Madoff Trustee Adds Additional Defendants to Lawsuit

Trustees serve many roles in bankruptcy cases, namely distributing money to creditors and making sure that all assets are accounted for. In the case of Bernard Madoff, the infamous Ponzi scheme mastermind who stole billions from unsuspecting investors, the trustee is suing not only the bankruptcy estate but also Madoff’s relatives who were involved in [...]

By | 2017-10-11T03:01:20+00:00 July 2nd, 2012|Blog, General Blog|0 Comments

NFL’s Warren Sapp Files for Bankruptcy

Former NFL defensive lineman Warren Sapp recently filed for Chapter 7 bankruptcy in Florida. Chapter 7 bankruptcy is also called liquidation bankruptcy because most of the debtor’s assets are liquidated (i.e., sold by the bankruptcy trustee) and the proceeds are used to pay off creditors. Certain categories of property are exempt from liquidation so that [...]

By | 2017-10-11T03:02:18+00:00 July 2nd, 2012|Blog, General Blog|0 Comments

Government Pension Fund Becomes First in America to File for Bankruptcy

When you think of America you probably think of the fifty states, but America includes territories, such as Puerto Rico and the Commonwealth of the Northern Mariana Islands, as well. The Commonwealth of the Northern Mariana Islands, like many states, is experiencing difficulty in the economic downturn and this difficulty is hurting its government pension [...]

By | 2017-10-11T03:05:06+00:00 June 1st, 2012|Blog, General Blog|0 Comments