Bankruptcy Blogs

Why the Regulatory Push to Protect Overdraft Abusers?

07/11/11

Will banks be required to provide overdraft warning labels on bank statements or 12-step programs for chronic overdrafters?

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Final Rule on SAFE Act Doesn't Protect Consumers

07/11/11

The mortgage industry needs one set of professional requirements for all people who engage in mortgage activity. If you are dispensing residential mortgage advice you should have a license, period.

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David Bergstein Grilled for Three Hours in U.S. Trustee's Office

07/11/11

"Looking uncomfortable during three intense hours of grilling Thursday at a second creditors hearing in the U.S. Trustee's office in downtown Los Angeles, beleaguered financier David Bergstein said he didn't know, didn't remember or didn't have the resources to answer...

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Bankruptcy Du Jour

07/11/11

The man who pitches himself as Las Vegas’s “original celebrity chef” filed for bankruptcy protection along with his two French restaurants.

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Court Ruling Sharply Narrows Severstal's Clean Up Liabilities

07/11/11

"In a little-noted court decision with potentially long-term local consequences, a federal judge has ruled that Severstal Sparrows Point LLC is not liable for the pollution that occurred at the Point before the bankruptcy court approved the sale of the...

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Atl.-area gym owner files bankruptcy, blames NFL lockout

07/11/11

"David Irons Sr., a former Detroit Lion who typically spends his days training professional athletes at his Atlanta-area sports facility, is instead dealing with the fallout of the long-running NFL lockout. Irons, who is also the father of Auburn University...

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The Daily Docket: Omega Navigation Files for Bankruptcy

07/11/11

Shipping company Omega Navigation Inc. and nine of its subsidiaries filed for Chapter 11 bankruptcy protection in Texas Friday after failing to strike a deal with its senior lenders on an out-of-court debt restructuring. Read the Daily Bankruptcy Review story here.

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Business Bankruptcy: the Basic Chapter 7 Process

07/11/11

1.    Once you decide that a business bankruptcy is the appropriate remedy for  your failing business, you must prepare a corporate resolution. 2.    The bankruptcy petition is then prepared listing all of the assets and liabilities. 3.    The business is closed.  Employees are terminated, paid their final wages, all taxes are paid, and the doors [...]

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Are There Alternatives to Bankruptcy?

07/10/11

Are There Alternatives to Bankruptcy?  Some things that you might consider doing as an alternative to filing bankruptcy would be to sell assets that you may have to pay your debts. Also, you might want to try to negotiate with your creditors to see if you can either reduce the balance owed or renegotiate your [...]

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Homeowners Insurance Claims and the Foreclosure Crisis

07/10/11

Prompted by several comments to one of my earlier posts, I've been thinking about situations where a homeowner files an insurance claim for property damage to her home while she is in default on her mortgage.  The general practice, as I understand it, is for insurers to write claim settlement checks out to the mortgagee, rather than the policyholder, in such situations.

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