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Written by Canterbury Law Group

Gawker – Popular Media Site – Files Chapter 11 Bankruptcy

Media site, Gawker, has recently filed Chapter 11 bankruptcy, motivated by the company’s agonizing and all-consuming legal fight with Hulk Hogan. A judge has ordered Gawker to pay Hulk Hoag $140 million in damages.

Gawker has agreed to sell all seven of its brands and other assets to the tech publisher Ziff Davis. The Ziff Davis bid — worth $90 million to $100 million, according to sources — sets the floor for the bankruptcy auction process.

The asset purchase agreement to Ziff Davis, the owner of PC Magazine, marks the start of the bankruptcy auction process. Bidding is expected to continue next week. The sale agreement to Ziff Davis will need to be approved by the bankruptcy court, which will conduct an auction to see if there is a higher offer available. Ziff Davis will be what is known as a “stalking horse bidder,” whose offer for the company can be topped by other bidders.

Gawker is pushing ahead with an appeal of the judgment with Hulk Hogan and has maintained confidence that it will ultimately be vindicated, but the company has been openly entertaining a sale.

Canterbury Law Group helps businesses and individuals, usually with a high net worth, file Chapter 11 to solve their bankruptcy needs. The bankruptcy attorneys at Canterbury Law Group have significant experience with Chapter 11 filings, which tend to be very complex, and are capable of filing an individual case or a corporate entity case under Chapter 11 as mandated by the facts of each individual case.

Filing for bankruptcy can be an intimidating process and people are often ashamed of doing it. However, a real challenge when filing for bankruptcy is not securing the services of trusted legal representation like the bankruptcy lawyers at Canterbury Law Group. The legal process can be very demanding and tedious. Without the help of an experienced lawyer it is common to miss important deadlines, make mistakes on required forms and to misunderstand certain rules or terms which can be highly detrimental to your case. The bankruptcy lawyers at Canterbury law Group work diligently with bankruptcy clients to secure their fresh financial freedom.

The bankruptcy attorneys at Canterbury Law Group are experienced experts in all areas of bankruptcy cases in the Phoenix and Scottsdale area. Please call us today to schedule your consultation.

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Written by Canterbury Law Group

How Celebs end up in Bankruptcy

American society always seems surprised when learning about the newest A-lister or celebrity who has filed for bankruptcy. Having a celebrity status and earning millions doesn’t necessarily deter bankruptcy. How is it possible that so many millionaires find themselves in bankruptcy court, clamoring to protect what little assets they have left? With all the celebrity millionaires (and billionaires) who have gone broke, we may be able to learn from their mistakes.

1. No Financial Education – Often, when you go from having nothing to having everything, a financial education is not part of the package. Learning how to save, budget, and invest can take years, and if you’ve never had substantial money before, you may never have learned these essential financial management skills. When handed huge checks to cash, many celebs go out and buy the biggest house and fastest car they can find, rather than learning how to properly handle their money.

2. Lack of Trustworthy People – Many celebrities surround themselves with attorneys, accountants and insurance professionals to help them with proper estate, tax and insurance planning. However, in doing so, they often do not bother double-checking the work that is being done on their behalf, nor do they properly vet the financial professionals they hire. Not surprisingly, many fall prey to unscrupulous advisors. Worse yet, some celebrities are taken advantage of by friends and family who they hire to manage their affairs.

3. Unrealistic Career Expectations – It might be easy to expect a successful Hollywood or professional sports career to continue indefinitely. But sadly, most careers don’t last very long. Unfortunately, not every actor picks up another well-paying gig immediately after their show is cancelled.

Canterbury Law Group is uniquely qualified to represent clients in the most sophisticated personal and business bankruptcy cases. The range of services we provide depends on an individual’s or a company’s unique situation. Call us today to schedule a consultation. 480-744-7711.

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Written by Canterbury Law Group

3 Steps When Filing Bankruptcy

At Canterbury Law Group, our Scottsdale bankruptcy attorneys are renowned industry experts. We represent clients through the entire bankruptcy process and, although all cases are unique, the end goal of bankruptcy is always a new beginning and fresh financial start.

