In the bankruptcy case of Littleton, William L.; In re, the bankruptcy court rejected the debtor's homestead exemption. The details of the bankruptcy case: "The Chapter 7 debtor owned no real property when he filed for bankruptcy. He disclosed that he transferred 6.64 acres of land in Tennessee about two months prior to filing for [...]
According to an article 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 [...]
Several household-name companies are falling victim to the current economic downturn. According to CNNMoney.com, some big name companies have either headed to bankruptcy court or are about to. You may have seen some of them on the news already, but grouping them all together puts a different feel to it. Check out the following list of [...]
According to an article in Bloomberg, 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 [...]
According to an article in the Star-Telegram, Freedom Communications has filed Chapter 11 bankruptcy and agreed to give their creditors a majority stake in the business in exchange for forgiving a substantial portion of their debt. The article said: "The filing by Freedom Communications Holdings Inc. was part of a prepackaged plan approved by a [...]
According to an article in the Washington Post, a bankruptcy judge approved Michael Vick 's bankruptcy plan to repay creditors. Michael Vick's creditors, who are owed more than $20 million in total, ratified the bankruptcy plan to repay them based on his future earnings and the sale of his assets. The article said: "Vick signed [...]
According to an article in the Dallas Morning News, American Airlines in implementing job losses as it attempts to avoid bankruptcy and dig itself out of a financial hole. Approximately, 921 flight attendants at American Airlines will face unemployment , while 228 other employees will be furloughed. Already, 224 employees have taken two-month involuntary leaves [...]
In the bankruptcy case of (DiGiovanni, Peter W.; In re), the bankruptcy court grants a debtor's motion to impose stay despite several mishaps that nearly landed him in jail. The details of the bankruptcy case: After the debtor (who is also a non-bankruptcy lawyer) was removed as the executor of the estate, the state court [...]
Proof of Claim Reveals Debtors' Personal Information In the bankruptcy case of Killian, William E. and Rose Mary; In re (Killian v. Green Tree Servicing LLC) the bankruptcy court dismissed two debtors claim that they were harmed by a creditor when the their personal information was included in a proof of claim.The details of the [...]
According to an article in the Star-Telegram, we may be see more airlines filing bankruptcy in 2010. Already nine of the nation's largest airlines have lost $600 million in the 2nd quarter of this year and more losses are expected as revenue drops in the fall and winter. The article said: "The nation's airlines have [...]