We have frequently mentioned the need to challenge credit card companies when they file a suit to recover the debt owed. Credit card companies rely on one factor when filing for a judgement on a debt, and that’s the habit of most debtors to ignore the matter altogether. When the suit is not defended, the credit card company receives a default judgement; in effect, a rubber stamp on their law suit. If the credit card company is looking for a garnishment on your wages, or a bank levy, then filing for bankruptcy can stop that judgement. If the credit card company seeks to gain a lien on your property, then bankruptcy may not stop that process. T

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Introduction

On January 3, 2012,  Coach Am Group Holdings Corp., along with certain of its affiliates (“Coach” and/or “Debtors”) filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  Aside from Coach America, Coach also operates under the brand names CUSA, American Coach Lines and Gray Line.  According to the Declaration of Coach’s Chief Restructuring Officer (the “Declaration” or “Decl.”),  Coach enters bankruptcy with approximately 6,000 employees and a fleet of over 3,000 vehicles. 

Events Leading to Bankruptcy

Like many chapter 11 debtors before it, Coach believes that its business is operationally sound, however, it needs to reorganize as a result of the recession that began in 2008.  Specifically, the company contends that its debt requirements and increased insurance costs have negatively affected liquidity.  Without sufficient cash, Coach is unable to implement much needed capital improvements.  Decl. at *7. 

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As tax season begins, Americans should start to discover the different Federal Tax Brackets, how tax brackets work, and what percentage of their income will be taxed in each.

You can think of Federal tax brackets as “benchmarks” for taxation on each dollar of your income. The first few thousand dollars that you earn are untaxed. The next are taxed, but at the lowest rate. Thi

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The bankruptcy rules provide that a debtor may amend his bankruptcy schedules at any time prior to the case being closed. The debtor can file amendments which claim additional exemptions or new theories of exemption even when property was not claimed as exempt on the debtor’s initial schedules.
There are, however, some limits on the debtor’s ability to make amendments. A creditor or trustee may object to an amendment which is made in bad faith or which prejudices the creditors. Of course, any amendment which increases the debtor’s exemptions will prejudice creditor recovery, but that is not what the rule refers to. An am

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