How Can a Business Bankruptcy Give You Something to Be Thankful for?

The holiday season can be a stressful one for anyone. Add to that seasonal stress the worries of a business struggling with debt, and you may feel like you have nothing worth being thankful for this holiday season

If your business is buried in debt or having trouble paying bills, learn more about how business bankruptcy can give you something to feel thankful for in the coming year:Why Should You Consider Filing for Business Bankruptcy?

There are many reasons why a business may consider filing for bankruptcy. The last three years have taught the entire world to be kinder when judging the financial decisions of others. Extending some of that grace to yourself and your business during these difficult financial times is important.

Whether you are buried under a mountain of unmanageable debt or just need help to reorganize those debts to make a better plan for the future, business bankruptcy might be the answer.

Businesses that find themselves in need of financial relief have two options when it comes to bankruptcy – liquidation or reorganization. This is the primary difference between Chapter 7 business bankruptcy and Chapter 11 business bankruptcy.

Chapter 7 business bankruptcy is often

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December 15, 2022 by ATTORNEY

Former Willmar attorney sentenced for bankruptcy fraud

ST. PAUL, Minn – Gregory Anderson, a former attorney from Willmar, has been sentenced to 18 months in prison for helping a client appear unable to repay his creditors, says United States Attorney Andrew Luger. 

According to Luger’s announcement, Anderson filed a voluntary bankruptcy petition on behalf of his client, James Rothers, on Nov. 3, 2015. Anderson created fake liabilities to make it seem like Rothers was insolvent, when, in fact, he could’ve repaid his creditors with ease.

Rothers had over $1 million dollars in assets including gold coins, separate bank accounts, and uncashed checks. Rothers even paid part of Anderson’s legal fees using a concealed bank account that Anderson helped set up.

An investigation conducted by the Federal Bureau of Investigation revealed that Anderson knew about Rothers’ assets, and conspired to make him appear unable to repay his debt.

Anderson pleaded guilty to one count of fraudulent concealment of bankruptcy assets early August. He was sentenced Wednesday to 18 months in prison followed by one year of supervised release. Anderson will also be required to pay a $20,000 fine.

Rothers pleaded guilty to one count of fraudulent concealment of bankruptcy assets in November of 2019, and will be sentenced

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December 13, 2022 by ATTORNEY

Crypto meltdown a boon for U.S. bankruptcy lawyers

Crypto meltdown a boon for U.S. bankruptcy lawyers

The value of bitcoin has dropped 65 per cent so far this year, and large law firms can rake in more than $100 million in legal fees during a long-running bankruptcy, experts say.

Publishing date:

Dec 03, 2022  •  5 days ago  •  3 minute read

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Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration taken Nov. 28.
Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration taken Nov. 28. Photo by DADO RUVIC /REUTERS

Turmoil in the cryptocurrency industry has rattled major exchanges and sent the value of digital assets tumbling, but at least one group stands to gain: bankruptcy lawyers.

High-profile bankruptcies involving crypto exchange FTX, hedge fund Three Arrows Capital and crypto lenders BlockFi, Celsius Network and Voyager Digital Ltd are generating new opportunities – and big fees – for law firms that counsel troubled companies.

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December 9, 2022 by ATTORNEY

Bankruptcy lawyers stand to benefit greatly from crypto turmoil – report

Bankruptcy lawyers stand to benefit greatly from crypto turmoil – report

Bankruptcy lawyers stand to benefit greatly from crypto turmoil – report

wutwhanfoto/iStock via Getty Images

The cryptocurrency ecosystem has experienced a major downturn in the past year, sending the value of even the most prominent digital tokens plunging and triggering a slew of high-profile bankruptcies. On the flip side, law firms that council those struggling companies were said to have been raking in huge fees.

Bankruptcy lawyers, meanwhile, stand to gain from crypto exchange FTX’s recent Chapter 11 bankruptcy, which sent fresh shockwaves through the cryptoverse. Other noteworthy bankruptcies from earlier in 2022 included crypto hedge fund Three Arrows Capital and crypto lenders BlockFi, Voyager Digital (OTCPK:VYGVQ) and Celsius Network.

Generally, large law firms can collect over $100M in legal fees during a prolonged bankruptcy, Reuters reported Friday, citing experts.

For bankruptcy cases involving crypto-related firms, law firm Kirkland & Ellis is counseling BlockFi after it filed for Chapter 11 bankruptcy protection on Monday, and also represents Celsius and Voyager Digital (OTCPK:VYGVQ). The fees that Kirkland commands are some of the biggest rates in the industry, charging up to $1,995 per hour for work on the Celsius and Voyager cases, Reuters noted, citing court filings.

Previously, (Nov. 11) FTX’s Bankman-Fried resigned as CEO as crypto exchange starts Chapter 11 bankruptcy.

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December 8, 2022 by ATTORNEY

Infowars host files for Chapter 11 bankruptcy

Infowars host files for Chapter 11 bankruptcy
nfoWars founder Alex Jones speaks to the media outside Waterbury Superior Court during his trial on September 21, 2022 in Waterbury, Connecticut.

InfoWars founder Alex Jones speaks in Waterbury, Conn. Photo: Joe Buglewicz/Getty Images

Alex Jones filed for personal bankruptcy in Texas on Friday, according to a court filing.

Why it matters: The Chapter 11 bankruptcy filing comes after Jones and his company, Free Speech Systems, were ordered to pay almost $1.5 billion in damages for falsely claiming the Sandy Hook mass shooting was a hoax.

Driving the news: The bankruptcy filing said Jones owns between $1 million and $10 million of assets with $1 billion to $10 billion of liabilities.

  • Jones’ affiliate business Free Speech Systems is also mentioned in the lawsuit, having filed for bankruptcy in July.

What they’re saying: “Like every other cowardly move Alex Jones has made, this bankruptcy will not work,” said Chris Mattei, the attorney representing the Sandy Hook families, in a statement to Axios.

  • “The bankruptcy system does not protect anyone who engages in intentional and egregious attacks on others, as Mr. Jones did. The American judicial system will hold Alex Jones accountable, and we will never stop working to enforce the jury’s verdict.”

Zoom out: A Connecticut jury ordered Jones to pay $965 million in damages to Sandy Hook victims in a defamation

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December 7, 2022 by ATTORNEY
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