When a debtor decides to file for Chapter 13 bankruptcy, there is a limit on how much debt they can have.  As of April 1, 2010 the debt limits for Chapter 13 bankruptcy will increase by 7 percent.  Chapter 13 bankruptcy debt limits for unsecured debt will be $360,475 and for secured debt, the limit will be $1,081,400.  What this means is that a debtor filing Chapter 13 bankruptcy cannot have more than $360,475 of unsecured …

Category: Bankruptcy , Breaking News , Chapter 13 Bankruptcy , Economy , Filing Bankruptcy

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… down economy has had a huge impact on Las Vegas, and as a result, Las Vegas Monorail filed for Chapter 11 bankruptcy protection on January 13 th.  The monorail is a very popular transportation system that connects several hotels and resorts to each other and the Las Vegas convention center.  The system generates enough revenue to pay its operating costs, but the debt the company has is too much for the company to handle.

 

At its peak in 2007 the monorail had a passenger count of …

Category: Bankruptcy , Chapter 11 Bankruptcy , Economy , Filing Bankruptcy

Tags: Bankruptcy protection Chapter 11 Bankruptcy Debt down economy

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Natural Products Group has filed a prepackaged Chapter 11 bankruptcy with $286 million in assets and $804 million in liabilities.  Lenders who hold 90 percent of the company’s loans voted in favor of the bankruptcy and Nature Products Group is expected to emerge from bankruptcy in 60 days or less.

The company plans to borrow up to $20 million to fund operations during its bankruptcy, known as a debtor-in-possession loan.

Lenders …

Category: Bankruptcy , Chapter 11 Bankruptcy , Economy , Filing Bankruptcy

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Reader’s Digest Association, one of the most popular magazines in the US, has emerged from Chapter 11 bankruptcy, six months after seeking bankruptcy protection.

The company said on Monday it was able to slash its US$2.2 billion ($3.1 billion) debt load by 75 per cent and boost its capital levels. It has access to US$525 million in funding after refinancing certain bonds, which also will save the company US$30 million in interest costs annually. There is another $50 million …

Category: Bankruptcy , Chapter 11 Bankruptcy , Economy , Filing Bankruptcy

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Regent Communications Inc., the owner of 62 radio stations in 13 markets, filed for Chapter 11 bankruptcy along with 40 of its affiliates. Regents owes creditors more than $211 million; but hopes that Chapter 11 bankruptcy will allow it to cut its debt level by $87 million.  Regents and creditors are proposing a debt exchange which will give creditors control of the broadcaster.

Under terms of a reorganization proposal worked out before the broadcaster filed its …

Category: Bankruptcy , Breaking News , Chapter 11 Bankruptcy , Economy , Filing Bankruptcy , bankruptcy law

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Chapter 7 bankruptcy filings increased by 14 percent in February while Chapter 13 bankruptcy filings decreased 3 percent compared to January.  The irony is that when stricter bankruptcy laws took effect in 2005 they were intended to force more indebted families to file Chapter 13 bankruptcy and repay at least part of their creditors.  Many opponents of bankruptcy falsely claimed that the …

Category: Bankruptcy , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Economy , Filing Bankruptcy

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… won court approval to reorganize $500 million in debt for two shopping centers, adding to its $11.6 billion in property-level debt that has been reorganized in Chapter 11 bankruptcy.

U.S. Bankruptcy Judge Allan Gropper approved reorganization plans for Stonestown Galleria in San Francisco and Mall of Louisiana in Baton Rouge, Louisiana. Company lawyer Anup Sathy says General Growth is left with six remaining property-level loans worth $2.8 billion which it is preparing to …

Category: Bankruptcy , Breaking News , Chapter 11 Bankruptcy

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When a debtor decides to file for Chapter 13 bankruptcy there is process they must follow.  Below we break down the Chapter 13 bankruptcy process into seven simple to understand steps.

Step 1: First discuss with your bankruptcy attorney all of your bankruptcy options, including Chapter 7 bankruptcy. Although Chapter 13 bankruptcy is a viable form of handling your debt make sure that it is the right bankruptcy chapter for …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 13 Bankruptcy

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Chapter 13 bankruptcy allows a debtor to repay all or part of their debts over a 3 to 5 year period of time.  However, some debtors who have filed Chapter 13 bankruptcy may find themselves facing new financial difficulties at some point during the repayment period that prevents them from making agreed upon payments.  This reason alone has been major factor is scaring off some debtors from …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Economy , Foreclosures

Tags: Chapter 13 Bankruptcy Chapter 7 Bankruptcy Convert

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Veoh, an online video sharing service plans to file for Chapter 7 bankruptcy and liquidate its business, according to the company’s founder, Dmitry Shapiro. Shapiro posted a passionate open letter blaming a legal battle with Universal Music Group for the company’s bankruptcy: 

“Two years ago, Universal Music Group (UMG), the largest music company in the world sued Veoh alleging copyright infringement. While we made every effort to convince …

Category: Breaking News , Chapter 7 Bankruptcy , Economy , Filing Bankruptcy

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… considering bankruptcy find it difficult to decide whether they should reorganize their debts Chapter 11 bankruptcy or liquidate their debts in a Chapter 7 bankruptcy.  Below are a few questions every business owner should ask before they file Chapter 11 bankruptcy.

Is my business viable?  Oftentimes businesses run into financial problems because they are running on faulty business plans or their industry is permanently contracting.  Business owners considering Chapter 11 …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 11 Bankruptcy , Chapter 7 Bankruptcy , Economy , Filing Bankruptcy

Tags: Business Chapter 11 Bankruptcy Chapter 7 Bankruptcy

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Penton Business Media Holdings Inc. filed for Chapter 11 bankruptcy protection in hopes that the company can reduce the large amount of debt it incurred when the company bought trade-magazine publisher Penton Media Inc. three years ago.  Penton Business Media came to its bankruptcy decision after it became apparent it may not be able to pay its debts.  Penton Business and Penton Media filed Chapter 11 Bankruptcy with a prepackaged …

Category: Bankruptcy , Breaking News , Chapter 11 Bankruptcy , Economy

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