Bankruptcy Chapters

Saabs chief executive handed in the Swedish automakers bankruptcy application to a Vänersborg courthouse on Monday.

For the past two years Saab has tried to revive its company with its last attempt thwarted by General Motors, which owned the company for twenty years. Saab was trying to transfer technology to Chinese investors who planned to save the firm, but GM refused since it still owns some of Saabs technology licenses. Experts say, however, that Chinese investors would not have been able to save Saab.

Saab is expected to be liquidated with GM buying its patent rights to use on existing or new models.

If you are having financial trouble and considering filing for bankruptcy, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC at 414-377-0518.

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The company that owns Spanish Peaks, a private golf and ski resort, has filed for Chapter 7 bankruptcy on Friday.

Spanish Peaks Holdings II filed in a Delaware court just days after announced that the ski resort will be closing and its employees were to be laid off. Spanish Peaks has had multiple legal issues and financial trouble in the past.

According to the bankruptcy filing, the company has between 100 and 199 different creditors, many of them are local businesses. Chapter 7 bankruptcy often prevents creditors from suing  you, garnishing wages and demanding payment through phone calls. The company has between $1 million and $5 million in liabilities.

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Earlier this month, “Troubleshooter” Tom Martino filed for Chapter 7 bankruptcy.  Martino hosts television and radio shows on consumer-advocacy based in Denver, Colorado.

Martino says that all of his debt is related to commercial real estate projects and that he has zero consumer debt.  The majority of the 47 creditors listed in the bankruptcy were banks that Martino had real estate loans from and had failed.

The Chapter 7 bankruptcy filing lists $78.6 million in debt and $1.37 million in assets.  Martino said, in regards to the filing, “There are so many people in this same boat.  You’ve got millions of dollars in lost value and all of a sudden you can’t refinance your loans and you are just upside down.”

To learn more about the Chapter 7 bankruptcy process, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 today.

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Blossman Bancshares Inc., has announced that they will be filing for Chapter 11 reorganization Bankruptcy as the company tries to sell Central Progressive Bank.

The parent company to CPB are trying to sell the company to First NBC Holding Co. Federal regulators have told CPB that they will be shutting them down next month if they have not yet found a buyer.

As of Thursday, officials with Central Progressive have said that they will remain in business and that deposits made by customers are protected by the federal regulators.

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Last week, Jefferson County commissioners voted 4-1 to file for bankruptcy.  The bankruptcy filing is reportedly the largest bankruptcy petition filed by a municipality in the history of the U.S.

The filing was made on Thursday.  A federal judge in Birmingham ordered a hearing in which officials will determine whether or not the county is eligible for Chapter 9 bankruptcy.

In September, the county and its creditors were able to reach a provisional agreement which included $1.1 billion in concessions.  The agreement also included an increase in sewer rates for residents of Jefferson County of up to 8.2 percent.

To speak with an experienced attorney about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy lawyers of Greenway Law, LLC by calling 205-324-4000 today.

Tags: Bankruptcy, Jefferson County