News

5 Bankruptcy Myths Debunked - US News and World Report

05/14/12

Nadya Suleman (known to gossip magazines as "Octomom") recently filed for Chapter 7 bankruptcy after accumulating roughly $1 million in debt. Tabloids and gossip blogs have criticized Suleman's spending and lifestyle, but she's far from alone in ...

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Auto bailout: ex-GMAC puts mortgage unit in bankruptcy - USA Today

05/14/12

The Residential Capital (ResCap) unit filed for Chapter 11 bankruptcy early today and Ally CEO Michael Carpenter said in a statement: "The action by ResCap will enable Ally to achieve a permanent solution to its legacy mortgage risks and put these issues ...

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Hostess Brands Uses Bankruptcy Court to Screw Workers Out of Pensions, Benefits - AlterNet

05/14/12

A federal judge is moving to end a tense labor standoff at Hostess Brands by bringing the heavy hand of bankruptcy law down in favor of the corporate managers and against the employees who produce the cakes and breads that have made the company famous.

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Dewey Troubles Touch NewPage Chapter 11 - Wall Street Journal

05/14/12

Curious what happens to a client whose law firm is on the brink of collapse? Just ask paper maker NewPage Corp., which saw a hearing on a key issue in its Chapter 11 case pushed back because of the “extraordinary difficulties” its lawyers at ...

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LightSquared, Failed Wireless Venture, Files Bankruptcy (Update 1) - Bloomberg

05/14/12

You need to enable Javascript to play media on Bloomberg.com LightSquared Inc. filed for bankruptcy after its plan to deliver high-speed wireless to as many as 260 million people ran afoul of U.S. regulators. Harbinger Capital Partners ...

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Ally mortgage unit files for Chapter 11bankruptcy - Marketwatch

05/14/12

NEW YORK (MarketWatch) -- Ally Financial Inc.'s troubled mortgage subsidiary filed for Chapter 11 bankruptcy early Monday, potentially paving the way for Ally to sever itself from substantial litigation that has been a drag on its other ...

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Ally Financial’s mortgage subsidiary files for bankruptcy - The Business Journal

05/14/12

... Ally Financial Inc. Latest from The Business Journals Ally Financial mortgage unit files for bankruptcy After bankruptcy filing, company says Montco jobs safe Ally Financial mortgage unit set to file for bankruptcy Follow this company and ...

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Supreme Court says tax must be paid on sale of family farm during bankruptcy - Washington Post

05/14/12

WASHINGTON — The Supreme Court says a farming family has to pay tax on the bankruptcy sale of their farm. The high court on Monday voted 5-4 for the IRS in its fight with Lynwood and Brenda Hall over their bankruptcy sale of their 320-acre farm in ...

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Ally Financial's mortgage arm files for bankruptcy - MLive.com

05/14/12

The government is hoping to get the rest of the money back through a public stock offering by Ally, or perhaps the sale of its remaining businesses. When the bankruptcy and potential sale of international operations are finished, Ally expects to ...

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Bankruptcy filings in Hawaii drop 26 percent in April - Transworld News

05/14/12

The majority of individuals, utilizing bankruptcy attorneys for debt protection, filed under the Chapter 7 plan, which requires that assets are sold off, or liquidated, in order to satisfy creditors and pay their debts. The total number of chapter 7 ...

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