A local business has filed Chapter 11 to take advantage of the law's provisions that allow it to continue operating while it reorganizes its finances. Edge Rubber is located in Chambersburg, and the filing occurred in the U.S. Bankruptcy Court for the Middle District...
Year: 2015
Church districts file bankruptcy to mediate injury settlements
A business or non-profit entity that is burdened with personal injury litigation may find it critically helpful to file a Chapter 11 bankruptcy in order to compensate victims and put an end to future litigation. This has proved particularly applicable to the situation...
Luxury retailer enters bankruptcy to adjust its marketing plan
Even luxury product manufacturers have a right to attempt reorganization in a business bankruptcy. The current example is the filing of a Chapter 11 bankruptcy by the Tamara Mellon brand of luxury shoe products. Although filed in a neighboring state, the action will...
Debt relief re bankruptcy in Pennsylvania
Some Pennsylvania residents might find themselves in need of seeking effective solutions for significant financial problems. Many fail to consider bankruptcy as a potentially viable option. Whether one's financial strain is personal or related to business, issues...
Newspaper takes bankruptcy option to find new financial strength
A Pennsylvania business could file bankruptcy so that its chief officers can attempt to reaffirm control over a restructured company. This may include a new, reduced debt load, new financing and an organizational revamping of management. An example of this...
Bankruptcy can put new capital and life into an insolvent company
In some business bankruptcies in Pennsylvania and other jurisdictions, the bankrupt entity will end up being sold at an auction to the highest bidder. That recently happened to a well-known military school in a nearby state that counts Donald Trump and other notable...
Personal bankruptcy is not a bar to a career in public service
Both in Pennsylvania and throughout the country, people who have been through a bankruptcy are becoming more accepted in public service professions, such as serving in a legislative body or otherwise holding public office. Some of them even champion fiscally...
Bankruptcy does not preclude small business from new loans
Because bankruptcy is a federal remedy and is guided by the U.S. Bankruptcy Code, the general procedures and basic legal principles for a small business bankruptcy will be largely the same in Pennsylvania as in other states. Many businesses close after a bankruptcy,...
A motivated small business can find life after bankruptcy
Surprisingly, a study sponsored by the U.S. Small Business Administration found that many small businesses with less than 500 employees that went into bankruptcy were rejuvenated as successful business ventures within seven years of the bankruptcy discharge. The...
Disputes with one creditor may be resolved by bankruptcy filing
In Pennsylvania and all other jurisdictions, when a business encounters disruptive disputes with a major creditor, the company may attempt in some circumstances to resolve the issues by filing a Chapter 11 petition. That is the general intent behind a recent Chapter...