Here are three tips for those considering bankruptcy:

1. Gather financial documents. Start collecting financial documents that your attorney can use. Obtain a record of debt including credit card bills, unpaid medical bills, loan statements, etc. Also locate any documentation on assets you currently hold as well as your monthly income statements.

2. Find a qualified law team. Filing for bankruptcy is a complicated process and a simple mistake can be harmful to your case. Make sure you have a legal team that is experienced, understands your goals and can get the job done. Many law firms offer a complimentary first-time consultation. Call the Scottsdale bankruptcy lawyers at Canterbury Law Group today to schedule your appointment.

3. Improve upon your financial habits. You must improve your financial life after your file bankruptcy. Obtain a secured credit card or personal loan to start building up your credit but remember that you may have to wait some time before you can be approved for a secured credit card. Further educate yourself by reading books, reviewing financial websites and seeking out professional guidance.

As authorities in the legal industry, the bankruptcy team at Canterbury Law Group was uniquely formed to provide no-nonsense legal counsel for personal and business bankruptcy cases. The law group at Canterbury consists of a unified team of litigators and paralegals with the experience necessary to deliver high results. The team’s attention, experience and sophistication allows for innovative resolutions that have a positive client impact.

Our legal team is ready to represent you in your Scottsdale business bankruptcy case. Call us today to schedule your consultation. Our track record speaks for itself!

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Written by Canterbury Law Group

Common Questions When One Spouse Files Bankruptcy

The Scottsdale bankruptcy attorneys at Canterbury Law Group represent debtors, creditors, trustees and committees in both personal and commercial bankruptcies. Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of non-dischargeable debts. It also permits individuals and organizations to repay secured debts with more favorable terms to the borrower.

The Phoenix bankruptcy lawyers at Canterbury represent many clients through personal bankruptcy cases. If you’re married and considering filing bankruptcy, here are common questions that often arise:

1. Do I Have to File Bankruptcy with My Spouse? If only one partner in a marriage owes debt, then only that partner should file for bankruptcy. Debts where spouses are jointly and severally liable for payment will remain with the spouse who has not filed for bankruptcy. However, in states that follow community property law, single spouse bankruptcy for joint debts may in some situations be advantageous.

2. Can I File for Bankruptcy without My Spouse’s Knowledge? Legally and in theory, yes, it would be possible for one spouse to file for bankruptcy without the other partner ever finding out. However, Chapter 7 bankruptcy uses income as a test for eligibility and utilizes income garnishment as a means of settling debt. The non-filing spouse will certainly notice if his or her paychecks are being collected by the bankruptcy court for debt repayment. Even outside Chapter 7 bankruptcy though, there are plenty of other ways for a spouse to discover his or her partner’s financial situation. Our Scottsdale bankruptcy lawyers suggest that hiding bankruptcy is only a temporary solution at best and is not healthy to any marriage nor recommended.

3. Will My Credit or Property Be Affected If My Spouse Files Bankruptcy? In general, one spouse filing for bankruptcy will not affect the other spouse’s financial situation, including the other spouse’s credit rating. A debt is created by contract between a debtor and a creditor – each debtor must sign the contract to be liable for payment. Therefore, the bankruptcy of one spouse does not cause the other to become bankrupt.

4. Does Single Spouse Bankruptcy Change the Nature of Joint Debts? Under Chapter 7 bankruptcy, when a spouse’s debts are wiped clean, the creditor can go after the other spouse. However, a major advantage of Chapter 13 bankruptcy, where the debtor plans to re-pay her debts, is that the creditor will leave the co-debtor alone, as long as bankruptcy plan payments are timely deposited.

5. Are There Any Exceptions? While the bankruptcy of one spouse does not generally affect the other, there are some notable exceptions. For example, the bankruptcy of one’s spouse may show up on the other’s credit report if joint debt is involved – a contentious area of the law. Also, if applying for a joint loan in the future, the bankruptcy of one spouse will affect the creditworthiness of the applying couple.

If you’re considering filing bankruptcy, the Phoenix bankruptcy attorneys can help you. Contact us today to schedule a consultation. 480-744-7711.

