Apr 10
I have been filing Chapter 13 and Chapter 7 bankruptcy cases in the upstate New York for over 20 years. Due to the many financial difficulties dairy farmers have been having over the past few years, I started filing more Chapter 12 farm bankruptcies.
There are very few farm bankruptcy filings compared to Chapter 7’s and 13’s, but in many ways they are so much more effective for the farmers who are forced into seeking the relief of a Chapter 12.
For one thing, the other players in the bankruptcy system seem to respect the farmers more than they sometimes do with Chapter 7 or Chapter 13 debtors. The judges are well aware of the daily hard work they must do to keep their farms going, and the financial risk they take due to unpredictable weather. For example, we had a 15 degree hard frost last night after an extended period of 75 degree heat opened up the buds of the fruit trees. In my experience, even most creditors, especially FSA/USDA, try to accomodate reasonable plans and requests of farm debtors.
The trustee also loves Chapter 12’s. We are especially fortunate here because our trustee is both Chapter 12 and 13 trustee, and is the current president of the Chapter 12 Trustee association. Most C
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Tags: Chapter, Chapter 13
Mar 12
Four sports apparel manufacturing executives in Las Vegas have filed for Chapter 7 Bankrutpcy.
According to court documents, Jeff Newman, Lucy Newman, David Timothy Reichert, and Kenneth Robert West filed Chapter 7 personal bankruptcy after the sale of their business, SFC USA Inc., resulted in acrimonious litigation with the buyer. SFC USA was a locally-owned embroidery and printing company in Las Vegas that was open for nearly 40 years.
The company was to be sold to LaSalle Capital Group L.P., a Chicago based hedge fund. Seven months after the sale, SFC executives filed a lawsuit claiming LaSalle had mismanaged the business and failed to fulfill financial obligations. The litigation lasted more than six years and the lawsuit was eventually dismissed.
All four former-SFC executives cited mounting legal fees as the reason for their bankruptcy filings.
Tags: Chapter, Sports Apparel
Feb 09
Sometimes, when people file Las Vegas bankruptcies in Chapter 13, they have a lease that theyve defaulted on. If the term of the lease hasnt expired, then the petitioner might be able to assume the lease, that is, resume payments and maintain access to whatever theyre leasing. In most circumstances this is an apartment or a car. The Chapter 13 payment plan allows petitioners to assume defaulted leases, and the bankruptcy code elaborates on these rules in § 365. Here are the steps involved.
(1) The bankruptcy code doesnt allow debtors to simply resume payment on the defaulted lease as though nothing has happened. They must either cure the default or at least convince courts that they will promptly cure the default.
(2) If they can cure the default then and there, they must only convince the court that they will be able to make the future payments. More on that later.
(3) If they cant cure the default immediately, debtors will have to convince the court that they will cure it. In practice, this usually means structuring the Chapter 13 payment plan to include extra payments to the lessor (the party debtors are leasing property from) over a period of time to cover the default. Onc
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Tags: Chapter, Chapter 13
Dec 06
Chapter 13 bankruptcy filings, like Chapter 11 filings, involve a reorganization of an individual’s debt. Under this chapter, a person cannot get debt protection. They merely give debtors time to pay off their debts. The repayment period can take between three to five years.
When Might I Have to File for Chapter 13? A person must go through the means test. If he goes below the average median income he is eligible for this and Chapter 7. Chapter 7 is more common because it does allow people to discharge debts. A chapter 11 attorney can hep a person figure which type is right for him.
Homeowners who want to keep their property will file under Chapter 11 or Chapter 13. Bankruptcy proceedings prevent banks from foreclosing on homes, let owners keep their property, and most importantly, buys the homeowner time. Sometimes a person just needs more time to get back on his feet.
Please do not hesitate to contact us at one of our California offices by calling 1800.941.6730 for your debt resolution needs. You can receive a free consultation over the phone, or request a free in person appointment at a Sagaria Law office nearest you. P
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Tags: Chapter, Chapter 13