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filing bankruptcy


By Ronald Man June 4, 2019 at 7:43 a.m. Judge Breyer announces a unanimous opinion in 2019. (Art Link) Yesterday’s decision Taggart vs. Lorenzen won’t be among the landmark decisions of the term, but it should provide useful insight into an area the Supreme Court has yet to rule on: standards for punishing creditors who …

He continued to accumulate debts and owed money everywhere. Still, he had no trouble getting new loans for any new deal he wanted to make, whatever trinket he bought on a whim. Take for example, his 5-acre resort in Crosslake, Minn., with its 11,880 square foot log cabin, five guest houses, five docks and 18 …

For seniors, retirement is no longer what it used to be… and it shows on their balance sheet. Each month, 73-year-old Suzan Benge lives on just $771 in disability benefits, $100 in food stamps and $14 in government subsidies for low-income people. So when her credit card debt hit $18,000 earlier this year, she felt …

Ethiopian Airlines is struggling to advance discussions to form a joint venture with South African Airways. CEO Tewolde Gebremariam said that despite discussions, Ethiopian has not made the expected progress so far. SAA currently remains anchored as the government bails out the carrier and attracts partners. Ethiopian’s CEO said negotiations with the government have been …

Chesapeake Energy (OTC: CHKA.Q) reportedly hired debt restructuring advisers to help it repair its balance sheet following a historic crude oil price crash. According to a Reuters report, Chesapeake has hired restructuring lawyers at Kirkland & Ellis LLP and investment bankers at Rothchild & Co who specialize in debt reshuffling. The company would study its …

Related practices and jurisdictions the Coronavirus Aid, Relief, and Economic Security (CARES) Act makes significant revisions to the United States Bankruptcy Code. The most notable change is that it opened the doors of bankruptcy court to many small businesses. Small Business Reorganization Act On February 19, 2020, the Small Business Reorganization Act (SBRA) went into …

Much of the bankruptcy gossip stemming from the pandemic world we find ourselves in now focuses on the cascade of new Chapter 13 bankruptcy cases that are expected to arrive soon. We’ve already seen the effects of closed stores and lack of foot traffic on some of the big names in retail (JC Penney, J. …

It is a cardinal sin to attempt to collect debt or repossess collateral after a borrower has filed for bankruptcy. Bankruptcy triggers automatic stay – a command, not a suggestion, that the collection activity cease. This is a fundamental principle of bankruptcy and should be common knowledge, but sometimes there will be a case that …

Pure completion expert FTS International Inc. is off to a good start in 2021, with 13 fracture fleets currently in service, compared to 10.5 in the fourth quarter. In the release of 4Q2020 and last year’s results, CEO Michael Doss said prices for U.S. fracking services were stagnating, but there were signs of a stronger …

On December 9, 2020, Congressional Democrats including Elizabeth Warren (D-Mass.) And Jerrold Nadler (DN.Y.) proposed sweeping legislation that would revise consumer bankruptcy law. The proposed changes generally make it easier for consumers to access Chapter 13 bankruptcy and repay their debts. Below is a discussion of 10 critical changes proposed in the Consumer Bankruptcy Reform …

The 2021 Consolidated Credit Act (LCA), promulgated in December 2020, broadens the advantageous reorganization conditions already available for companies in difficulty under sub-chapter V of Chapter 13 bankruptcy of the Bankruptcy Code. Now reorganizing businesses have more time to decide whether to keep or reject real estate leases and can extend rental obligations as part …

Through Mike spector, Jessica dinapoli (Reuters) – Neiman Marcus Group is preparing to seek bankruptcy protection as early as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak, people close to it have said folder. The debt-laden Dallas-based company found itself with few options …

The Consolidated Appropriations Act (CAA), one of the most important bills ever passed by Congress, was enacted on December 27, 2020. In addition to providing funding and additional relief from COVID, the CAA contains several changes to Title 11 of the Bankruptcy Code to provide temporary relief and flexibility to debtors, landlords, tenants and sellers …