Introduction On October 31, 2010, Wolverine Tube, Inc. (“Wolverine”) filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to the Declaration of Wolverine’s President in Support of Debtors’ Petitions (the “Declaration”), the company’s bankruptcy filing resulted from several factors, most notably a drop in cash due to volatility [...]
Tags: Bankruptcy, Wolverine Tube
Posted November 23, 2010 by Brayden Laura under Credit Report
Introduction Recently, over 180 adversary actions were filed in the MPC Computers bankruptcy. The adversary actions fall generally in to two categories - preference actions filed by MPC’s Committee of Unsecured Creditors and breach of contract actions filed by MPC. This post will look briefly at why MPC filed for bankruptcy and discuss what may happen next now that [...]
Tags: Actions Filed, Adversary Actions, Bankruptcy
Posted November 8, 2010 by Brayden Laura under Credit Report
On October 28, 2010, Banning Lewis Ranch Co. LLC and Banning Lewis Ranch Development I & II, LLC (collectively, “Banning”), filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. A copy of one of the Banning bankruptcy petition is available here for review. Banning owns over 21,000 [...]
Tags: Bankruptcy, Lewis Ranch, Lewis Ranch Development, Ranch Development
Posted October 30, 2010 by Brayden Laura under Credit Report
We all know that under the new bankruptcy laws, debtors are required to file copies of all pay stubs for income received during the 60-day period prior to filing. To put teeth into this requirement, the law further provides that failure to do so will result in the automatic dismissal of the bankruptcy [...]
Tags: Bankruptcy, Bankruptcy Cases
Posted October 1, 2010 by Amelie Hampton under Bankruptcy Articles
Over the past few years I have on several occasions listened to other debtor’s trustee examinations during which the debtor stated that the reason they filed Chapter 7 bankruptcy because one or mortgages was upside down and they feared a deficiency judgment. In none of these cases had a mortgage lender actually obtained a deficiency [...]
Tags: Bankruptcy, Bankruptcy Just
Posted September 12, 2010 by Brayden Laura under Credit Report
A study published in the American Bankruptcy Institute Law Review found that the cost of filing for personal bankruptcy has gone up since the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005, as discussed in a recent article in the Wall Street Journal. Here’s a look at some highlights from [...]
Tags: Bankruptcy, Bankruptcy Costlier
Posted August 31, 2010 by Amelie Hampton under Bankruptcy Articles
Introduction American Safety Razor Company (“ASR”), one of the largest manufacturers of shaving razors and blades, filed for bankruptcy protection in Delaware on July 28, 2010. According to the Declaration of ASR’s Chief Financial Officer, Andrew Bolt (the “Bolt Declaration”), the company’s net sales for 2009 totaled $330 million, down from the $351 million in sales achieved in 2008. [...]
Tags: American Safety, American Safety Razor, Bankruptcy, Safety Razor
Posted August 13, 2010 by Brayden Laura under Credit Report
If you file bankruptcy with a checking account at Wells Fargo/Wachovia bank you have a problem. This bank has decided to freeze checking accounts of any customer who files bankruptcy. No, the debtor does not owe the bank or its credit card any money, and the money in the account could be exempt wages, retirement [...]
Tags: Accounts Bankruptcy, Bankruptcy
Posted July 31, 2010 by Brayden Laura under Credit Report
Filing for bankruptcy is one of the worst entries that can be found on your credit report. It can very ruin your credit score and cripples the potential for borrowing credit in the future. A bankruptcy filing can continue to affect your credit long after it has all of your credit report which will typically [...]
Tags: Bankruptcy
Posted July 30, 2010 by Imogen Lay under Credit Report