Sheehan & Associates, P.L.C.

Bankruptcy Archives

Financial troubles are not discriminatory

When it comes to money and wealth, the more you have may just mean the more you have to lose. Celebrities such as Johnny Depp and Lisa Marie Presley are two recent stars who claim to have somehow gone through their millions and are now broke. The big question on the table is if they squandered their wealth, or if their financial managers are responsible. Both are currently suing their former financial managers and putting the blame on them.

What are the first things you should do before filing bankruptcy?

Bankruptcy, like everything else in life, is something that should be carefully planned. It's not a rash decision to file for bankruptcy. In fact, you may deserve a hearty "congratulations" for taking control of your debt. There's every possibility that you'll come out of bankruptcy better off in the long run than you ever would have been otherwise.

Will bankruptcy stop your eviction?

When you file for bankruptcy, something called an "automatic stay" goes immediately into effect. Essentially, it's an abrupt halt to the legal actions that creditors can take against you -- which is usually just enough time to buy a little breathing room and give you the chance to gather your resources and make a few decisions.

Another celebrity goes to jail for bankruptcy fraud

Bankruptcy fraud is no laughing matter, even though certain celebrities have lately treated the court's rules like a joke -- at least until they were caught. The latest celebrity to land in jail over the issue is Abby Lee Miller, the owner of the dance school featured in TV's Dance Moms.

Handling debt collectors after you've filed bankruptcy in 7 steps

Once you've filed for bankruptcy, the court issues something known as an "automatic stay." This bars your creditors from taking further action against you unless the bankruptcy court specifically allows it. That doesn't always stop the harassment immediately, however.

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Sheehan & Associates, P.L.C.
1460 Walton Blvd , Suite 102
Rochester Hills, MI 48309

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