November 2016 Archives

Former NBA Athlete to Sell Possessions to Repay Debt in Bankruptcy

Darius Miles, who earned  $62 million as an NBA third pick, filed for bankruptcy in September. Miles assets will be liquidated topay his creditors. He listed $1.57 million in liabilities as well as $460,385 in assets.

Bankruptcy for Gloucester City Restaurant

McMichael's Pub & Grill, a tavern in Gloucester City, New Jersey is seeking to liquidate its assets in a chapter 7 bankruptcy according to the Courier Post. bankruptcy.http://www.courierpostonline.com/story/news/local/south-jersey/2016/11/16/mcmichaels-gloucester-city-bankruptcy/93978846/

Cherry Hill Restaurant Files Chapter 7 Bankruptcy

Kuzina by Sofia has shut its doors after seeking Chapter 7 bankruptcy protection, according to the Courier Post, http://www.courierpostonline.com/story/news/local/south-jersey/2016/09/08/kuzina-restaurant-close-cherryhill/90094302/

Local newspaper company files for bankruptcy

Broad Street Media, which publishs Philadelphia Weekly, Northeast Times, South Philly Review and nine other publications,  filed for Chapter 11 bankruptcy protection in Camden, New Jersey according to the Philadelphia business Journal, http://www.bizjournals.com/philadelphia/news/2016/09/06/broad-street-media-philly-weekly-bankruptcy-donnel.html

Tax Returns Must be Filed when Filing Bankruptcy

Thinking of filing a Chapter 13 bankruptcy? Know that all tax returns that you are required to file for the prior 4 years must be filed before the bankruptcy meeting of creditors which occurs approximately 30 days after filing. If you live in New Jersey, this means both federal tax returns and New Jersey state tax returns. Bankruptcy section 1308 states the requirements. If you were not required to file, for example, if you did not have enough income, then the requirement refers to the last years you were required to file. The trustee has limited discretion to extend the time.

INDIVIDUAL CHAPTER 11 BANKRUPTCY

An individual Chapter 11 bankruptcy is typically filed when an individual is not eligible to file a Chapter 13 bankruptcy because they exceed certain debt limits. You cannot file a Chapter 13 bankruptcy if you have more than $394,725.00 in unsecured debt or more than $1,184,200.00 in secured debt. Individuals trying to save their home may be prevented from filing Chapter 13 because, for example, they had a business that closed and now have significant debt beyond the debt limit. The good news is they can still save their home by filing a Chapter 11. While it is more expensive and there are more obstacles to overcome, such as voting, it is a good alternative when Chapter 13 is not possible.

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