If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Bankruptcy can happen to anyone, or any company, it seems. Oreck Vacuum the latest well known name to file for bankruptcy protection.
I am trying to remember the tag line in the ads, but I remember the former owner, David Oreck, making some kind of guarantee.
The 50 year old company’s Chapter 11 filing blames, competition! Pretty much everyone has that, unless you are a utility or insurance company or some other special interest industry that owns enough of the political class.
What is the first thing many companies do upon filing bankruptcy? Why, borrow more money, of course!
In Chapter 11 bankruptcy cases, it is called D.I.P. financing, for debtor-in-possession. That means the debtor is still running the company, as opposed to some kind of trustee.
Oreck is borrowing $11 million dollars, right off the bat.
Who would lend to a newly bankrupt company?
Read the full article »
00 Yeah, that Kevin Costner, the guy who danced with the wolves. Not in bankruptcy, no, but, being sued in bankruptcy court. How can you be sued in bankruptcy court? One way, is to try to get money from a person, or company, that filed bankruptcy. Or, in this case, sue someone who has a…
Read the full article »
00 “In 28 years of legal practice, I have rarely seen a consumer bankruptcy do a person any good.” so says Stephen J. Dunn of Forbes. So, it seems Mr. Dunn thinks I (picture on left) am a clown, like, say, Groucho Marx. (picture on right. Groucho was one of the great wits of all…
Read the full article »
01 I love Detroit. Always have. And it is on the edge of filing bankruptcy. Cities cannot file Chapter 7 bankruptcy, and go out of existence. They cannot file Chapter 11 or Chapter 12 or Chapter 13 bankruptcy payment plans. They can file Chapter 9 bankruptcy, and more do every month since Stockton, California…
Read the full article »
00401 accounts are exempt in bankruptcy cases. That is, you can file Chapter 7 bankruptcy, and keep the money in your 401(k) account. Creditors CANNOT GET IT. What could be better than tax free savings? Why, tax free savings that creditors cannot grab. Yet, one in four American workers with a 401(k) account borrows…
Read the full article »
01 We are still reeling from the foreclosure crisis that followed the pop of the real estate bubble in 2008, a crisis that bankruptcy law does not really resolve. Bankruptcy law should have been changed to allow homeowners to cram down the first mortgage to the value of the house, but, well, if I had…
Read the full article »
01You hear about big companies, GM, the airlines, et cetera, filing Chapter 11 to re-organize while they keep operating. But small businesses, even individuals, can file Chapter 11. It cost more than other chapters, and there is a boatload of paperwork, but it gives you greater control. Unless the court appoints a trustee, which is…
Read the full article »
03 Well, if you are Donald Trump, you just keep filing bankruptcy. Actually, The Donald never files, just his companies. His casinos have filed multiple times. But, those were all Chapter 11 bankruptcies, like the latest one linked to above. What about Chapter 7 bankruptcy? Is it one and done? No, it is not. …
Read the full article »
Tags: 13 bankruptcy, 7 Bankruptcy, automatic stay, Bankruptcy, Bankruptcy And Chapter 13, bankruptcy in the united states, chapter 11, Chapter 11 bankruptcy, chapter 13, chapter 13 bankruptcy, chapter 7, Chapter 7 bankruptcy, debt, Donald Trump, file bankruptcy, File Bankruptcy Again, filing bankruptcy, law, personal finance, title 11, united states bankruptcy court, united states code
01 You cannot make the payments. One day, your vehicle is gone. You check, find out a creditor took it. If you file bankruptcy, will you get it back? Hey, I hate to sound like a lawyer, but, maybe, probably, it depends. First, lets say you were behind on the car payments, so the creditor…
Read the full article »
01 Watch out! Bankruptcy petition preparers sanctioned again by the Bankruptcy Court for the Eastern District of Michigan. Charles Sullivan and “Rico” Tillman, or S & T, Aleia Renfro and Kenneth Scales, a/k/a Kenneth Simmons, all whacked by the Chief Judge, who found: The Respondents worked hard to hide their lucrative business. By having each…
Read the full article »
