Another case of attempted fraud on the Bankruptcy Court yielded no discharge to a Florida couple. In this case, a Boca Raton husband and wife filed bankruptcy after the husband’s business began to fail. An anesthesiologist, his vast medical practice was hit with changes in the health care system in the early 2000’s. He went from employing hundreds of doctors to a nominal practice. Read more
In an astonishing new study published by the National Bureau of Economic Research, 16% of retired NFL players declare bankruptcy. This is within 12 years of retirement. That’s correct. In a study of football players drafted into the NFL between 1996 and 2003, almost 15% declared bankruptcy. This group had an average income of $1.9 million per year! And the study determined that the actual income was not a factor in bankruptcy. Read more
If you file for personal bankruptcy in Massachusetts, do you have to list your Facebook account as an asset? Is there a distinction between your personal account and the business account for small businesses?
Many of our personal bankruptcy clients have payday loans. These are loans from companies who specialize in “short-term” loans to “get you to the next payday.” We have always wondered about these loans, as folks who need such short-term loans are often borrowing from Peter to pay Paul…and then doing it again the next week. Read more