bankruptcy blog

Tax debt is a tough obstacle to overcome, and the Internal Revenue Service is reminding individuals who are “seriously delinquent” in their tax debt that it could affect your ability to travel in 2018. The law that requires the IRS to notify the State Department of serious delinquent tax debt in order to deny issuing  … Read more

Lawmakers in the United States Senate have introduced a bill that proposes bankruptcy changes for companies that are incorporated in Delaware or New York this week. Texas Senator John Cornyn (R., Texas) and Elizabeth Warren (D. Mass.) introduced the bill this week that requires companies seeking to reorganize their finances, file bankruptcy closer to their  … Read more

San Antonio, Texas will have one less eatery and watering hole this week as The Brass Tap closes its doors. Graystone Group Inc. that operates the restaurant and bar, file for Chapter 7 bankruptcy protection with the U.S. Bankruptcy Court. After more than four years of business, the company has closed its operations as of  … Read more

When you filed for Chapter 13 bankruptcy protection, you are required to file out a number of forms known as “schedules” that give the bankruptcy court and the bankruptcy trustee assigned to your case a thorough understanding of your assets and liabilities, property you own, unexpired contracts and leases, your income, and your expenses, among  … Read more

There’s no doubt that retail stores in the United States took a financial beating this year. In all, there were 21, high profile retailers that filed for Chapter 11 bankruptcy protection, including very big brands such as Toys R Us, Vitamin World, Hhgreegg, The Limited, and Gander Mountain. Some have even called the string of  … Read more

In October of 2017, the Consumer Financial Protection Bureau leveed new rules on the payday loan industry, requiring these quick cash establishments to check a borrower’s ability to pay back the money before getting access to cash. At the time, the CFPB’s actions were expecting opposition from industry lobbyist and lawmakers alike, and this week  … Read more

In a story that has been unfolding over the last 4 years, students who were defrauded by colleges are still waiting to have their debt forgiven. The problem stems from a string of for-profit colleges, mainly Corinthian College, which closed in 2015. The next year, the Department of Education announced they would allow borrowers who  … Read more

While the energy company bankruptcy onslaught has slowed dramatically, some upstream companies are still struggling to fund ongoing operations. This week, the Houston-based upstream oil and gas company, Cobalt International Energy Inc., filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. Cobalt International Energy Inc. is an  … Read more

On December 7th, 2017, the Chattanooga, Tennessee based architectural and structural metal Manufacturing Company named Lectrus Corporation filed a voluntary petition for Chapter 11 bankruptcy protection with the U.S, Bankruptcy Court in the Eastern District of Tennessee. This move normally wouldn’t be newsworthy in Houston Bankruptcy news, however, this particular company has a manufacturing plant  … Read more

On November 26th, 2017, a manufacturer and fabricator of self-sealing and crash resistant aviation fuel cells based in Wichita Falls, Texas, filed for Chapter 11 bankruptcy with the U.S. bankruptcy Court in  the Northern District of Texas. The privately-held company, called Amfuel, also has a production facility in Magnolia, Texas and employs around 200 people.  … Read more