sick of the same routine of bill arrives, panic, scramble to find money, only for the next bill to hit you square in the gut… then you found the right person. I’ll make eliminating debt and making money easy and enjoyable for you… AND NOT BORING!

First, click declaring bankruptcy to get the powerful help you need to deal with your debts now. This will get you the immediate relief you need now.

Second, look around my website as there are a number of other resources to help, including personal loans, debt consolidation, and credit repair offers as well as do-it-yourself action plans if you prefer just to know how.

Third, with my advice you can stop the bill collectors, eliminate your money troubles, and get yourself back to feeling the pride and assurance in knowing you can pay your bills without difficulty. You’ve heard it all before… I get it. But we’ve helped 10′s of thousands already, and know all the ‘tricks’ in the book to help you get the relief you need.

Fourth, there is no fourth. Simply enjoy the resources we compiled for your benefit, take action, and live the life that you deserve! If you don’t find a solution to your right now emergency… I’d be amazingly surprised!

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Declaring Bankruptcy: Chapter 7 Vs Chapter 13 is a post from: Bankruptcy Court Online

Many people filing for bankruptcy wonder if their spouse has to file also. In today’s society, many people enter a marriage or even second marriage with debts from their past. In some cases, one will be virtually debt-free and the other spouse will be buried under past debts with no way out. The liability of debt only belongs to the person that incurred it. So if an individual had $50,000 in credit card debt prior to getting married, the spouse is not obligated to pay any of it. In fact, the other spouse might have stellar credit and being included in the bankruptcy filing will give them a big scarlet B. on their credit report and drag them down because of their spouse. When filing Chapter 7 bankruptcy only the debtor that incurred the debt needs to be on the bankruptcy petition. The only way a couple would want to file jointly is that they have debt they accumulated during their marriage and it can’t be paid because of financial troubles.

When a person is filing for bankruptcy to stop a foreclosure, it sometimes can get complicated and that’s why it’s best to use a bankruptcy attorney to deal with these issues. The only person that technically needs to file for bankruptcy is the one that owns the house. Once the bankruptcy is filed, the automatic stay goes into effect and the foreclosure sale of the home will stop. When one spouse files and they jointly own the property, only 50% of the property has to be protected by bankruptcy exemption laws. In fact, when the individual is filling out the bankruptcy petition and listing their property, when they value it, they will value the property at half because their spouse technically owns the other half.

There are different cases that will benefit a couple filing bankruptcy jointly and it usually involves the protection of assets. The bankruptcy attorney will usually figure it out both ways and give the couple the pros and cons of filing Chapter 7 bankruptcy single and jointly. Basically, it depends on how intertwined the couple’s finances are. The more intertwined with new credit since the marriage, the more chance for bankruptcy attorney will think a joint bankruptcy filing would be best.

Back in 2005, Congress changed the bankruptcy code and made it tougher to file Chapter 7 bankruptcy. Included in the changes was the addition of the means test which requires individuals filing Chapter 7 to qualify. The individual filing bankruptcy needs to make less than the median income for their state to qualify to file Chapter 7. The median income is based on the household income of the individual and needs to include the spouse’s income if both are working. Nowadays, many people come into marriage with a lot of baggage and debts. The individual will decide to file for bankruptcy and wipe out all their past to get a fresh start with their new spouse. This is where the trouble begins, if the new spouse makes a generous amount of money to contribute to the household, the individual might no longer qualify to file Chapter 7. Many times, in this situation if the debtor had only gone and got advice from a bankruptcy attorney prior to getting married they would’ve found out that they should have filed for bankruptcy prior to getting married.

The author is a professional that formed FilingBankruptcyNow.Com which provides information for debtors considering filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy and helps individuals stop foreclosure and eliminate their debt by putting them in touch with a local bankruptcy attorney.

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I’m Filing Chapter 7 Bankruptcy, Does the My Spouse Have To File Also? is a post from: Bankruptcy Court Online

An Arizona Bankruptcy Lawyer can help most Arizonans that have been suffering with the burden of debt. Many people in Arizona are struggling with their monthly bills and feel they are drowning in debt, for Arizona has certainly been affected by the current suffering economy. Not since 1974 has the US suffered such a huge loss of jobs and since late 2007, 3.6 million Americans have become unemployed.

A lot of people in Arizona, from all aspects of life, are equally finding themselves in trouble financially. Many have never before in their lives gone through such a hardship and some even feel embarrassed by their situation. They don’t stop to think that they are just one of many going through this unfortunate situation and that others truly understand and know how they feel. An Arizona Bankruptcy Lawyer can put an end to all of these financial problems and help these people to get back on their feet.

A good Bankruptcy Lawyer can help someone to determine if filing for bankruptcy is the best decision or if maybe another route to freeing their self of the burden of debt would be a better choice. People residing in Arizona that are looking for debt relief should contact a reputable Bankruptcy Lawyer from their state, for taking it all on alone can be overwhelming.

Many Arizona citizens have chosen to file bankruptcy to eliminate un-affordable debt and/or to stop foreclosure on their home. Along with stress, worry and the constant harassing phone calls from creditors, financial freedom is just a step away with the help of an Arizona Bankruptcy Lawyer.

Benjamin Dodge is an attorney for Dodge & Vega, PLC. He invites you to visit his website http://www.dodgevegalaw.com for more in-depth information about bankruptcy in Arizona. While you’re there be sure to fill out the bankruptcy case evaluation.

