Bankruptcy Lawyer
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Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization.
Bankruptcy in the United States is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8), which allows Congress to enact "uniform laws on the subject of Bankruptcy throughout the United States." Its implementation, however, is found in statute law. The relevant statutes are incorporated within the Bankruptcy Code, located at Title 11 of the United States Code, and amplified by state law in the many places where Federal law either fails to speak or defers expressly to state law.
While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often highly dependent upon State law. State law therefore plays a major role in many bankruptcy cases, and it is often quite unwise to generalize bankruptcy issues across state lines.
(this article compliments of Wikipedia)
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Bankruptcy News
PC Club shuts doors after bankruptcy (BizJournals) PC Club, based in California, has closed 37 stores in eight states, including New Mexico, after declaring Chapter 7 bankruptcy. But another company has stepped up to help the company's customers and its former employees. | Vallejo School District to reassure financiers, community following city's bankruptcy (San Jose Mercury News) OTE VALLEJO - Vallejo City Unified School District officials today will reassure vendors, contractors and the community that the city's decision to apply for Chapter 9 bankruptcy protection does not affect school finances. | PC Club files Ch. 7 bankruptcy (Provo Daily Herald) Rival PC Laptops offers free service to abandoned PC Club customers PC Club, a California personal computer retailing chain, filed Chapter 7 bankruptcy and shuttered 37 stores nationwide including three in Utah, as well as its online ClubIT.com store, on Tuesday. The three stores are in Orem, Riverdale and Murray. | Vallejo school district feeling effects of city's bankruptcy vote (San Francisco Chronicle) Vallejo's decision to declare bankruptcy last week has caused the Vallejo City Unified School District - a separate governmental entity - to suffer the loss of financing for portable classrooms, the delayed delivery of textbooks, the decline in value of... | Vallejo rejects union bankruptcy offer (Vallejo Times-Herald) In the countdown to Vallejo's bankruptcy, another unsuccessful mediation session was held Wednesday between Vallejo public employee union representatives and city officials, negotiators said. The all-day session was held from 10 a. |

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