Tag: bankruptcy
Gibson Guitar & Bankruptcy: Something To ‘Fret’ About?
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Numerous reports circulating in the past several days point to ominous signs for the future of iconic guitar maker The Gibson Guitar Company(known since 2013 by its current corporate name, Gibson Brands, Inc.). Many of the recent reports center on the company’s bond and loan debt that carry significant payments that are imminently due in…
ITT TECH: AN EPIC FAILURE ON MANY LEVELS
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Many people in the United States would be surprised to learn that the profit motive in “higher education” is not something that just magically appeared during the second half of the 20th century. A large number of for-profit colleges, institutes, and “universities” were founded in the decades after the end of the Second World War.…
BANKRUPTCY, LAYOFFS AND LIKELY SALE – THE “FATE” OF A PULITZER PRIZE-WINNING NEWSPAPER
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One of West Virginia’s oldest newspapers, the Charleston Gazette-Mail announced on Monday, January 29, 2018, that a Chapter 11 Bankruptcy filing “is imminent”. The actual filing of bankruptcy pleadings has not been confirmed. Informed sources say the plan was to file the requisite Chapter 11 bankruptcy paperwork on Tuesday, January, 30th.If a Chapter 11 filing…
Chapter 13 Bankruptcy Protection of Tax Refund the Matter of in Re Gibson
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In Chapter 13 Bankruptcy the Chapter 13 Bankruptcy Trustee will often attempt to seize or attach the tax refund of the Chapter 13 Debtor. The position of the Chapter 13 Trustee is that the tax refund received by the Debtor is additional disposable income that ought to be contributed to the Chapter 13 Bankruptcy Plan.…
Valuation of Assets in Bankruptcy
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Valuation of property or assets in bankruptcy is an important element of any bankruptcy, including Chapter 7 and Chapter 13 bankruptcy. The proper standard of valuation has been the subject of considerable debate and litigation. Some of the controversy surrounding valuation of assets in bankruptcy has been ameliorated by the passage of the 2005 Bankruptcy…
Bankruptcy Waiting Periods
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CHAPTERS WAITING PERIOD 7 TO 7 8 YEARS FROM PREVIOUS FILING 13 TO 13 2 YEARS FROM PREVIOUS FILING (CASE MUST BE CLOSED) 7 TO 13 4 YEARS FROM PREVIOUS FILING 13 TO 7 6 YEARS FROM PREVIOUS FILING UNLESS 100% OF THE UNSECURED WERE PAID IN THE PRIOR CHAPTER 13 OR AT LEAST 70%…
Florida Homestead Exemption
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The State of Florida provides a homestead exemption which is designed to protect persons from the attachment or seizure of their places of residence by creditors. The homestead exemption provides protection against such creditor action to debtors who file bankruptcy and debtors who do not file bankruptcy. The homestead exemption for purposes of asset protection is…
Chapter 9 Bankruptcy: Hartford, Detroit, et al
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The mayor of Hartford, Connecticut, Luke Bronin has been intimating for a number of months that the city may need to file Chapter 9 bankruptcy. Chapter 9 bankruptcy is a form of bankruptcy where a municipality can seek to reorganize its debts, and arrange such debts in a reduced payment over a period of years.…
CHAPTER 7 BANKRUPTCY TREATMENT OF SECURED PROPERTY
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STATEMENT OF INTENTIONS IN BANKRUPTCY In a Chapter 7 bankruptcy, the debtor must complete and sign a form called the Statement of Intentions. The Statement of Intentions indicates which of the available options the debtor chooses towards his or her secured property. The primary examples of secured property are an automobile loan or a mortgage…
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…
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: If the debtor, received an…
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…