Bankruptcy Blogs

The Daily Docket: Grocery Chains Balk At A&P Union Deal

12/06/11

The Giant and Stop & Shop supermarket chains are balking at A&P’s deal with its unionized employees to slash wages and benefits, claiming they may be forced to pick up the slack with respect to a multiemployer plan the three chains share. Read the Daily Bankruptcy Review article here.

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Bankruptcy Is NOT a Dirty Word

12/05/11

The headline caught my eye: “Is Bankruptcy ‘Business as Usual’ for Airlines.’ ”  On NPR, no less.  Reporting on the Chapter 11 filed by American Airlines, the article goes on to note: You might say it’s almost business as usual for the airline industry. United, Northwest and Delta have all taxied down the Chapter 11 [...]

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Chapter 13 Cram Downs Of First Mortgages On Investment Real Estate

12/05/11

Chapter 13 debtors can cram-down mortgages on investment property to the amount of the property’s fair market value. People considering Chapter 13 to remedy upside down investment properties often ask how the cram-down works. Their questions cover issues such as when the cram down is final, does Chapter 13 affect their interest rate, and how does Chapter 13 cram-down deal with arrearage of past due payment on the investment property mortgage.

Here are some general answers to these common cram-down questions.

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Chapter 13 Cram Downs Of First Mortgages On Investment Real Estate

12/05/11

Chapter 13 debtors can cram-down mortgages on investment property to the amount of the property’s fair market value. People considering Chapter 13 to remedy upside down investment properties often ask how the cram-down works. Their questions cover issues such as when the cram down is final, does Chapter 13 affect their interest rate, and how does Chapter 13 cram-down deal with arrearage of past due payment on the investment property mortgage.

Here are some general answers to these common cram-down questions.

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Two more bankruptcy preparers facing possible criminal contempt charges

12/05/11

"Cases against two additional bankruptcy petition preparers are being sent to the U.S. Attorneys Office, bringing to four the number of criminal contempt cases against preparers under review by federal prosecutors. Cases against Jennifer Valente Abbott, a disbarred attorney, and...

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AMR Record $4.1 Billion Bankruptcy Cash Mutes Takeover Risk

12/05/11

"AMR Corp.'s $4.1 billion in cash, the most ever for a U.S. carrier entering bankruptcy, may help the parent of American Airlines preserve its independence. Filing for Chapter 11 with that much in cash and short-term investments strengthened the third-largest...

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Wall Street Offered Virginia State Fair a Slick Deal

12/05/11

Aware of the virtually unlimited array of fried foods that a fairgoers can purchase on a stick, Virginia State Fair organizers shouldn’t have been surprised at the similarly impressive range of financial deals that Wall Street titans were willing to cook up for them.

When organizers decided several years ago to move their fairgrounds to a historic horse farm further outside Richmond’s city limits, they hedged their borrowings by relying on a financial tool invented by financial wizards—a synthetic rate swap.

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Getting Foreclosure Assistance From a Bankruptcy Lawyer

12/05/11

If you are overwhelmed with debt, filing for chapter 13 bankruptcy may provide some relief. Chapter 13 provides debtors with an opportunity to restructure their outstanding debt and restore their financial health. Furthermore, in some situations chapter 13 can help prevent a debtor’s home from being foreclosed. However, bankruptcy may not be viable option for [...]

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Big Banks Finance Payday Lenders: You Knew that but did you Know some also Make payday loans?

12/05/11

This video is totally worth you 2 minutes. It describes big banks in rather unflattering terms (as parasites, for example) but the main thing I got out of it is that big banks finance payday lenders.

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Occupiers Target Foreclosures

12/05/11

Occupy Wall Street have announced a national day of action around mortgage foreclosures and evictions, to be held on Tuesday December 6.  My comments on the protest and the current state of the foreclosure crisis at salon.com are here.

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