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Top 10 Bankruptcy Articles

People tend to equate bankruptcy with failure because it implies that you are financially ruined for the rest of your life. If you are going through the process of bankruptcy, you are in surprisingly good company. Several famous and wealthy people have also filed for bankruptcy, such as Donald Trump, Francis Ford Coppola, and even Thomas Jefferson.

Even though notable people have been filing for bankruptcy in this country for centuries, it does not make bankruptcy any less scary. Filing for bankruptcy can potentially be the best thing to happen to you or potentially the worst, so it is a big decision to make. The information in this Top 10 list of bankruptcy articles can help you make that decision.

1. Legal Effects When Only One Spouse Files for Bankruptcy

When you marry someone, you are marrying their life, including their crazy family and their happy hour plans with coworkers. Fortunately, being married to a person does not include having to adopt all of their financial woes. If your spouse is facing bankruptcy alone, then you should read this article to learn how you can avoid being liable.

2. Filing for Bankruptcy Multiple Times

You may feel like a disaster because you are facing bankruptcy for the second or third time in your life. However, you are not alone in fining for multiple bankruptcies, and even Donald Trump’s company has filed for bankruptcy four times. You should read this article if you are at risk of needing to file for bankruptcy more than once.

3. Consumer Bankruptcy Lawyers

So, you made some bad financial decisions, and now you have to file for bankruptcy as an individual. Well, you are in good company, as Willie Nelson, Toni Braxton, and M.C. Hammer have all filed for bankruptcy in the past. This article covers all the basics that you need to know about filing for bankruptcy as a consumer.

4. Business and Consumer Bankruptcy

In "Austenland," Keri Russell’s character blows her entire life savings on a once-in-a-lifetime vacation. Fortunately, she had a job to come back to at the end of the trip, or she would likely be filing for bankruptcy because she would be unable to cover any of her expenses after the trip. You ought to read this article if you need to file for bankruptcy.

5. Bankruptcy and Child Support

When Brendan Fraser and Afton Smith divorced in 2009, he agreed to pay her $900,000 annually for alimony and child support. Only four years later, Brendan filed for bankruptcy and petitioned the court to reduce the child support payments to an amount he could afford. If you are in the same situation as Brendan, then you need to read this article.

6. Business Bankruptcy Law

Homer Simpson’s long-lost half-brother Herb made a fatal error when he allowed Homer to design a car for his company, which ended up being prohibitively expensive. The car caused the company to go bankrupt. This article discusses all of the steps that Herb’s company would likely have gone through after the debut of Homer’s car.

7. Bankruptcy Advantages and Disadvantages

Creditors can be downright scary, coming after you to pay off your debts like Kris Jenner pursuing every potential publicity opportunity. You may want to file for bankruptcy just to get them to leave you alone for once instead of calling you every day. Before you take the plunge and file for bankruptcy, you should read this article about the pros and cons.

8. Bankruptcy Fraud Lawyers

Former MLB player Lenny Dykstra had to serve 14 months in prison, pay $200,000, and do 500 hours of community service for committing bankruptcy fraud. The IRS lists several harsher sentences for bankruptcy fraud on its website. If you are not convinced that bankruptcy fraud is a bad idea, then you need to read this article.

9. Personal Bankruptcy: Discharging Attorney’s Fees

The only upside to going through personal bankruptcy is having almost all of your debts magically disappear. Unfortunately, you may have to incur more debt in the form of attorney’s fees to be able to successfully erase those debts. You should read this article if you are debating whether you should hire a bankruptcy lawyer because of the fees.

10. Bankruptcy FAQs

Lots of people have had to face bankruptcy, including Stan Lee, Abraham Lincoln, Walt Disney, and Mike Tyson. However, many people have antiquated notions of what bankruptcy entails, such as debtor’s prison or having their lives completely uprooted like poor farmers the Great Depression. This article clears up many of these misconceptions.

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Law Library Staff