Bankruptcy in the News

Inherited IRAs Not Safe From Creditors in Bankruptcy Cases, Supreme Court Rules

July 17, 2014

For many years, individual retirement accounts (IRAs) have been protected from the grasp of creditors during bankruptcy proceedings. While the owners of IRAs still enjoy this protection, the U.S. Supreme Court recently ruled that the protection does not extend to those who inherit an IRA from someone other than a spouse – making bankruptcy proceedings […]

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Consumer Group Warns Student Loan Borrowers About ‘Auto-Default’ Clauses

May 19, 2014

Very few college or graduate students can pay for their education without some sort of financial assistance. While many take out student loans through federal programs such as Sallie-Mae, many more take out private loans to finance their studies. Private loans generally require a co-signer because most students simply can’t qualify on their own. In […]

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Is Toasted Sub Maker Quiznos – Toast?

March 7, 2014

Quiznos, the sub-maker who tried – and succeeded – to differentiate itself from Subway by toasting its sandwiches, may now be toast itself.  With over $600 million in debt and numerous franchise issues, Quiznos may find itself in Chapter 11 bankruptcy in order to reorganize its debt structure and operations. Everyone Once Wanted a Toasted […]

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Mortgage Tax Break Ends: More Distressed Homeowners Likely To File For Bankruptcy

February 28, 2014

Congress reacted to the housing market crash several years ago by enacting a law that gave homeowners a break on their taxes.  However, that law recently expired.  Although a bill to extend the tax break had bipartisan support in Congress, it was allowed to expire at the end of 2013. That will likely cause more […]

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Loehmann’s Files for Bankruptcy Protection

January 6, 2014

Loehmann’s, the New York-based clothing retailer, has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Manhattan after being in business for 92 years.  Sadly, the legendary off-price clothing store may be closing down its 39 stores located in New York, the Northeast, California, Florida, and the Midwest. Goodbye toan Icon.  But Wait… […]

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Jefferson County, Alabama: The Bankruptcy “Comeback Kid”

December 12, 2013

There’s been a lot of talk lately about towns, cities and counties filing for bankruptcy. Detroit Michigan, Stockton and Vallejo California and Central Falls Rhode Island are just a few. However, most people may not recall that Jefferson County Alabama was the largest municipal bankruptcy filing in U.S. history before Detroit and a good example […]

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New Report Shows 1.1 Million People Filed For Bankruptcy In 2012

November 6, 2013

It’s no secret that the economic downturn has affected many Americans.  For some, filing for bankruptcy was the best option to allow them to have their debts discharged and move on with their lives.  Bankruptcy continues to be viable option.  In fact, according to a recent report from the Administrative Office of U.S. Courts, 1.1 […]

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Satan vs. Catholics

November 1, 2013

Discharging your debts through bankruptcy means that they go away.  Period. Regardless of whether those debts were from bad investments, medical bills or even paying for school tuition, nobody can later claim that the debt “wasn’t worth it” and that the investment company, hospital or school should pay back what it received. However, the latter […]

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Your Dating Data: For Sale in a Bankruptcy Proceeding?

October 23, 2013

An online dating service files for Chapter 11 bankruptcy. Can the company sell its customer database, comprising the personal information of millions, to pay creditors? Online dating is more popular than ever. A recent study found that 11 percent of adults in the United States – and 38 percent of those who are currently “single […]

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Fighting Back Against Banks

October 16, 2013

The White Plains consumer bankruptcy law firm of Michael H. Schwartz, P.C., received national attention in the fall of 2013 for a case in which the firm helped its clients take on one of the country’s “Big Four” banks – Bank of America, N.A. Media outlets that have highlighted the case include: New York Times […]

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