Bankruptcy Blogs

A Closer Look at the NewPage Bankruptcy

09/11/11

On September 7, 2011, NewPage Corporation ("NewPage" or "Debtors") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  As stated in NewPage's Declaration in Support of First Day Motions (the "Declaration" or "Decl."), filed with the Bankruptcy Court, NewPage produces coated paper used in magazines, brochures catalogs and textbooks.  NewPage manufactures its products in paper mills located in Kentucky, Maine, Maryland, Michigan, Minnesota, Wisconsin and in Nova Scotia, Canada.  Decl.

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Chapter 7 Debtor Can Lose Right To Amend Schedules

09/11/11

If the debtor and his attorney screw up the debtor’s exemption on his bankruptcy schedules the attorney usually can fix the problem by amending schedules. A bankruptcy court found that the right to amend can expire at some point in the bankruptcy case where the debtor and his attorney wait too long to amend.

 The particular case involved a Chapter 7 bankruptcy in which the debtor claimed the $4,000 wildcard exemption as to his personal property.

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Oh, Just Stop!

09/10/11

Many have chided the financial press for the need to write entirely speculative articles about the prior day's market movements. But at least the financial press can be (somewhat) forgiven for their sins on the basis of tradition.

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New Law Makes Credit Scores Easier To Get

09/10/11

The same new law that created the Consumer Financial Protection Bureau has given consumers new rights to obtain a free credit score, at least in a limited way. Now, when a bank or other financial institution denies you credit, they must provide you with a free credit score, whenever they use them to deny credit or hit you with more onerous terms.

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Fear Itself Is the Problem Holding Back Job Creation

09/09/11

The administration has failed to understand the psychology of job creation. Small businesses and community banks have lost confidence in their economic future and are unwilling to invest capital.

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Financial Reform Needs Additional Repair

09/09/11

While well intended, Dodd-Frank only tinkers with our supervisory and regulatory structure rather than making the hard but needed changes.

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No More Megabanks: 19 Is Enough

09/09/11

Regulators should not allow any more bank mergers if the resulting entity would exceed $100 billion in assets. The return is just not worth the risk.

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Bankruptcy Filings Dropping More Rapidly Than Expected

09/09/11

According to the most recent data from Epiq Systems, there were 120,800 bankruptcy filings in August for a daily bankruptcy filing rate of 5,250. The August daily filing rate represents a year-over-year decline of 14.8% and a decline of 3.5% from July 2011.

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Outsourcing Comes Back to Bite Banks

09/09/11

When you outsource, your control is weakened. Vendors may not believe that their revenues depend much on whether your customers get more value - or even a fair deal.

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Hiring A Tampa Bankruptcy Lawyer For Help With A Chapter 13 Hardship Discharge

09/09/11

One of the main benefits sought in bankruptcy is the discharge. In most cases a petitioner will need to fulfill the terms of the bankruptcy before being eligible for a discharge. There are numerous requirements debtors must fulfill before being eligible for a Chapter 13 bankruptcy discharge. Anyone seeking bankruptcy protection should always consult a [...]

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