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…
You 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…
He played Warrick Brown on CSI: Las Vegas, and now, bankrupt. Gary Dourdan filed Chapter 11 bankruptcy. You may think his would be a unique case, but, a little internet research shows similarities with many of my clients. Bought too much house when times were good. $5,000 per month payments back in 2004 when…
General Motors filed the biggest Chapter 11 bankruptcy in history. Lots of corners were cut, laws and rules ignored for political reasons. Bondholders, among others, got zip. The president wanted it over quickly, wanted the unions to come out on top. Now, it seems, not all of the maneuvering was done in the open…
It is expensive to be Batman, and, high expenses can lead to bankruptcy. In The Dark Knight Rises, bad investments lead to the bankruptcy of, well, it is not clear. Is it Wayne Industries? Or Bruce Wayne personally? It comes up at a board meeting, which makes it look like corporate bankruptcy. But, later on,…
photo credit: dreamstime What the hell is Chapter 11? Just the name gives most people a headache. OK, maybe not as much of a headache as if you work for a company that files Chapter 11 bankruptcy, or, if a company that owes you money files under Chapter 11. Most Chapter 11 bankruptcies are filed…
You may run a small business, that is, or is not, incorporated. If it is a corporation, the corporation has to file for Chapter 11 to get bankruptcy relief. But, you do not have to be a corporation to file for Chapter 11. You may run a store, own and rent a bunch of houses,…
OK, so the picture is Eva Longoria in her bankrupt Las Vegas restaurant. But Michigan businesses can benefit from bankruptcy filing too Chapter 11 or Chapter 13 bankruptcy can enable a business to restructure and/or discharge debt, and continue operating. What chapter of bankruptcy a business can file depends on the way the business is…
Now, you can owe up to $1,010,650 of secured debt, and still be able to file Chapter 13 bankruptcy, depending on how much unsecured debt you owe. If you are over the Chapter 13 bankruptcy debt limit, you can still file Chapter 11 bankruptcy. So, if your Michigan house is worth $900,000, and you owe…
You may run a small business, that is, or is not, incorporated. If it is a corporation, the corporation has to file for Chapter 11 to get bankruptcy relief. But, you do not have to be a corporation to file for Chapter 11. You may run a store, own and rent a bunch of houses,…
