I am in my last year of law school, still searching for a post-graduation job. When my parents filed for bankruptcy, they were allowed to stop paying on their home morgage (around 00 a month) under the Bankruptcy Code. This "automatic stay" has been in place since my dad filed, a total of 6 months. Hence, for 6 months my parents have been living in their house that is about to be foreclosed by the bankruptcy courts without paying a morgage. You think they would have saved money for moving right? NOPE. They don’t have a dime!
I am a LOT wiser with my money. I have a 00 mutual fund account, over 00 in savings, 2 jobs in which I place "extra" money in money market account.
They have paid my car note and insurance ever since I have been in law school. I feel that I should help them with their down payment on their new house but I am scared because they are not financially responsible and I need that money to pay for bar dues, bar classes, the bar itself, moving expenses, etc.

Technorati Tags: bankruptcy code, bankruptcy courts, dad, insurance, job, jobs, law school, money market account, moving expenses, mutual fund account, parents, post graduation

Bailout isn’t going to happen…
and the more I think about it the worse the bailout idea gets

from link:

Reorganization Under the Bankruptcy Code

The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html

That is the way it’s done when company can no longer compete…for whatever reasons…isn’t it?

Technorati Tags: bailout, bankruptcy code, bankruptcycourts, chapter 11, chapter11, creditors, debtor, partnership, plan of reorganization, uscourts gov

Today I called about my gift card for Bennigan’s and I received the following message.

"S&A Restaurant Corp. and certain affiliates have filed for bankruptcy under Chapter 7 of the bankruptcy code. The companies that filed bankruptcy cases are popularly known as Steak & Ale, Bennigan’s and Tavern restaurants. However, not all stores using these trade names have filed bankruptcy. For example, stores operated by franchisees are not named as debtors in these filings.

"It is our understanding the Michelle Chow will be appointed as Chapter 7 trustee for the entities that have filed. These are filed as liquidation cases. Future decisions regarding the affairs of the debtor companies will be determined and administered by the trustee.

"If you wish to file a claim, the form Proof of Claim can be found online at: http://www.uscourts.gov/rules/BK_Forms_1207/B_010_1207f.pdf.

"The filing does not include Ponderosa and Bonanza which operate under Metromedia Steakhouses Company, L.P."

My question is…

How do I file a claim? (There are many terms and questions on the form that I am not familiar with and I would love to see an example of a completed form.)

Technorati Tags: amp, bankruptcy cases, bankruptcy code, bennigan s, bk, bonanza, chapter 7, chow, companies that filed bankruptcy, debtors, entities, franchisees, gift card, liquidation cases, metromedia, ponderosa, proof of claim, steakhouses, trade names, trustee