News

Court says farmers must pay bankruptcy tax - San Francisco Gate

05/14/12

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 Willcox ...

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Things to Look Out for in a Bankruptcy Lawyer - 1UP.COM

05/14/12

Failure to determine the suitability of an attorney in your case may compromise your position and deny you the chance to restore your financial fortune and image. The 5 most important things to look out for when hiring a bankruptcy attorney include the following.

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Ally hopes to end mortgage woes with ResCap bankruptcy - msnbc.com

05/14/12

NEW YORK (Reuters) - Ally Financial Inc's mortgage unit on Monday filed for bankruptcy and the auto lender said it will sell some international operations to help set it on a path to repaying $12 billion in bailout money. Ally's mortgage unit, called ...

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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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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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Ally’s Residential Capital Files for Bankruptcy - Businessweek

05/14/12

(FIG) (FIG) ResCap listed assets of $15.7 billion and debt of $15.3 billion in a Chapter 11 petition filed today in U.S. Bankruptcy Court in Manhattan. Chapter 11 of the U.S. Bankruptcy Code is typically used by companies that seek to keep ...

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Talcott Franklin P.C. Recommends Adoption of Settlement Agreement in ResCap Bankruptcy - Yahoo Finance

05/14/12

DALLAS, May 14, 2012 /PRNewswire/ -- Financial crisis litigation boutique Talcott Franklin P.C ... as part of ResCap's pre-arranged bankruptcy filing. The firm intends to work with its clients to direct the Trustees of various ResCap-sponsored ...

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17 Institutional Investors Obtain Agreement From Rescap Debtors To Stipulate To $8.7 Billion Allowed Claim For RMBS Trusts In Rescap Bankruptcy - Yahoo Finance

05/14/12

The decision whether to accept the settlement will be entirely within the relevant trustee's independent judgment as a prudent person; and, The settlement must be approved by the Bankruptcy ... avoid all-consuming litigation, and will assist ...

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CEO Announces Retirement; Nebraska Book Company Names Current President and COO, Barry Major, as New CEO - Business Wire

05/14/12

“I am looking forward to our emergence from Chapter 11 and the exciting new direction NBC is heading. We are the leader in the market and we plan to stay there - this is a vision I share with the entire executive team. Steve Clemente brings ...

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ResCap Bankruptcy Papers List Largest Creditors - Wall Street Journal

05/14/12

ResCap’s initial bankruptcy filings also list the company’s largest unsecured creditors, a group that includes a number of bondholders, pension funds and other institutional investors. The company listed assets of $15.7 billion and debts of ...

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