By Dolores Contreras of Contreras Law Firm posted in Celebrity on Friday, February 24, 2017.
1. Abraham LincolnLincoln tried many occupations as a young man, including buying a general store in New Salem, Illinois, in 1832. He and his partner started buying out other stores' inventories on credit, but their own sales were dismal. As the store's debts mounted, Lincoln sold his share, but when his partner died, the future President became liable for $1,000 in back payments. Lincoln didn't have modern bankruptcy laws to protect him, so when his creditors took him to court, he lost his two remaining assets: a horse and some surveying gear. That wasn't enough to foot his bill, though, and Lincoln continued paying off his debts until well into the 1840s.
By Dolores Contreras of Contreras Law Firm posted in Celebrity on Friday, February 17, 2017.
1. In his days as an NBA player, Dennis Rodman had a salary of $ 27 million, not counting his advertising deals. After leaving the NBA, Rodman had trouble paying his bills, in addition to the maintenance of his children; which is why he ended up in court for the $ 809,000 he owed his third wife for child support and $ 51,000 for spousal support.
By Dolores Contreras of Contreras Law Firm posted in Bankruptcy on Friday, February 3, 2017.
If you find yourself considering bankruptcy, don't look at this as a bad thing. Don't run scared. Instead, you need to face your fears, answer your questions, and decide if now is the best time to file.
By Dolores Contreras of Contreras Law Firm posted in Bankruptcy on Friday, September 9, 2016.
Bankruptcy is often the end of a company, but it doesn't have to be in every case. The companies in the list above have re-emerged from bankruptcy to become profitable and successful. As an investor, it is useful to note that bankruptcy isn't always the end of the line for a company, and that through buying shares of companies as they emerge from bankruptcy, reorganization can be a potential source of excess returns.
By Dolores Contreras of Contreras Law Firm posted in Bankruptcy on Friday, August 19, 2016.
Celebrities go broke at a monumental rate for a lot of reasons. Divorce, not paying taxes, and bad investments lead the way (which comes as almost no surprise.) Nobody is safe, either. Celebrities that are loved, ones that are hated, those that seem smart and those that seem dumb-- every single one of them is only one Papa John's franchise away from going completely broke.
By Dolores Contreras of Contreras Law Firm posted in Bankruptcy on Friday, August 5, 2016.
Chapter 13 BankruptcyChapter 13 bankruptcy is also known as "wage earner" bankruptcy because, in order to file for Chapter 13, you must have a reliable source of income that you can use to repay some portion of your debt.
By Dolores Contreras of Contreras Law Firm posted in Bankruptcy on Friday, July 29, 2016.
Bankruptcy is a process in which consumers and businesses can eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. For the most part, bankruptcies can be divided into two types, liquidation and reorganization.
By Dolores Contreras of Contreras Law Firm posted in Bankruptcy on Friday, May 27, 2016.
Financial troubles can happen to anyone at any time, even the most financially cautious individuals can be struck by an unexpected circumstance like an illness or job loss. If you are struggling with debt and are unable to keep up with your bills, you may be wondering if bankruptcy is the answer. Below are four signs that it may be time to speak to a bankruptcy lawyer about your options: