In the Chapter 13 bankruptcy case of Trupp, Douglas; In re, the bankruptcy court partially sustained an objection to the confirmation of a debtor's Chapter 13 bankruptcy plan. The details of the bankruptcy case: In the debtor's Chapter 13 case, the Arizona Department of Economic Security filed a priority claim in the amount of $106,607 [...]
A new report was recently released by the Center for Responsible Lending, stating that many mainstream banks are offering short-term, high-interest loans that are basically payday loans in the form of a paycheck advances. These loans charge $10 per $100 per month and amount to an annual percentage rate of 120 percent or more violating [...]
How Bankruptcy Helps Small Business Small businesses that choose to file Chapter 11 bankruptcy have an opportunity to get their financial affairs in order, reduce and get a fresh financial start. Many businesses think of bankruptcy as an end to their dream; but Chapter 11 bankruptcy is not an end to their business but rather [...]
Former Detroit Piston Derrick Coleman filed for Chapter 7 bankruptcy with $4.7 million in debts and a little over $1 million in assets. Coleman, whose 15-year NBA career ended with the Pistons in 2005, had interests in a wide range of real estate, retail and restaurant companies. His interests included a stake in Detroit's Sweet [...]
Just when financial pundits claim that the economy is improving many rich and famous individuals are losing their homes to foreclosure. Just this week, a Tudor mansion in Bel-Air belonging to film star Nicolas Cage was in foreclosure auction and reverted to the lender. On Wednesday, Richard Fuscone, a former top Wall Street executive, declared [...]
Blockbuster's announcement that it has secured new agreements with major studios that offer enhanced payment terms in exchange for a first lien on the company's Canadian assets sent its stock trading slightly higher. But are Blockbuster's efforts to restructure outside of Chapter 11 bankruptcy bound for failure or success? Blockbuster's CEO Tom Casey is hoping [...]
When a debtor decides to file bankruptcy, in order to determine if they should file Chapter 7 bankruptcy or Chapter 13 bankruptcy it must first be determined if their income is above the median income for Texas. And a debtor's income is only determined by their past six months of income before filing bankruptcy. If [...]
The U.S. office vacancy rate has reached its highest level in 16 years and many commercial properties may face foreclosure or bankruptcy if occupancy rates don't increase soon. The U.S. office vacancy rate rose to 17.2 percent, a level unseen since 1994, as the market lost about 11.6 million net square feet of occupied space [...]
In many cases only about half of businesses who need to file bankruptcy actually go ahead and file Chapter 11 bankruptcy. At a time when businesses are facing more economic troubles than ever, why is that so many choose to forgo the benefits of bankruptcy? Well mostly because perceived challenges either real or imagined. Some [...]
For the third time since it first filed Chapter 11 bankruptcy, Six Flags Inc filed an amended reorganization plan of reorganization that if approved, will formalize last month's agreement putting junior bondholders in control of the company once it exits Chapter 11 bankruptcy. Just last month, analysts thought that Six Flags would back a bankruptcy [...]