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Bankruptcy Lawyers Can Help Decide If Bankruptcy is the Right Decision is a post from: Bankruptcy Court Online

If you’re like thousands of other Arizonans, you’re in danger of losing your home to a bank foreclosure. Fortunately, many are discovering the solution in what may seem the unlikeliest of places – bankruptcy. Losing everything you own is just one of many Arizona bankruptcy myths encountered by Arizona Bankruptcy Now legal counsel over the past 15 years. In fact, with the help of an experienced Arizona bankruptcy lawyer who understands the law, you’ll likely keep your home, as well as your vehicle and other prized possessions too!

In most cases, homeowners facing potential Arizona foreclosure have been hard hit by adjustable rate loans. They started out with low payments they can afford, only to see the cost of their monthly mortgage rise beyond their reach. For many, the problem is multiplied by credit card debt and medical bills. Once they’ve exhausted all their options, hundreds of hardworking Arizonans just like you come to the same conclusion every single month – they need the help of an Arizona bankruptcy attorney.

The bankruptcy process can be complicated and stressful. That’s why it’s imperative you seek the counsel of an experienced bankruptcy attorney who’s done it countless times – not just anywhere, but here in Arizona where you live, as bankruptcy laws vary by state.

First, your attorney will help you decide which form of bankruptcy may be right for you. Chapter 7 eliminates much of your debt, including credit card and medical bills, freeing up extra money for you to make your monthly mortgage and car payments. Chapter 13 requires you to pay back what you owe over a specified period of time. It may also eliminate more types of debt than Chapter 7. Only an experienced bankruptcy attorney will know which option is best for your unique situation.

When it comes time to file your bankruptcy petition with the court, your lawyer is equally essential as paperwork errors mean revision and resubmission. It is critical to provide the court with a schedule of your assets and liabilities within 15 days of filing the petition. Miss this deadline, and the court dismisses the case.

If you are already in the middle of a bank foreclosure on your home, be sure to file your petition with the court before the foreclosure sale date on your property. That means consulting with an attorney as soon possible to allow enough time for preparation.

When it comes to keeping the home you’ve worked so hard for, your toughest decision could also be your smartest. Within months of your bankruptcy’s completion, you can start rebuilding your credit again. You can get the fresh start that bankruptcy law is intended to provide. To find out which form of bankruptcy may be right for you, contact an experienced bankruptcy lawyer for a free consultation.

Attorney Kirk Guinn advises and assists individuals and families statewide in Arizona with legal questions and concerns relating only to bankruptcy and real estate. He answers all questions and knowledgeably explains the tough questions that exist about bankruptcy and the new laws associated with it.

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Arizona Foreclosure – How Bankruptcy Can Help You is a post from: Bankruptcy Court Online

When looking at things you should avoid, people typically try and avoid things that will hurt you like, poison ivy, the flu, a cold, hepatitis and AIDS. But why would Americans be so dead set against filing for bankruptcy and do everything they can to avoid the process, even to the point of causing further financial damage. When you think about it, the idea really makes no sense. People in financial trouble do the right thing and go see a bankruptcy attorney to discuss filing bankruptcy. The bankruptcy attorney tells them that filing Chapter 7 bankruptcy will eliminate all their credit card debts and send them on their way to a bright and happy future. The individual leaves the appointment and pride sets in. The questions start popping up in their head, “How will I be able to live without a credit card?”, “What will my friends say?”, “If I file for bankruptcy I will ruin my credit and I never will be able to buy anything on credit again”. These are all worries with no factual basis attached. After talking themselves out of filing Chapter 7 they will continue on robbing Peter to pay Paul, while barely making minimum payments on all their debts.

Usually this type of debtor will start searching the web for alternatives to filing bankruptcy. They will end up calling debt settlement companies and possibly even discussing a debt settlement with their creditors on their own. After unsuccessfully trying to settle their debts with creditors individuals usually go back to making minimum payments and hanging on until one small disaster strikes and their whole world goes upside down. If only they had listened to the bankruptcy attorney in the first place, all of this would have been a thing of the past and a small disaster would’ve been no big deal.

That brings me back to my point, why would a bankruptcy attorney tell a person that may need to file bankruptcy if they could settle their debts by negotiating something with their creditors? The answer is simple, they wouldn’t. If someone walks into a bankruptcy attorney’s office and says they have $5000 in debt and would like to file bankruptcy, the bankruptcy attorney would advise the client to try and offer a debt settlement to their creditors. In this case, the cost of filing bankruptcy would be as much as an individual could settle with their creditors for $.50 on the dollar. A bankruptcy attorney won’t stake their reputation and law degree on filing a frivolous bankruptcy. If they say someone needs to file for bankruptcy, they probably need to file. After the changes to the bankruptcy code in 2005, filing Chapter 7 bankruptcy has taken on a new complexity. Now a person filing needs to qualify for Chapter 7 bankruptcy by taking a means test. Basically, the means test wants to make sure that they individual filing bankruptcy has no more than $150 disposable income left over at the end of the month after paying their living expenses. This does not include the bills that the Chapter 7 bankruptcy would discharge. After reviewing a debtor’s situation, a bankruptcy lawyer will have a good idea if a person qualifies to file Chapter 7 or in certain situations file Chapter 13. At this point, if they individual questions the opinion of the bankruptcy lawyer, for fun they should just go consult another one and see what they have to say. If both have the same opinion it’s probably a good idea to heed to the warning and proceed filing bankruptcy.

The author started DebtFreeBankruptcyAttorney.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.

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Why Avoid Filing Bankruptcy? is a post from: Bankruptcy Court Online