Monthly Archives: September 2017

Toys R Us, the Retail Apocalypse and Mitt Romney’s Bain Capital

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2017 has been a particularly bad year for many of the nation’s retailers. On September 19, Toys R Us announced its filing of Chapter 11 Bankruptcy. Chapter 11 Bankruptcy is a form of bankruptcy wherein a corporation (or an individual whose debt exceeds certain monetary thresholds) seeks the reorganization of its debt through the mechanism of bankruptcy, and usually the continuation of its operations. Toys R Us announced in a statement that it voluntarily sought Chapter 11 protection, “To achieve our financial objectives, Toys R Read More +

Taxes and Tax Liens in Bankruptcy

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WHEN TAXES MAY BE DISCHARGED IN BANKRUPTCY This article discusses the treatment of taxes due to the Internal Revenue Service (IRS). Income taxes due to the IRS may be dischargeable if such taxes meet five (5) criteria. 11 USC 507 and 523 hold that taxes are dischargeable in bankruptcy if: The tax return was due more than three (3) years before the filing of the bankruptcy petition. If the debtor, received an extension of time to file the tax return, the period of the extension Read More +

Hurricane Irma and Bankruptcy

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By Jay Weller Natural disasters and hurricanes and bankruptcy filings within affected areas are intuitively correlative.  One would expect that the economic and property damage incurred by a hurricane, such as Hurricane Irma, that beset portions of Florida would have an impact on the number of subsequent bankruptcies filed within the affected regions. This article will discuss the validity of this purported relation between hurricanes, natural disasters and bankruptcy filings.  The article will also discuss possible remedies for those seeking to avoid the filing of Read More +