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There are times in which money becomes a problem for married couples looking to end their marriage, bankruptcy at some point may be something either or both spouses are considering. Some may wonder if it is best to file for one over the other while others may want to do them both at the same […]
Baldridge v. Douglas Stanley Ellmann (In re Baldridge), Appeal No. 13-1700 (6th Cir., Feb. 3, 2014).
On appeal from the District Court for the Eastern District of Michigan, the Sixth Circuit held that a $28,000 “carve out” recovered by the Chapter 7 Trustee pursuant to 11 U.S.C. § 506(c) after closing a sale on the debtors’ property was not property of the estate that could be subject to the debtors’ exemption because the property was over encumbered by two mortgages, leaving no equity for the debtors to exempt. Read More ›
Tags: 6th Circuit Court of Appeals, Chapter 7
The automatic stay in bankruptcy is the notice that puts creditors on notice that they cannot take certain actions against you in terms of collecting the debt. The automatic stay is created immediately upon filing of the bankruptcy case whether or not official notice has been received by that creditor or not. The automatic stay+ Read MoreThe post What Is The Automatic Stay In Bankruptcy? appeared first on David M. Siegel.
A federal jury in the state of Missouri recently found a woman guilty of making a false statement during a bankruptcy proceeding. Shelley R. Callahan, 49, of Clinton, Missouri also known as a serial bankruptcy filer for filing multiple petitions in a short time period, appeared in court to face a jury in relation to […]
The overhaul of the U.S. Bankruptcy laws in 2005 significantly impacted the way secured debt is handled in a bankruptcy proceeding. Those changes were to the great benefit of debtors, our clients. Secured debt is a loan where you have pledged an asset (most commonly a car or a house) as collateral. In the event you do not repay the loan, the creditor has the right to take possession of the property, sell it, and recover what money it can from the sale. The post Secured Debt in Arizona Bankruptcy appeared first on Tucson Bankruptcy Attorney.
By Mary Ann Gorman
Mt. Gox is in the hot seat as they were granted Chapter 15 bankruptcy protection by the U.S. on Monday. This move prevents traders in the U.S. from taking legal action against them for the current time, protecting their U.S. assets.
The company is fighting off fraud allegations and a proposed class action suit in Chicago. Mt. Gox, who at one time was the nation's biggest bitcoin exchange, filed bankruptcy in Japan in February.
Last month Mt. Got claimed to have been attacked by hackers which resulted in the loss of 750,000 bitcoins owned by customers. The attack supposedly was due to a glitch in bitcoin's software algorithm.
Mt. Got's founder, Mark Karpeles, has been in the spotlight throughout all of the fraud allegation talk.
Some of Karpeles actions right before the U.S. bankruptcy filing were called into question.
Attorney Jane Pearson stated, "We don't have proof yet but we do have concerns about the movement of hundreds of millions of dollars in bitcoins over the weekend, moved by Mr. Karpeles."
Attorneys for Mt. Got deny such fraudulent acts. In April, Mt. Got will be back in court as they try to get permanent stay of U.S. litigation.
Madison did research on the bankruptcy means test. Then she emails me for help. Hello. I have been doing some research and I believe my husband and I should file for Chapter 7 Bankruptcy but I’ve taken the means test and our income is well over what I’ve seen the limit for a three household […]The post Madison emails about the Bankruptcy Means Test appeared first on Robert Weed.
Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for March 11th, 2014 Sbarro pizza chain files for bankruptcy Mt Gox bitcoin exchange files US bankruptcy papers Judge Approves Edison Mission Plan to Exit Bankruptcy
Two founders of a now defunct Ponzi scheme that took place in Southern California were arrested earlier this month for their roles that led to their company going bankrupt while collecting hundreds of millions of dollars from banks and private investors when the scheme fell apart. Michael Stewart, 66, of Phoenix, and John Packard, 63, […]
By Mary Ann Gorman
Melville, New York-based, Sbarro, has filed for Chapter 11 bankruptcy for the second time in three years. The pizza chain has struggled with debt and competition in the marketplace.
In the Chapter 11 reorganization plan, Sbarro hopes to cut down its debt by over 80 percent. Sbarro also plans to close approximately 50 locations, on top of the 180 money-losing operations they have already shut down.
Although the bankruptcy will not affect the franchise owned 582 restaurants, Sbarro as a company has 799 restaurants and employs over 2,700 people.
Sbarro has seen a drop off in mall traffic, where many of their restaurants are located. Their business model has also been called into question.
A restaurant consultant said, "Sbarro has been struck with an outdated business model...Its biggest shortcoming is that is sells food that has been sitting out for a while, and more people want food made to order."
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