Posts tagged "debt"

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.

Bankruptcy closes Midtown II diner

A Bankruptcy ultimately was not enough to save a Philadelphia Pennsylvania diner. According to Philly.com at   http://articles.philly.com/2016-06-02/business/73496318_1_diner-bankruptcy-health  , during the last two years, the Midtown II diner at 11th St and Sansom St in Philadelphia was cited by the sanitations department for 125 health code violations, 66 of them serious.

Bankruptcy the First Step in Rebuilding Credit

When people reach the point of contacting a bankruptcy attorney, often their circumstances include not only overwhelming debt, but low credit scores from multiple defaults and late payments. The bankruptcy will not only address the debt issue, but by eliminating the debt, begin the process of building your credit score.

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 SunEdison, a renewable energy firm, filed for Chapter 11 bankruptcy reorganization on April 21, 2016. The company recently failed to acquire Vivint Solar and had no additional sources of liquidity to pay off $300 million in debt financing. The filing does not include SunEdison's two subsidiaries, TerraForm Power and TerraForm Global. Apparently the plan now is  to shed debt by selling "non-core" assets. Andrew de Pass, CEO of rival solar installer Conergy said, in regards to SunEdison's bankruptcy, "It has nothing to do with the state of the solar industry in the U.S. or globally. The solar industry is extremely strong." As reported in the USA Today article, according to the U.S. Energy Information Administration, solar power generation in the U.S. was 23.2 million megawatt-hours, up 52% from 2014 and up 186% from 2013. Whether the economy is strong or weak, whether an industry is strong or weak, companies may still need to file bankruptcy to address debts.

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