Chapter 7 Bankruptcy and the Means Test
Determining whether or not to file for bankruptcy can be a difficult and drawn out decision. There are several factors that someone should consider when making this decision, and experienced professionals should be on hand to assist in the process. The two main...
2012 sees significant decline in bankruptcy filings
The most recent statistics from United States Bankruptcy Courts indicate that overall non-business bankruptcy filings are on the decline for the year 2012 when compared to the same period from the year before.In the fiscal year ending on September 30, both Chapter 7...
Jefferson County Can No Longer Afford to Keep Hospital Open
Nearly a year ago, Jefferson County filed a $4.23 million bankruptcy case and now, they have claimed that they can no longer afford to keep a Birmingham hospital open. The hospital has 319 beds and offers in-patient services, but with only a few dozen patients a day,...
Birmingham produce company to pay creditors in bankruptcy ruling
A judge has issued a ruling in Birmingham-based Adams Produce’s Chapter 11 bankruptcy filing. Monday’s ruling states that Adams must pay its creditors a total exceeding $8 million.Adams Produce filed for bankruptcy in April of this year, prompting many of the...
San Bernardino becomes third California city to file for bankruptcy
In the past two months, three separate cities in the state of California have decided to file for bankruptcy protection. The latest filing decision comes from the City Council in San Bernardino.According to reports from this city of approximately 210,000 individuals,...
Michael Vick paying off creditors with NFL earnings
Michael Vick, a quarterback in the NFL, filed for bankruptcy protection in 2008, and has recently started paying off his numerous creditors the approximate $20 million that they are owed.Vick spent two years in prison for the part he played in a dog fighting ring....
Former MLB player files for Chapter 7 bankruptcy protection
Jose Canseco, a former MLB player for multiple teams including the Oakland Athletics, has filed for Chapter 7 bankruptcy protection.Canseco, who currently plays for the Worcester Tornadoes, an independent league team, earned two World Series rings during his time in...
Bankruptcy protection sought by Stockton, CA
Residents of Stockton, California are saddened by the news that the city will be filing for bankruptcy protection.This filing will mark Stockton as the largest city in the nation to file for bankruptcy under the U.S. bankruptcy code.Stockton is home to approximately...
Foreclosure activity in Alabama falling
Across the state of Alabama, foreclosure activity has been declining. In the month of May, the number of foreclosures that were filed fell by 20.6 percent from the filings that occurred in April.According to a mortgage researcher, one in every 1,518 houses were...
Chapter 7 bankruptcy filed by 38 Studios LLC
The video-game company that is owned by the retired Boston Red Sox Pitcher, Curt Schillings, has filed for Chapter 7 bankruptcy protection in a Delaware bankruptcy court.Schillings formed the company after his years playing professional baseball came to an end. The...
Bankruptcy sought by Strauss Auto for the 5th time
Strauss Auto has recently been nicknamed a “Chapter 55” company because it has now filed for Chapter 11 bankruptcy five times.The first time Strauss Discount Auto stores filed for bankruptcy was in 1979. Since that day, the company has filed for bankruptcy four more...
Bankruptcy filed by Dewey & LeBoeuf
Dewey & LeBoeuf was formed in 2007 when a merger between two prominent law firms took place. This law firm had 26 offices all over the world, and roughly 2,500 employees.Last week, the law firm filed the necessary documents in order to apply for Chapter 11...
Bankruptcy case dismissed for Nadya Suleman
Nadya Suleman, as previously reported, sought the help of Chapter 7 bankruptcy last month. She filed for the bankruptcy protection but was ordered by the court to produce about a dozen extra documents pertaining to her finances.She was given until Monday, May 14, to...
Houghton Mifflin Harcourt files for bankruptcy protection
The large publishing firm Houghton Mifflin Harcourt has decided to file for Chapter 11 bankruptcy. The paperwork was turned in on Monday at a New York bankruptcy court.The company’s debts were recorded at $3.1 billion, and it also listed numerous creditors in its...
Nadya Suleman seeks Chapter 7 bankruptcy protection
Nadya Suleman, who has been deemed ‘Octomom’ by the media, has sought Chapter 7 bankruptcy protection. The single mother of 14 has been trying to support her large family on food stamps and Social Security disability checks.Her debt has rapidly increased, and she owes...
Hostess restructures company in midst of bankruptcy
In the beginning of 2012, Hostess Brands Inc. filed for Chapter 11 bankruptcy. The company needed assistance with its finances and sought the bankruptcy protection.Now, months after filing, the company is considering laying off thousands of workers in order to become...
Foreclosures across Alabama decline in 1Q
A research firm specializing in foreclosures has reported that foreclosures in the state of Alabama declined during the first quarter of 2012. The foreclosures declined by 18.6 percent in Alabama, as compared to the first quarter in 2011, and totaled...
AFA Foods, Inc. files for Chapter 11 bankruptcy
The meat production company, AFA Foods, Inc. has sought the protection of Chapter 11 bankruptcy. The filing took place on Monday at the U.S. Bankruptcy Court in Delaware.The decline of their revenue was directly linked to the “pink slime” uprising. This term was...
Another former professional sports player seeks bankruptcy protection
Yet another former professional sports player has sought bankruptcy protection. Warren Sapp, a former defensive tackle for the National Football League, is the most recent ex-player to file for bankruptcy. He joins the likes of Allen Iverson, Dennis Rodman, and...
Reddy Ice files paperwork to apply for bankruptcy protection
Reddy Ice is the second ice-packaging company that has recently filed for bankruptcy. Arctic Glacier filed at the beginning of this year, and now Reddy Ice is following suit.There is talk that Reddy Ice has plans to purchase Arctic Glacier, thus strengthening both...
Jefferson County agrees to increase in debt payments
Last week, in negotiations with lawyers for bond insurer Syncora Guarantee, Jefferson County agreed to increase their debt payments. The insurer says their survival is being threatened by the county’s small payments.Last year, Jefferson County attorneys agreed to pay...