On January 30, 2007, AFM and Burch both filed voluntary "no asset" Chapter 7 bankruptcy petitions in the United States Bankruptcy Court for the Northern District of Georgia.
He resumed the practice of his profession in Pulaski, where he served as Register of bankruptcy 1875-1879.
Debtor-in-possession financing or DIP financing is a special form of financing provided for companies in financial distress or under Chapter 11 bankruptcy process.
The court has the same jurisdiction as United States District Courts, including diversity jurisdiction and bankruptcy jurisdiction.
He was in private practice in Charleston, West Virginia from 1951 to 1958, and a referee in bankruptcy, Southern District of West Virginia from 1958 to 1973.
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In 1994, Orange County declared the greatest municipal bankruptcy in United States history, the result of a $1.7 billion loss sustained after Treasurer-Tax Collector Robert Citron invested county funds in various risky financial instruments.