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Tag Archives: Bankruptcy
Chapter 13 Bankruptcy Trustee Cannot Compel Turnover of Funds Garnished Pre-Petition
Unlike chapter 7, a chapter 13 trustee does not have the power to control debtor’s assets until plan is confirmed. Then, the trustee is still only able to do so as provided in the terms of the confirmed plan. Until … Continue reading
Toys ‘R’ Us Plans to Open Shops Inside More Than 400 Macy’s Locations in 2022
The company is aiming increase its physical retail locations to rebuild its brick-and-mortar presence since the company filed bankruptcy in 2017. Macy’s is looking to expand their toy business in hopes that customers coming in to buy toys will buy … Continue reading
Bankruptcy Subchapter V Debtor Eligibility
Bankruptcy Code requires that a Subchapter V debtor be “currently engaged in commercial or business activities at the time of filing in order to be eligible as small business debtor.” In this case, the debtor filed for bankruptcy without intentions … Continue reading
Illinois Attorney Found Guilty of Bankruptcy Fraud
An attorney from Illinois, who practiced bankruptcy law, has been convicted on four counts of bankruptcy fraud charges. Each charge carries a maximum sentence of five years in federal prison and a fine of up to $250,000 or twice the … Continue reading
N.R.A. Declares Bankruptcy and Seeks to Exit New York
Seeking an end-run around an investigation by the New York attorney general, the National Rifle Association said that it was declaring bankruptcy and would reincorporate in Texas. The group’s effort to circumvent New York’s legal jurisdiction raised immediate questions from … Continue reading
DeVos Suspends Student Federal Loan Payments through January
The Trump administration on Friday suspended all federal student loan payments through the end of January and kept interest rates at 0 percent, extending a moratorium that started early in the pandemic but was set to expire at the end … Continue reading
CONSUMER FINANCIAL PROTECTION BUREAU AND MULTIPLE STATES ENTER INTO SETTLEMENT WITH NATIONSTAR MORTGAGE, LLC FOR UNLAWFUL SERVICING PRACTICES
Today the Consumer Financial Protection Bureau (Bureau) filed a complaint and proposed stipulated judgment and order against Nationstar Mortgage, LLC, which does business as Mr. Cooper (Nationstar). The Bureau’s action is part of a coordinated effort between the Bureau, a … Continue reading
Theater Chain AMC Says It Could Run Out of Cash by Year-End
The world’s largest movie-theater company may run out of cash by year’s end if it doesn’t raise additional funds or get more people back to theaters following pandemic shutdowns that have disrupted businesses dependent on consumers gathering in public spaces, … Continue reading
Restaurant that Ignored COVID-19 Rules in Pennsylvania Files for Bankruptcy
A Brentwood, Pa., restaurant ordered to close for ignoring COVID-19 masking requirements has filed for chapter 11 bankruptcy, the Pittsburgh Post-Gazette reported. The Crack’d Egg filed the petition on Friday in U.S. Bankruptcy Court in Pittsburgh, and it will continue to operate … Continue reading
Quiksilver Owner Sued over Oaktree-Backed Rescue Deal
Investors sued Boardriders Inc., the company behind the Quiksilver and Billabong brands, over a $431 million rescue financing package they said elevated the interests of a select group of lenders. Intermediate Capital Group PLC, York Capital Management and other lenders … Continue reading