Posted on November 3rd, 2011
There a few common myths about bankruptcy that are important to note if you are deciding whether or not to file for it.
First, it is commonly thought it is better for you to transfer assets and property to family and friends so that you can get it back after emerging from bankruptcy. This includes money, cars, and stocks.
Another myth is that you can settle your financial issues by cashing out your 401 (K) plan or IRA. The reason for this is because those are two of the items that are protected from bankruptcy. Therefore, if you emerge with nothing else, you will still have these.
Also, filing for bankruptcy does not mean that child support and alimony obligations will disappear because you will still have to pay these, regardless if you file for Chapter 7 or 13.
If you or a loved one has been considering filing for bankruptcy, it is important to make sure that you know the difference between the myths and facts. Contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin Jr. by calling
Posted on October 31st, 2011
Blossman Bancshares Inc., has announced that they will be filing for Chapter 11 reorganization Bankruptcy as the company tries to sell Central Progressive Bank.
The parent company to CPB are trying to sell the company to First NBC Holding Co. Federal regulators have told CPB that they will be shutting them down next month if they have not yet found a buyer.
As of Thursday, officials with Central Progressive have said that they will remain in business and that deposits made by customers are protected by the federal regulators.
If you or a loved one has been struggling financially, it is important that you discover all of your options in order to determine what is best for you. Contact the New Orleans business bankruptcy lawyers of the Law Office of David D. Kervin by calling 504-599-5906 today.
Posted on October 24th, 2011
Southern Montana Electric Generation and Transmission filed for bankruptcy Friday afternoon citing that they had a serious cash flow issue.
A board meeting took place on Friday when multiple board members allegedly walked out because the board protested to seat a new representative. The members that were protested at the meeting said that they did not know that the company was planning to file for bankruptcy.
The company has five co-ops in southeastern and central Montana and they work to supply power to all of its members. The bankruptcy filing will put a hold on two lawsuits that have been filed by two of its members.
The filing has raised questions about how the company was able to borrow $300 million in order to increase one of their plants to 120 megawatts. The company has said that they are seeking to reorganize under Chapter 11 bankruptcy.
If you or a loved one has been considering bankruptcy, you need experienced representation on your side. Contact the New Orleans Bankruptcy lawyers of the Law Office of David D. Kervin Young Jr. by calling 504-599-5906 today.
Posted on October 11th, 2011
The number of consumer bankruptcy filings have fallen in the United States in 2011 compared to 2010.
According to the American Bankruptcy Institute, the number of consumer bankruptcy has fallen 17 percent from 130, 329 to 108,517. This number is also down 10 percent from where they were at the start of the year.
The report has been based on data calculated by the National Research Center. From August to September, the number of consumer bankruptcies fell by 4 percent. Although these numbers have decreased there are still concerns with the U.S unemployment rate.
If you or a loved one has been struggling with debt, you need representation on your side that can explain all of your options and make this time less stressful. Contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr. by calling 504-599-5906 today.
Posted on July 27th, 2011
New legal and professional bills submitted for court approval adds $750,000 to the Philadelphia Orchestra Association bankruptcy tab.
According to U.S. Bankruptcy Court documents, the orchestra’s Chapter 11 proceeding had produced $2.4 million in expenses and fees to outside forms and consultants by the end of June. With months remaining in the Chapter 11 process, the cost of the proceedings is closing in on the $2.9 million the association once forecast for the entire process.
“The $2.9 million projection referenced in the most recent draft of the strategic plan reflects only bankruptcy-related professional fees and was based on an estimate of reasonable progress in the case,” orchestra spokesman Matt Broscious wrote in an email. “There are any number of factors and costs . . . The orchestra does not plan on issuing a revised projection for costs of reorganization until sometime in early fall. With the goal to provide ongoing financial sustainability for the orchestra, the bankruptcy process represents a set of onetime, short-time costs that will help us do that.”
The largest invoice to date comes from the orchestra’s bankruptcy lawyers, who have so far billed $1.05 million. The invoice shows billable hours by 12 lawyers and two paralegals. The second-largest invoice comes from the association’s bankruptcy adviser, with a total of $833,365.
If your business needs assistance with bankruptcy litigation, please contact the New Orleans Business Bankruptcy Litigation Attorneys of the Law Office of David D. Kervin, Jr. by calling 504-599-5906.