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Written by Canterbury Law Group

Tips When Filing Chapter 7 Bankruptcy

The most common form of bankruptcy in the United States is Chapter 7. At Canterbury Law Group, we constantly work with clients to file Chapter 7, which allows individuals to extinguish all debts which are “dischargeable” under the Bankruptcy Code. In a Chapter 7, all of the debtor’s non-exempt assets on the petition date are liquidated through the priorities set forth in the bankruptcy code. At the time of filing, the bankruptcy code establishes the creation of your “debtor’s estate” which includes all “non-exempt assets.” As a Debtor you have various duties and obligations, including significant duties of co-operation, which are owed to the Bankruptcy Trustee. These obligations are designed to assist the Trustee in the administration of your bankruptcy estate.

The Scottsdale bankruptcy lawyers at Canterbury Law Group will counsel you regarding these duties, which if followed, will make your case run smoothly. Unfortunately, many debtors who are not fully informed of these obligations run the risk of not receiving a full discharge of some or all or their debt. If you’re thinking of filing Chapter 7, here are some recommendations from our lawyers:

1. Complete the Mandatory Credit Counseling – Before you can file chapter 7 bankruptcy, it is essential to complete credit counseling. It is a mandatory step before you can file and often requires paying a fee. Otherwise, your filing will not be allowed to continue.

2. File All Chapter 7 Paperwork – Complete and file all necessary paperwork in court. Make sure all of your paperwork is accurate. Determine any fees associated with your filing.

3. Meet With Your Creditors – Approximately one month after filing the petition, you will need to meet with your creditors, an arrangement made by the court. During this important meeting, your creditors will question you regarding your finances and property. Typically this meeting involves only a few people connected with the credit card companies to whom you owe your debt. Your lawyer can certainly be present to aid you through this process.

4. Attend the Personal Financial Management Instruction Course – In addition to your credit counseling course, a personal financial management course generally costs about $30 and is necessary for completing your filing of chapter 7. If you skip the money management course, you risk dismissal of your case.

Having a trusted legal team on your side is critical during bankruptcy. Call Canterbury Law Group today to schedule your consultation. 480-744-7711.

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Written by Canterbury Law Group

Three Tips for After Bankruptcy

The personal bankruptcy attorneys at Canterbury Law Group help clients begin a fresh financial future. Not only can the law team at Canterbury help you successfully navigate through bankruptcy, they can also assist with creating a sound financial afterlife.

Here are three tips for those who are ready to improve their financial status:

Regroup – Once your bankruptcy case has been discharged, reflect on your past financial journey. Ask yourself questions that will help you create a better financial afterlife in the wake of bankruptcy, including:

  • How did I get here?
  • What could I have done differently?
  • And what have I learned from all of this?

Create a Realistic Budget and Pay Bills on Time – After bankruptcy, you must become vigilant about your finances. Even if you haven’t created a budget in the past, now is the time to get serious about doing so. Your budget will act as your spending plan, helping you to manage cash flow and preventing you from creating unnecessary debt. Make it a priority to pay all your current bills in a timely manner. Set up automatic bill payments, and remember to pay your rent on time since rent payments are now being tracked by the credit bureaus.

Pick a Credit Card That Will Help You Rebuild Credit – A key strategy to rebuilding your credit rating after bankruptcy is to obtain a secured credit card. With a secured card, you deposit a given amount of money, such as $500, into a bank account and that $500 becomes your credit limit. By charging small amounts each month and repaying your debts as agreed, you can gradually rebuild your credit.

If you have questions about your finances and / or bankruptcy, call Canterbury Law Group today to schedule a consultation. 480-744-7711.

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Written by Canterbury Law Group

Business Bankruptcy in Scottsdale

Our attorneys have vast experience in Scottsdale business bankruptcy cases. If you are a business owner thinking of filing bankruptcy, we will represent you throughout the entire process, from preparing to file through the restructuring of your company post-bankruptcy.

A common misconception about business bankruptcy is that it means the end of a business. Contrary to those beliefs, many companies that Canterbury Law Group has worked with thrive and advance after bankruptcy and restructuring. If bankruptcy might be an option, here are some terms to know.

