bankruptcy blog

Seadrill, a deep-water drilling contractor that provides offshore drilling services to the oil and gas industry, announced that the company plans to file for Chapter 11 bankruptcy protection by mid-September of 2017, in order to implement a restructuring plan. In a statement by Seadrill’s CEO Anton Dibowitz, the company’s “primary objective at the moment is  … Read more

The privately held, US based manufacturer of polyester resins, synthetic resins, plastics materials, and non-vulcanized elastomers, M&G Polymers USA, filed for Chapter 11 bankruptcy this week, listing between $100 million and $500 million in liabilities, 200-999 creditors, and $500 million to $1 billion in assets. The company is owned by M&G Chemicals Group, which is  … Read more

The Ruby Tequila’s Mexican restaurant is a local Houston Texas based chain serving casual Tex-Mex cuisine. The company, owned by Fired Up Holdings ran into legal trouble in July of this year when a group of employees began complaining about not receiving a paycheck. By September, 63 of the former Ruby Tequila’s employees had filed  … Read more

As retail companies across the US continue to be financially battered by a paradigm shift in consumer shopping habits, Toys R Us is seeking $400 million in new financing in order to cover its 2018 debt maturities. The move to raise the funding could be structured in a way to finance a Toys R Us  … Read more

The answer to “should I sell my home to prevent bankruptcy” is a difficult one to ascertain. Which answer you get will certainly depend on who you ask. Making the decision to sell a home or file bankruptcy is quite the debt dilemma, and it’s certain that if your facing this decision, you have some  … Read more

In unfortunate business news, Alevo USA, the Charlotte North Carolina makers of GridBank, fell short on funding this month, forcing the battery manufacturer to file Chapter 11 bankruptcy. The Chapter 11 bankruptcy protection filing forced the cash strapped battery maker to lay off 290 employees in its Concord manufacturing facility, a previously used factory of  … Read more

Payless Shoesource, the American discount footwear retailer headquartered in Topeka, Kansas, will emerge from Chapter 11 bankruptcy protection next week, offering the company a new lease on business. Payless was able to use Chapter 11 bankruptcy protection to shed more than $435 million in debt, but at a cost of closing over 670 stores. Payless  … Read more

In order to file for Chapter 7 bankruptcy, you need to be able to pass the bankruptcy “means test” which takes into account your expenses and income. If your income is too high according to state and/or federal bankruptcy code, you will not pass the means test and either have to wait until your financial  … Read more

Many people ask if they can discharge government fines in bankruptcy. Things like federal, state, and municipal fines can be eliminated in some instances. In nearly every case that a government entity imposes a fine as a punishment for thing such as the following are not dischargeable in bankruptcy and must be paid: DUI related  … Read more

An amendment to a federal rule typically take three years. It must first be approved by the Standing Committee, then the Judicial Conference, and then sent to Congress for final review. After many years of consideration in both the Supreme Court and Congress, bankruptcy laws will be getting an update for the first time since  … Read more