When a Chapter 11 business bankruptcy is filed, as a general rule the debtor company cannot pay prebankruptcy debts until a plan or reorganization is approved many months letter. However, in certain circumstances the inability to pay certain prepetition debts can put...
Chapter 11
USA Gymnastics files for Chapter 11 Bankruptcy
USA Gymnastics filed for Chapter 11 Bankruptcy. https://people.com/sports/usa-gymnastics-files-for-bankruptcy/ The Chapter 11 is to allow USA Gymnastics to reorganize and to deal with claims in the wake of the multple sex abuse allegations. USA Gymnastics...
Asset Sales in Chapter 11 Bankruptcy
Chapter 11 Bankruptcy is available to businesses that desire to sell their assets but have debts exceeding the value of the assets. While Chapter 7 can be used for a liquidation of assets there are circumstances where it is important to maximize the amount...
Philadelphia chapter 11 bankruptcy filed by Zitner Candy Corp.
In Philadelphia Pennsylvania a chapter 11 bankruptcy was filed by Zitner Candy Corp. Zitner Candy, located on 17th street near Temple University in Philadelphia filed for Chapter 11 bankruptcy on April 13, 2018. Court documents reveal the company had significant...
Former Philadelphia Eagle Mike Vick completes chapter 11 bankruptcy
It appears that not only were the current Eagles on a roll in 2017 making it all the way to the Super Bowl but it was a good year for former Eagles as well. Former Philadelphia Eagle Mike Vick needed to file for chapter 11 bankruptcy after he was involved in a...
Chapter 11 for Toys R Us with Cherry Hill and Deptford NJ Locations
Toys R Us, which has locations in Cherry Hill New Jersey and Deptford NJ filed a Chapter 11 bankruptcy to reorganize its debts. Even though they have not yet obtained a court approved plan, the executives of the company have now asked the bankruptcy court to...
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...
Cherry Hill New Jersey Sports Authority Closed in Chapter 11
Sports Authority has filed for Chapter 11 bankruptcy. According to NPR.org, http://www.npr.org/sections/thetwo-way/2016/03/02/468869118/sports-authority-files-for-chapter-11-bankruptcy-protection the sporting goods retailer was carrying a heavy...
Chapter 11 filed by Sun Energy
Despite an industry such as the Solar industry being strong and growing, companies can still wind up in Chapter 11 bankruptcy. USA Today, at http://www.usatoday.com/story/money/2016/04/21/sunedison-chapter-11-bankruptcy/83329928/ reports that...
Teen and women’s clothier Deb files for Chapter 11 bankruptcy
Teen retailers that do not keep up with fashion trends are very likely to have a hard time generating the revenue necessary to stay in business. Many teen clothiers are noticing a steady decline in sales due to new competitors in the market. Many shops in New...