Business Bankruptcy: A type of bankruptcy that allows a company to efficiently sell assets or to liquidate in a controlled manner. Just like any other business strategy, bankruptcy should be considered early enough to be a viable strategy to preserve the business’s assets and help it continue as a going concern. Bankruptcy can also be an important tool for assisting in an orderly wind down and liquidation of a business and its assets if you intend to close the business for good.

Business Restructuring: The primary goal of a business bankruptcy is to reorganize a business, which includes restructuring the company’s debts so the business can continue to operate and prosper into the future. There are many ways that this can be accomplished, ranging from selling assets to closing down sites or reducing personnel. It is critical to understand that bankruptcy affords a business the opportunity to propose and implement these changes, without the looming threat that creditors will shut the business down for good.

Our bankruptcy legal team is ready to represent you in your Scottsdale business bankruptcy case. Call us today to schedule your consultation. 480-744-7711.

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Written by Canterbury Law Group

Illegal Practices Commonly Associated with Debt Buying

“Debt buying” affects millions of Americans and takes place when large companies buy and sell billions of dollars of debt. Credit card companies, hospitals, personal loan companies, banks and other lenders regularly sell and resell debt – and this may include debt that you owe.

For example, if you open a Visa account with a local bank and eventually stop repaying on your loan, the credit card company terminates your account and starts sending collection letters. The credit card company may decide to sell your debt for cash. Depending on how delinquent the debt is, a debt buyer may pay only 4 or 5 cents on the dollar. Your debt will then be packaged along with other similar debt and sold in bulk to a debt buyer at this discounted rate. The debt buyer will then attempt to collect the debt by calling you or the buyer may retain a lawyer and sue you.

Debt buying is legitimate as long as the debt buyer follows the rules. Debt buyers also realize that most consumers do not know the rules so the debt buyers often take advantage of a consumer’s limited knowledge.

Some debt buyers practice illegal tactics including:

  • Repeated collection calls that violate the Fair Debt Collection Practices Act ban on harassment and after hours calls
  • Misleading consumer into consenting to autodialed calls
  • Failure to respond to consumer disputes of debt
  • Farming debt to law firms for litigation without appropriate documentation
  • Threatening consumers with lawsuits for debts where the statute of limitations has run
  • Collecting on debt where the debt buyer has no documentation

The Consumer Financial Protection Bureau is starting to go after debt buyers who pursue illegal practices. For example, the CFPB recently imposed a $79 million penalty against to large debt buyers – Encore Capital Group and Portfolio Recovery Associates.

The bankruptcy attorneys at Canterbury Law Group are uniquely qualified to represent you in your debt related litigation. If you’re experiencing actions from debt buyers that may be illegal, call us today to schedule your consultation. 480-744-7711

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Written by Canterbury Law Group

Filing Bankruptcy in Scottsdale

At Canterbury Law Group, we believe that no one should feel embarrassed or ashamed when having to file bankruptcy. Bankruptcy has been a significant issue in society since the very beginning, as our founding fathers rejected the idea that a person should be saddled with their debts for life. That’s why the founding fathers included bankruptcy as a fundamental right for all United States citizens.

Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

At Canterbury Law Group, we help our clients understand Scottsdale bankruptcy rules and exemptions as well as expose the myths commonly associated with bankruptcy. Filing for bankruptcy in the phoenix land area can settle your debt. We also help you decide which options to debt relief fit your situation the best. Our firm can assist you in putting an end to any of the following:

Creditor Harassment:

  • Repossessions
  • Wage Garnishment
  • Foreclosures
  • Collection Lawsuits
  • IRS Problems

As Scottsdale bankruptcy attorneys, we often find that clients are surprised at learning they can keep assets when filing bankruptcy.

These assets may include:

  • Your home (even with mortgages) – Equity in your home (up to $150,000 per person)
  • Your qualified retirement plans – (IRAs, 401Ks, etc.)
  • Most day-to-day personal property – (furnishings, televisions, clothing, autos.)
  • Pets

Let our dedicated legal experts evaluate your financial situation and determine the best course of action needed to provide you with a fresh financial start.

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