Business corporations are not the only entities allowed to file a Chapter 11 bankruptcy in Pennsylvania and other states. Other business structures, large and small, may do so. A private school may also file chapter 11 and keep operating under the reorganization plan...
Year: 2014
Girls’ clothing retailer files Chapter 11, looking to liquidate
The Bankruptcy Code allows a business in Pennsylvania or elsewhere to file a Chapter 11 bankruptcy. This reorganization provision is generally a plan to restructure the finances and activities of the company and remain in business. Some companies, however, may need...
Chapter 11 bankruptcy wrangling will decide Taj Mahal’s future
A Chapter 11 bankruptcy gives a business entity the chance to significantly reorganize its debt structure in an attempt to find a viable way to remain operating. That solution also generally benefits the creditors, who otherwise might get a far lower return in a...
One of country’s oldest wineries seeks Chapter 11 bankruptcy
There are many business owners in Pennsylvania that are familiar with the ups and downs of the economy and the effect it can have on their overall business. This combined with other unexpected circumstances, such as unexpected weather events, can have a major effect...
Some consumers may get new mortgage a few years after Chapter 7
A Chapter 13 bankruptcy, which involves a payment plan, may stay on your credit record for up to seven years. On the other hand, a Chapter 7 bankruptcy, which discharges unsecured debt and doesn't seek to pay any of it back, may be reported for up to 10 years. Some...
Credit record can be rebuilt by simple steps after bankruptcy
A Pennsylvania resident filing a Chapter 7 bankruptcy can usually eliminate all credit card and medical debt, while generally keeping all personal property and belongings. The federal exemptions are available to a bankruptcy filer in Pennsylvania -- they provide...
Small business Chapter 7 bankruptcy includes assets liquidation
A small business in Pennsylvania can file a Chapter 7 bankruptcy if it intends to cease doing business and owes unmanageable debt. If the company closes its doors, a Chapter 7 Trustee will take over any unencumbered assets and will likely hold a public auction to sell...
Bankruptcy can be followed by increased credit scores
Some people can survive under the pressures of missed bill payments and rude debt collectors. There are federal and state laws, including in Pennsylvania, that protect individuals from excessive harassment and unethical collection tactics. However, one type of event...
Medical bills and credit cards are wiped out in Chapter 7
Medical bills continue to be a major problem for consumers nationwide, and in Pennsylvania. Although the Affordable Care Ace is supposed to implement caps on an individual's spending for medical expenses, most knowledgeable observers believe that the pressures of...
Chapter 7 discharge may be followed by new credit offers
After obtaining a bankruptcy discharge from a federal bankruptcy court in Pennsylvania or another jurisdiction, credit card offers may come unsolicited in the mail to the discharged debtors. As unlikely as that sounds, it happens because lenders are aware that a...