Bankruptcy

2025 saw a significant rise in bankruptcy filings across the nation, with total cases reaching 574,314, an 11% increase over the previous year, according to the Administrative Office of the U.S. Courts. At Gillman Capone, we understand that these statistics...

One aspect of filing for bankruptcy you may be wondering about is the credit counseling. Fortunately, this is not a weeks-long course, but rather a quick task that most filers should complete within an hour. It is important that you...

WeWork, a coworking space company, filed for Chapter 11 bankruptcy on November 6, 2023 and is being represented by King & Spalding. This filing marked a significant step in the company’s efforts to restructure its debt and operations amidst ongoing...

Recently, Red Lobster has filed for Chapter 11 Bankruptcy and it's path to this filing is shaped by a combination of strategic missteps and external economic pressures. The seafood chain has grappled with several key issues which pushed them to...

Filing for bankruptcy is a significant financial decision that can have some lasting effects for individuals and businesses.  Even with these effects in mind, the relief that bankruptcy offers from overwhelming debt that may be worth the temporary repercussions of...

The Distinction Between Chapter 13 and Chapter 7 Bankruptcy At the heart of Chapter 13 bankruptcy is the opportunity for debtors to keep their assets, most notably their homes. This is in stark contrast to Chapter 7, where liquidation of...

Periodically the New Jersey' Department of Labor and Workforce Development (NJDOL) will update the median income figures for the various household sizes reported on a person’s tax returns. NJDOL has recently provided the new median income figures which go into...

In recent years, some of our fellow New Jersey businesses have filed a Chapter 11 bankruptcy only  to convert to a Chapter 7 in order to liquidate. Popular retailer Party City managed to avoid this trend in 2023 by concluding...

A Chapter 13 bankruptcy involves a reorganization of your existing debt and a Chapter 7 bankruptcy is a liquidation of assets. In order to be eligible for a Chapter 7 filing, you must be below the median income level for...

Lekevie C. Johnson, a former Champaign, IL pastor, pleaded guilty on December 1st to federal program misapplication, student loan misapplication, and false statement in bankruptcy. Johnson operated a not-for-profit corporation that received federal grant funds from the United States Department...