Posted on July 6th, 2011
Chapter 7 bankruptcy is an opportunity for a debtor to emerge out of a financial crisis relatively quickly.
The Chapter 7 bankruptcy code allows all non-exempt property of the debtor to be sold, with the proceeds going to creditors. Typically, individuals filing for Chapter 7 bankruptcy have little or no assets to lose. Chapter 7 bankruptcy is also known as bankruptcy liquidation, which means converting assets into money. Chapter 7 accounts for approximately 65 percent of all Consumer Bankruptcy filings.
Under Chapter 7 a trustee is appointed who works to collect all non-exempt property of the debtor, sell the assets, and distribute the proceeds to the appropriate creditors. Unlike other types of bankruptcy, a debtor need not pay a trustee under Chapter 7 bankruptcy.
If you would like to learn more about Chapter 7 bankruptcy liquidation, please contact a New Orleans Chapter 7 Bankruptcy Attorney of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.
Posted on June 7th, 2011
Four sports apparel manufacturing executives in Las Vegas have filed for Chapter 7 Bankrutpcy.
According to court documents, Jeff Newman, Lucy Newman, David Timothy Reichert, and Kenneth Robert West filed Chapter 7 personal bankruptcy after the sale of their business, SFC USA Inc., resulted in acrimonious litigation with the buyer. SFC USA was a locally-owned embroidery and printing company in Las Vegas that was open for nearly 40 years.
The company was to be sold to LaSalle Capital Group L.P., a Chicago based hedge fund. Seven months after the sale, SFC executives filed a lawsuit claiming LaSalle had mismanaged the business and failed to fulfill financial obligations.
All four former-SFC executives cited mounting legal fees as the reason for their bankruptcy filings.
If you are considering bankruptcy, please contact the New Orleans Chapter 7 Bankruptcy Lawyers of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.
Posted on May 20th, 2011
A medical company in the Bronx, New York was forced into filing for Chapter 7 bankruptcy last week.
According to court documents, Eastchester Precision Medical, which operated out of a van, was required to file for Chapter 7 bankrutpcy, by its sister company Precision office Management Inc. The report shows that Eastchester owed Precision Management approximately $2 million. Eastchester, which specialized in MRI services, was cut-off by Geico for not having an in-house MRI unit, which prevented more than $920 in claims from being given out.
The company also used a doctor’s name as the listed owner of the facility, in exchange for compensation, according to the filing. The insurance company said the doctor, Dr. Edovard Hazel, did not sign off on any services during this time and is not qualified to read MRIs.
To learn more about bankruptcy, please contact the New Orleans Chapter 7 bankruptcy lawyers of the Law Office of David D. Kervin, Jr., at 504-599-5906.
Posted on May 12th, 2011
The Syracuse Symphony Orchestra filed for Chapter 7 bankruptcy this week.
According to court documents, the organization filed a petition in federal bankruptcy court on Tuesday. The orchestra listed $327,000 in assets and almost $4 million in liabilities.
According to the petition, the organization’s main creditor is M&T Bank, which is owed about $545,000. The bank has a lien on donated artwork and vinyl records as well as music library holdings. The orchestra listed 559 other nonpriority claims in the petition. Every individual left with an unused ticket was named in the filing.
The organization’s list of assets includes a Yamaha piano worth $12,000 and a $3,000 truck.
If you are considering bankruptcy, please contact the New Orleans Chapter 7 Bankruptcy Attorneys of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.
Posted on February 4th, 2011
An independent movie studio has asked a judge to force Blockbuster Inc. to pay its bills or go into liquidation.
According to court documents, Blockbuster told Summit Distribution LLC, the studio behind the hit “Twilight” films, that it would not pay $6.8 million it owed for DVDs shipped since it filed for Chapter 11 bankruptcy in September, because it did not have the money. In documents filed with a U.S. bankruptcy court in Manhattan on Tuesday, Summit said Blockbuster representatives spoke with management on January 28 and “to Summit’s surprise and dismay, the debtors informed Summit that the debtors would not pay Summit with respect to products that were shipped post-petition, because the debtors lacked the funds to do so.”
If Blockbuster was forced into a Chapter 7 liquidation, a trustee would likely replace the company’s management and the rental-chain could be force to sell or close all of its operations to pay off debts.
Blockbuster filed for Chapter 11 bankruptcy in September, after months of struggling to compete with video-on-demand competitors and mail-order pioneer Netflix Inc. The company has been working on a business plan that includes closing man of it’s 3,000 U.S. stores.
To learn more about Chapter 7 bankruptcy, please contact the New Orleans Chapter 7 Bankruptcy Attorneys of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.
Posted on April 1st, 2010
After a Chapter 7 case is filed, filers are typically required to take a financial management class. In most cases, the financial management class must be approved by the state of Louisiana.
Upon completion of the class, filers will receive a certificate of completion. The court will typically require filers to present this certificate to receive a bankruptcy discharge.
If you or anyone you know has considered filing for Chapter 7, contact the New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr., at 504-599-5906.