Posted on July 21st, 2011
Borders Group Inc has won bankruptcy court approval to liquidate.
According to court documents, as many as 35 of the company’s stores could continue to operate as bookstores in some form if a last minute agreement with Books-A-Million Inc. can be reached. In court Thursday, Borders attorney Andrew Glenn said the two sides were still talking, but no agreement had been reached. The potential deal could save as many as 1,500 jobs.
A group of liquidators led by Hilco Merchant Resources and Gordon Brothers Retail Partners will sell off Borders’ merchandise and furniture. The process will likely be started Friday and be completed by September, according to the court filing.
Under the liquidation plan, Borders will keep the rights to its brand name and leases and hold separate auction processes for those assets. Gordon Brothers unit DJM Realty will market the leases.
The agreement would likely yield between $250 million and $284 million that the company can use to pay back creditors.
If you need assistance with bankruptcy litigation, please contact a New Orleans Bankruptcy Litigation Lawyer of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.
Posted on July 14th, 2011
A judge on Thursday said Borders Group Inc. could auction itself off to liquidators.
Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved procedures for an auction of Borders, which will occur if any parties decide to challenge a bid by liquidators led by Gordon Brothers Group and Hilco Merchant Resources. Borders on Thursday said it hoped the private equity firm Najafi Cos. Or other parties will come forward with a bid that would keep the company in business.
Najafi’s Direct Brands offered $215.1 million for Borders’ assets and would have assumed about $220 million in liabilities. Borders on Wednesday however, named the liquidators as the new “stalking horse” bidder for next week’s auction amid concerns from creditors that the liquidators’ bid was better than Najafi’s in the event that the company had to be liquidated.
If you need assistance with bankruptcy proceedings, please contact the New Orleans Debt Negotiation Attorneys of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.
Posted on June 23rd, 2011
Lawmakers in Harrisburg, Pennsylvania are at odds over whether Chapter 9 municipal bankruptcy is the right option for the indebted state capital.
A team of state-appointed advisors has recommended against bankruptcy, suggesting instead a rescue plan that would sell an incinerator at the root of the city’s fiscal problems. The Harrisburg City Council has until July 23 to adopt the rescue plan, which also calls for renegotiating labor deals and cutting jobs. The city council requested on Wednesday that Mayor Linda Thompson prepare for bankruptcy as a last resort.
The Pennsylvania legislature is debating a bill that would create a management board with full power to implement the Act 47 rescue plan if the council does not approve.
Pennsylvania’s Act 47 law mandates that financially faltering cities implement plans to ward off Chapter 9 filings.
If you are struggling with debt, please contact a New Orleans debt negotiation lawyer of the Law Office of David D. Kervin, Jr. by calling 504-599-5906.
Posted on June 2nd, 2011
A judge on Thursday gave Borders Group Inc. more time to come up with a plan to sell most or all of the company’s stores.
A lawyer for the bookseller said the company could eventually come up with a plan to reorganize, but added that a plan to sell stores to a third party is more imminent. The company says it is in talks with “multiple buyers” to sell “most up to all” of Border’s remaining stores.
According to U.S. Bankruptcy Court documents, Judge Martin Glenn approved the extension, which gives Borders until October to file a reorganization plan and until December to hold a vote on that plan.
Without the approval of its request, Border’s exclusivity period to file a plan would have expired June 16.
If your business is facing a bankruptcy, please contact the New Orleans business bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.
Posted on May 24th, 2011
Fruit basket and gifts retailer Harry & David Holdings Inc. has filed plans to exit Chapter 11 bankruptcy protection in late summer.
According to a reorganization plan filed Monday, the Medford, Oregon-based company will be able to convert all of its $200 million in outstanding notes into equity and raise $55 million in equity financing after it emerges from Chapter 11. The equity financing will be used to pay down debt.
The company entered Chapter 11 bankruptcy protection in March after struggling to remain afloat during the recession. Harold & David said the reorganization plan has the support of its official committee of unsecured creditors and about 81 percent of the company’s noteholders.
If you are considering bankruptcy, please contact the New Orleans Bankruptcy Attorneys of the Law Office of David D. Kervin, Jr. at 504-599-5906.