According to an article in the Wall Street Journal , revenues received by heirs of the Howard Hughes estate are caught in bankruptcy limbo because land that generates profits for the heirs is entangled in the General Growth Chapter 11 bankruptcy. When Hughes died in 1976, he was childless and without a will so his [...]
According to an article in the Business Journal, True Temper Sports Inc. has filed for Chapter 11 bankruptcy protection. The company is filing a pre-packaged bankruptcy petition with the approval of its secured lenders, bondholders and shareholders. The article said: "The filing is considered to be "a mechanism to implement the agreed upon balance sheet [...]
According 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 [...]
For self-employed and small business owners considering Chapter 11 bankruptcy, filing bankruptcy creates anxiety about their ability to continue operating their business and earning an income. Fortunately, the bankruptcy laws allow business owners to file bankruptcy as a "debtor in possession." What that means is that the debtor is allowed to file Chapter 11 bankruptcy [...]
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 [...]
Chapter 11 bankruptcy is a type of bankruptcy used by businesses or individuals with at least $1,010,650 in secured debt, such as properties and vehicles and $336,900 in unsecured debt, such as credit cards. We mostly hear about Chapter 11 bankruptcy when companies such as GM file bankruptcy or celebrities such as Michael Vick and [...]
According to an article at CNN, Taylor, Bean & Whitaker Mortgage Corp. has filed for Chapter 11 bankruptcy protection, after suffering from crippling events that have prevented it from continuing business. The article said: "The death spiral began after the Federal Housing Administration suspended Taylor Bean's authority to issue FHA-insured loans. That was immediately followed [...]
An article in the Star-Telegram offers an excellent "insider's view" of Reader's Digest' Chapter 11 bankruptcy, which was actually prearranged with the compliance of the majority of its creditors. A general interest magazine that has been in business since 1922 Readers' Digest has seen its readership drop from a peak of 17 million in the [...]
All of us have heard about the passing of Senator Ted Kennedy; but what many of us don't realize is that this senator was a champion for bankruptcy rights for the little guy and supported provisions in the bankruptcy code that would prevent abuses by big corporations who filed Chapter 11 bankruptcy. If you get [...]
Chapter 11 bankruptcy is in all of the headlines today, as companies such as GM, Chrysler and even Reader's Digest file for what is commonly know as business bankruptcy. But Chapter 11 bankruptcy isn't just for the "big boys" it can also help small and medium sized businesses reorganize their debts and protect their assets. [...]