According to an article in the Star-Telegram, FairPoint Communications filed for Chapter 11 bankruptcy protection Monday after agreeing to a debt reduction deal with its creditors that will lower its debt by 62 percent.  FairPoint, owns and operates phone companies in 18 states with a total of 1.65 million lines. The company has been struggling to repay its large debt load while its revenues have continued to fall.  Because of this the FairPoint bankruptcy filing has …

Category: Chapter 11 Bankruptcy

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According to an article in the Star-Telegram, Frontier Airlines emerged from Chapter 11 bankruptcy under the new ownership of Republic Airways Holdings, Inc.  Republic gained control of the bankrupt airline with a $108.8 million bid in bankruptcy court, which included a plan for the cancellation of the airline’s old shares. But despite the bankruptcy buyout, Frontier still has a tough fight in its Denver hub which is a competitive market. Most of Frontier’s …

Category: After Bankruptcy , Chapter 11 Bankruptcy

Tags: Chapter 11 Title 11 United States Code Frontier Airlines

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… of entertainment programming in North America, Image Entertainment Inc., may need to file Chapter 11 bankruptcy after defaulting on a payment under a convertible note.  The company defaulted on an installment payment of $4 million due on Dec. 14, for its $15.7 million convertible note. The company also said that the default could adversely affect its business and they are hoping to continue operations if they choose to file Chapter 11 bankruptcy protection.

“The company does …

Category: Chapter 11 Bankruptcy

Tags: Chapter 11 Title 11 United States Code Debt Default Image Entertainment

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… would “trickle down” to ordinary Americans or even be repaid. CIT Group, which filed for Chapter 11 bankruptcy just a few months ago has become the first bank to materialize critics’ fears. The 101 year old commercial bank received a $2.3 billion taxpayer bailout; but its Chapter 11 bankruptcy wiped out its obligation to repay that money. And many analysts closely watching developments in the banking industry predict that taxpayers losses with CIT Group may be only one of …

Category: Chapter 11 Bankruptcy

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Most debtors considering bankruptcy hope that they will qualify for Chapter 7 bankruptcy; but if they don’t they can become very disappointed. If you are unable to qualify for Chapter 7 bankruptcy, don’t despair. Although discharging all of your debt in Chapter 7 bankruptcy has it benefits, Chapter 13 bankruptcy also offers its own set of excellent benefits for debtors:

Chapter 13 bankruptcy will allow debtors to make reduced payments which can …

Category: Chapter 13 Bankruptcy , Filing Bankruptcy

Tags: Automatic stay Bankruptcy Chapter 13 Title 11 United States Code

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After filing Chapter 11 bankruptcy on Sunday, CIT Group is hoping that it will fair better than previous financial companies who have filed bankruptcy.  According to an article in the Star-Telegram, most financial companies who file for bankruptcy are usually liquidated or sold.

The article said:

“But the real test will come from CIT customers, who could decide to take their business elsewhere… …

Category: Chapter 11 Bankruptcy , Economy , Unemployment - Job Loss

Tags: Chapter 11 Title 11 United States Code CIT Group

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… to an article in the Business Journal, Super 88 LLC, an operator of Asian supermarkets filed for Chapter 11 bankruptcy on Monday after a deal to sell the chain was derailed by two other parties claiming to have deals to buy individual stores. Because the deal to sale the company did not go forward, the owners of the supermarket chain felt compelled to file bankruptcy so they could protect their assets from over 200 creditors.

The article said:

“In documents submitted before the …

Category: Chapter 11 Bankruptcy

Tags: Chapter 11 Title 11 United States Code

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According to an article in the Star-Telegram, the Erickson Retirement Communities have filed for Chapter 11 bankruptcy and has agreed to be purchased by Redwood Capital Investments LLC.

The article said:

“Erickson spokesman Mel Tansill says the bankruptcy filing in Dallas and the agreement with Redwood took place on Monday. He says Erickson must restructure its debt to complete the sale.

Tansill says Erickson will also reorganize by separating its management and real estate arms. …

Category: Chapter 11 Bankruptcy , Economy

Tags: Chapter 11 Title 11 United States Code Erickson Retirement Communities

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… asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection.

The article said.

“The troubled New York-based lender had launched the restructuring effort Oct. 1 with the hope that it will trim at least $5.7 billion from its near-term debt.”

CIT Group, which has received $2.3 billion in federal bailout money last fall and a $3 billion emergency loan in July from some of its largest bondholders has been at risk …

Category: Chapter 11 Bankruptcy

Tags: Chapter 11 Title 11 United States Code

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Chapter 13 bankruptcy is a powerful tool for repaying an agreed upon amount of your debt under a plan that fits your budget.  Here’s what you need to know about Chapter 13 bankruptcy :

Chapter 13 bankruptcy is specifically designed for “wage-earners” who have enough disposable income to repay their debts.

Chapter 13 bankruptcy repayment plans must last three to five …

Category: Chapter 13 Bankruptcy

Tags: bankruptcy law Chapter 13 Title 11 United States Code

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According to an article in the Star-Telegram, Margaux Development has filed for Chapter 11 bankruptcy in an attempt to reorganize its real estate partnerships, including Margaux Westover Partners which owns the 35-acre Margaux Westover Village at the southeast corner of Green Oaks Road and Texas 183. In its bankruptcy filing, Margaux Westover Partners lists its assets and liability between $10 million and $50 million.

The article said:

“Westover Village is planned …

Category: Chapter 11 Bankruptcy , Dallas Attorney , Dallas Bankruptcy , Economy

Tags: Business Chapter 11 Title 11 United States Code Financial crisis Real estate

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According to an article in the Star-Telegram, the Chicago Cubs is filing Chapter 11 bankruptcy in an effort to make it easier to sell the sports team.

The article said:

“The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties to the family of billionaire Joe Ricketts… The team’s brief stay in Chapter 11 is expected to protect …

Category: Chapter 11 Bankruptcy , Economy

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