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Borders Group Posts $35.4 Million Net Loss for May

06/22/11

Borders Group, Inc. and its affiliated debtors filed their monthly operating report for May (1-28) yesterday with the bankruptcy court in New York.  Borders, which filed for bankruptcy protection in February, is seeking buyers for its assets, with the expectation that the companies’ future will be decided in the next few weeks. Among the highlights [...]

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Bankruptcy Rights

06/21/11

In the past, bankruptcy was thought of as something that is taboo, something you just didn’t talk about. This is no longer the case. Today, more and more people are starting to see the benefits of bankruptcy and learn about the protections of bankruptcy and are seeing bankruptcy as a socially acceptable and responsible thing [...]

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Former Wilkes Bashford Company Asks Court to Convert Bankruptcy to Chapter 7, Remaining Unsecured Creditors Likely to Receive Less than 1% Recovery

06/21/11

Summary: Last Thursday, TWBC, Inc. filed a motion asking the bankruptcy court in San Francisco to convert its chapter 11 bankruptcy case to chapter 7.  The company was formerly known as The Wilkes Bashford Company and operated a chain of high-end luxury retail stores in Northern California for over 30 years.  However, Wilkes Bashford’s sales [...]

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Signature Styles (Spiegel, Newport News & Shape Fx Brands) Creditors’ Committee Appointed, Selects Proposed Counsel

06/21/11

Summary: The United States Trustee filed a notice with the bankruptcy court on Friday which identified the creditors which have been appointed to the Official Committee of Unsecured Creditors in the chapter 11 bankruptcy cases of Signature Styles, LLC and Signature Styles Gift Cards, LLC. Those companies, which collectively operate a catalog and internet retailer [...]

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Who Is a Bankruptcy Trustee?

06/20/11

The idea of a bankruptcy trustee is alien to most people, having never become involved in a bankruptcy.  Even those who have filed for bankruptcy personally are often unaware of the full rights and responsibilities of a trustee.  What is a trustee?  Who appoints him?  What do they do?  Is there a difference under the [...]

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Read the Documents in the Bank of America Involuntary Bankruptcy

06/20/11

As reported today in a previous post members of a small political party filed an involuntary bankruptcy petition against Bank of America in Colorado on June 20, 2011.   If I am not mistaken there was a Bank of America branch that was seized by a Sheriff in Florida when it failed to pay a [...]

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34 Individuals File Pro Se Involuntary Chapter 11 Bankruptcy Petition Against Bank of America, N.A.; Bank of America Quickly Responds & Asks for Immediate Dismissal

06/20/11

On Friday at about 5:00 p.m. local time, 34 individuals (from the court filings, it appears not represented by counsel) filed an involuntary chapter 11 bankruptcy petition against Bank of America, N.A. (a banking subsidiary of Bank of America Corporation (NYSE: BAC)).  In the petition, the individuals assert claims against Bank of America of between [...]

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Most Chapter 13 Cases Do Not End in a Discharge

06/18/11

Chapter 13 Discharge Rare? Chapter 13 bankruptcy involves crafting a repayment plan to your creditors over a 3-5 year period. If like many chapter 13 debtors, your income is too high to qualify for chapter 7 bankruptcy, your repayment plan will take place over a 5 year period. At the end of the repayment plan, [...]

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Deciding Which Bankruptcy Chapter Is Most Appropriate

06/18/11

Options Under the Bankruptcy Code Bankruptcy law provides debtors who are overwhelmed with debt an opportunity to restructure their debt and receive a fresh start. There are many different types of bankruptcy filings, each with their own set of rules.  Debtors should always seek the advice of a qualified Tampa bankruptcy attorney to help determine [...]

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Can Bankruptcy Stop Wage Garnishment?

06/18/11

Garnishment is No Fun When a garnishment hits, it usually hits hard, with as much as 25% of a debtor’s monthly paycheck going directly to their creditors. Bankruptcy Stops Wage Garnishment Through the power of the automatic stay, filing for bankruptcy stops all creditor collection activity including foreclosure, lawsuits and wage garnishment. If your wages [...]

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