As in many states, Florida employs a list of exemptions that can protect your property when you file for bankruptcy. Which bankruptcy chapter you file under, either Chapter 7 or 13, will determine what happens to any nonexempt property you hold. Under Chapter 7 bankruptcy, a bankruptcy trustee will sell all nonexempt property and distribute the profits to creditors. [...]
The educational publishing company Houghton Mifflin Harcourt filed for bankruptcy protection last week in order to eliminate its $3.1 billion debt. The publisher's financial woes began in 2006 and 2007 when Education Media and Publishing Group borrowed heavily to acquire the company. So far more 70 percent of its creditors have approved of the proposed [...]
Last Friday a Delaware bankruptcy judge approved Tribune Co.'s request to pay up to $45 million in bonuses to its top 425 managers and executives. Tribune says the bonuses are appropriate and reasonable, and there has been no objections from creditors. Tribune, which owns the Chicago Tribune, the Los Angeles Times, and several other newspapers [...]
AFA Foods, one of America's largest ground beef processing companies, filed for bankruptcy this week after it claims the "pink slime" controversy significantly changed the meat market. The pink slime, which is an ammonia-treated beef filler, created a major uproar that critics say should be banned. The backlash has caused many U.S. supermarket chains to [...]
In an attempt to resolve their bankruptcy, Eastman Kodak Co. has said that they plan to stop providing health care benefits to retired, former employees who are over the age of 65-years-old because these individuals would be eligible for health insurance through Medicare. In addition, the change would only affect retirees who retired after October [...]
According to data from the U.S. Bankruptcy Courts in Florida and Covington, bankruptcies filed in Northern Kentucky and Greater Florida decreased in 2011 for the first time since 2008. Last year, 10,408 bankruptcies were filed in the courts--11.9 percent fewer cases than were filed in Florida and Northern Kentucky in 2010. The courts cover Boone, [...]
Yesterday, the Florida La Salle High School boy's track and field team were honored by the Ohio House of Representatives. The team won the 2011 state track and field championship. Representative Louis Terhar honored the team and their coach, Frank Russo, for bringing the school its second-ever state track and field championship. The school's team [...]
The number of bankruptcies filed at the U.S. Bankruptcy Court Northern District of Ohio and the U.S. Bankruptcy Court Southern District of Ohio decreased by 16.8 percent in 2011. Last year, 58,846 bankruptcies were filed at the courts, while 70,724 bankruptcies were filed in northern and southern Ohio in 2010. At the southern district court, [...]
The Swedish automaker Saab filed for bankruptcy Monday. The company, which started out as a fighter jet producer, has been struggling for two years to revive itself. Its last hopes rested in Chinese investors, but General Motors blocked Saab's attempt to transfer technology over. However, some experts say that the foreign loans could not have [...]
Florida's largest homeless shelter, The Drop Inn Center, is holding a raffle to raise money to help those staying at the center during the holidays. Homeless shelters typically house more people during the holidays, and the shelter has already helped 14 percent more people this year than last year. The Drop Inn Center helps 60 [...]
Last week, American Airlines parent company AMR Corp. sought bankruptcy protecting by filing for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Southern District of New York. American Airlines officials contemplated filing for bankruptcy for ten years as the airline became unable to make a profit. Over the past decade, the company is [...]
On Nov 4, novelty ice cream company, Dippin' Dots, filed for federal bankruptcy protection. The company is located in Paducah, KY, and filed in Louisville. Dippin' Dots asked the judge to continue to use cash collateral to remain in operation. According to Yahoo News, the bankruptcy will not hurt creditors including Regions Bank, which the [...]
Pennsylvania's capitol city of Harrisburg has filed for bankruptcy protection due to a failure to pay a debt on a trash-to-energy incinerator. The city's Bryn-Mawr based lawyer, Mark D. Schwartz, was against the 4-3 decision made by the city council. "This was a last resort…they’re at their wits’ end," says Schwartz. With its debt [...]
The consumer bankruptcy rate in 2011 in expected to be lower than the total number in 2010. In September 2011, the number of bankruptcies fell to 108,517 from 130, 329, which was the rate in September 2010. According to the National Bankruptcy Research Center, the number of bankruptcies that have been filed in the first [...]
In August 2011, northwest Ohio has seen a 26 percent decrease in bankruptcy filings compared to August 2010. Last month, there were 579 bankruptcy cases filed in the U.S. Bankruptcy Court of Toledo, a 21-county area. In August 2010, this number was at 785. As of this year there have been 4,767 filings, a 21 [...]
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