… York granted a bankruptcy petition for Ellen Tracy LLC forcing the company into an involuntary Chapter 7 bankruptcy. The Chapter 7 bankruptcy filing means that the company will be liquidated. The bankruptcy petition was filed by three creditors/manufacturers of the company who are seeking $4 million in claims.  Ellen Tracy LLC is the former licensee of Ellen Tracy the fashion label; however the license to use the name was terminated early this year.  Ellen Tracy, the fashion label is …

Category: Chapter 7 Bankruptcy

Tags: Chapter 7 Title 11 United States Code Tracy Ellen LLC

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According to an article in the Star-Telegram, CIT Group, Inc. is battling to avoid filing Chapter 11 bankruptcy –again, as it struggles to survive the credit crunch and economic crisis.  The commercial lender is attempting to finalize a deal that would cut its debt by as much as 40 percent while giving its bondholders a large equity state in the company to avoid bankruptcy.

The article said:

“CIT Group spent the summer trying to stave off a potential collapse amid mounting …

Category: Chapter 11 Bankruptcy

Tags: Business Chapter 11 Title 11 United States Code CIT Group

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The news headlines are filled with stories about big corporations filing for Chapter 11 bankruptcy, but what about filing Chapter 7 bankruptcy for business?  Are there any benefits in filing a Chapter 7 bankruptcy for your business?  Well, maybe, let’s take a look:

If a business owner wants to completely close his/her business and liquidate its assets, filing a Chapter 7 bankruptcy for their business may be beneficial.  For example, if you know that your …

Category: Chapter 11 Bankruptcy , Chapter 7 Bankruptcy

Tags: Business Chapter 11 Title 11 United States Code Corporation

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… to an article in the American Medical News, LifeMasters Supported SelfCare Inc. has filed for Chapter 11 bankruptcy and hopes to continue operating the company during bankruptcy as a debtor in possession. The disease-management company has told the bankruptcy court that it has sufficient cash to continue operating but is filing Chapter 11 bankruptcy because of debt created after the company participated in several Centers for Medicare & Medicaid Service projects that were …

Category: Chapter 11 Bankruptcy , Medical Bills

Tags: Chapter 11 Title 11 United States Code Services United States

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… to pay their credit obligations creditors will have very little leverage to force the studio in Chapter 11 bankruptcy.  However, as negotiations move forward, creditors have worked hard to get a list of debtholders as the struggling studio attempts to gain additional funding for productions. As it stands with more than 80 firms holding MGM’s $3.7 billion in debt,  no one creditor has the power to force MGM into Chapter 11 bankruptcy, but if they could find out who the other creditors …

Category: Bankruptcy , Chapter 11 Bankruptcy

Tags: Apollo Management bankruptcy law Chapter 11 Title 11 United States Code

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… in the Dallas Mornings News, Simmons Co., the maker of Beautyrest mattresses plans to file for Chapter 11 bankruptcy protection in a move to place new owners in charge of the bedding unit and significantly lower the company’s debt load.

The article said:

“The plan, which will not affect the company’s operations, is expected to reduce its total debt from about $1 billion to $450 million.”

The Chapter 11 bankruptcy plan which must be approved by the bankruptcy court includes …

Category: Bankruptcy , Chapter 11 Bankruptcy , Economy

Tags: bankruptcy law Chapter 11 Title 11 United States Code Simmons Bedding Company

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Chapter 11 bankruptcies are filed by individuals and businesses whose debt levels fall outside of the amounts allowed for a Chapter 13 bankruptcy or Chapter 7 bankruptcy filing. If a debtor owes more than $336,900.00 in unsecured debt or more than $1,001,650.00 in secured debt, he/she will need to file Chapter 11 bankruptcy. Even if a debtor wanting to file Chapter 13 bankruptcy owes …

Category: Chapter 11 Bankruptcy

Tags: bankruptcy law Chapter 11 Title 11 United States Code

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When a debtor files Chapter 13 bankruptcy, the bankruptcy court and debtor work together to create an affordable monthly repayment plan that will allow the debtor to maintain a typical middle-class lifestyle.  The debtor makes payments for 3 to 5 years and at the end of the term the debt that was not repaid is discharged.

To estimate your Chapter 13 bankruptcy monthly repayment amount, follow the formula …

Category: Bankruptcy , Chapter 13 Bankruptcy

Tags: Bankruptcy Chapter 13 Title 11 United States Code Law

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… to close as many as 960 stores by the end of 2010, prompting some analysts to suspect a future Chapter 11 bankruptcy filing by the retailer.

The article said:

“Earlier in the year, Blockbuster denied that it was considering a bankruptcy filing after hiring law firm Kirkland & Ellis. Blockbuster said Kirkland & Ellis was hired as a consultant to help with raising capital. Blockbuster reported a second-quarter loss of $39.7 million…”

The Dallas-based company has …

Category: Bankruptcy , Chapter 11 Bankruptcy , Economy

Tags: Blockbuster Business Chapter 11 Title 11 United States Code

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According to an article in Bloomberg, the number of wealthy Americans who filed Chapter 11 bankruptcy jumped 73 percent in the second quarter of 2009 from a year earlier.

The article said:

“More individuals or families with at least $1,010,650 in secured debt and $336,900 unsecured are using Chapter 11 of the U.S. bankruptcy code typically associated with business reorganizations.”

The foreclosure crisis and falling home prices are leaving many wealthy …

Category: Bankruptcy , Chapter 11 Bankruptcy , Loans / Mortgages

Tags: Bankruptcy Chapter 11 Wealth

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… in Reuters, an independent oil and natural gas company Baseline Oil & Gas Corp filed for Chapter 11 bankruptcy protection in a Texas bankruptcy court due to their inability to pay creditors, declining commodity prices, disappointing development drilling results and the U.S. economic decline.  The company has $13.6 million in debt and only $3 million in assets. The debtor has entered Chapter 11 bankruptcy with a “prepackaged” bankruptcy plan, under which existing shareholders …

Category: Bankruptcy , Chapter 11 Bankruptcy , Economy

Tags: Bankruptcy Chapter 11 Title 11 United States Code Corporation United States Unsecured debt

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… Samsonite Co. Stores, the retail division of the luggage-maker Samsonite Corp., filed for Chapter 11 bankruptcy protection.

The article said:

“The recession has caused a severe decline in consumers purchasing travel-related goods and the company has responded to this critical situation with a substantial restructuring program,” Kyle Gendreau, chief financial officer of Samsonite Corp., said in a statement.”

The bankruptcy court papers revealed that the Samsonite Co. …

Category: Bankruptcy , Chapter 11 Bankruptcy , Economy , Lawsuits

Tags: Chapter 11 Title 11 United States Code Debt Law Unsecured debt

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