Liquidation

An appellate panel has agreed to hear pleas from Wall Street banks who want power restored to John Young, the sewer expert who took over Jefferson County, Ala.’s, system when its leaders got tangled in a corruption scandal but who was ousted earlier this year by the county’s bankruptcy judge. Read the Daily Bankruptcy Review article here.

A federal bankruptcy judge has given the go-ahead for a plan that would pay about $26.5 million to hundreds of thousands of customers and other creditors of US Fidelis. The St. Louis Post-Dispatch ( http://bit.ly/PahZii) reports that U.S. Bankruptcy Judge ...

Consumers will be familiar with several other chapters of bankruptcy; Chapter 7 (liquidation bankruptcy), Chapter 13 or Chapter 11 (reorganization or repayment bankruptcy). While in many ways Chapter 9 bankruptcy is similar to the more familiar chapters ...

The federal bankruptcy law allowed student loans that had been in pay status for seven years to be eligible for a Chapter 7 discharge. But that loophole was closed, and student loans became non-dischargeable unless the borrower could prove undue hardship.

But municipal bankruptcy filings are likely to remain rare for a variety ... the city of Scranton this month took the dramatic step of cutting all municipal pay to just $7.25 — minimum wage. The mayor has proposed an 80% increase in property ...