Mammoth Lakes, Calif., on Tuesday filed for Chapter 9, or municipal bankruptcy, less than a week after nearby Stockton, Calif., sought the same protection. Read the Daily Bankruptcy Review article here.
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Fletcher International Ltd., a hedge fund managed by Alphonse “Buddy” Fletcher Jr.’s investment firm, filed for bankruptcy, The Wall Street Journal reports.
According to WSJ, Mammoth Lakes hopes to leave bankruptcy by the end of the year.
The Associated Press reports that Countrywide Financial Corp. made discount loans to gain influence with members of Congress, top government officials and others.

WSJ.com: Bankruptcy Beat
(posted 1 year 41 weeks ago)

Round Lake bankruptcy attorney David Siegel states that in addition to pre-filing requirements, there are also post-filing requirements.  One requirement is that the debtor must take a second credit counseling class which is called the personal financial management instructions course.  This class can be taken at the trustee’s office in a Chapter 13 or in a Chapter 7; it can be taken through an online class, a class over the telephone or through a DVD.  Again, it depends on what the debtor is doing but it can be a double fee for the second class.  However, in a Chapter 13, it’s generally free if you go to the trustee’s class. 
Also, there are a number of things that can show up after you file the case that must be done such as providing any documents that the bankruptcy court or the trustee is requesting.  These are things such as income statements or pay stubs or pay advices after the case has been filed, or other documents regarding the value of assets that the debtor may have.  These are just a few things that could pop up that might be required in order to receive a final discharge of a bankruptcy case.  If you are seeking additional information on filing for bankruptcy, you may contact David Siegel at (847) 520-8100.
 

(posted 1 year 41 weeks ago)

 According to Plainfield bankruptcy lawyer David Siegel, prior to filing your Chapter 7 or a Chapter 13 bankruptcy, there are several things that the person must do.  The first thing the person must do is give their attorney a statement of income through pay stubs and pay advices.  The amounts of the pay advices should be two months to six months depending on the situation.  This is important because the attorney and the trustee will require some kind of verification of their income.  If the income is not through wages and the person does not have paychecks or pay stubs due to any number of reasons such as Social Security income, unemployment income and those things; then the attorney will provide a statement of income affidavit for the person filing the bankruptcy.
 Also, another requirements prior to filing the bankruptcy is that the person verify their income through filed federal income taxes.  In Chapter 7 bankruptcy, the debtor must provide the most recent two filed federal income taxes.  In a Chapter 13 bankruptcy, the debtor must provide four years of filed taxes prior to the filing of the Chapter 13 bankruptcy.  It is important to note that it is only the federal income taxes that have been filed which is what is requested.  The debtor does not have to provide state taxes unless requested by a trustee. 

(posted 1 year 41 weeks ago)

In re: VeraSun Energy Corp., Case No. 08-12606 (BLS), March 26, 2012
Debtor VeraSun Energy Corp. sought to limit its former executives (the “Executives”) claims arguing that they exceeded the cap that § 502(b)(7) of the Bankruptcy Code imposes on claims resulting from the termination of employment contracts. In November of 2007, VeraSun sought to merge with U.S. BioEnergy. As the negotiations progressed, VeraSun’s board of directors received a recommendation from its committee on compensation that its senior managers should enter into “change in control” (“CIC”) agreements to keep the Executives with the company following the merger. The CIC agreements provided the Executives with benefits including cash payments equal to two times – or three times in the case of the CEO – base salary and target annual bonus if they were later terminated. The Executives were also provided with medical benefits and payments for unused vacations.

(posted 1 year 41 weeks ago)

Reaffirmation Agreements in San Jose Chapter 7 BankruptcyOur Bay Area Chapter 7 bankruptcy clients as well as those who have read my previous posts know that I can be fairly hostile to reaffirmation agreements of car loans in bankruptcy. After all, the whole idea of reaffirming a personal debt that would otherwise be discharged in bankruptcy runs counter to what I, as a consumer bankruptcy lawyer, work to achieve for my clients. Outside of bankruptcy, we all know that if a borrower defaults on an auto loan, the lender can repossess the car and sue for any balance still owed on the loan after auctioning the vehicle. But a bankruptcy discharge eliminates the lender’s right to sue on the promissory note.

(posted 1 year 41 weeks ago)


Chapter 7 Bankruptcy helps businesses or individuals that can no longer handle the scope of his/her/its debts. What follows is a series of legal processes designed to pursue practical solutions for both the debtor and any involved creditors. One of these is Chapter 7, the liquidation of any nonexempt property.
After liquidation, assets are distributed to the appropriate creditors. Chapter 7 can provide a comprehensive plan for struggling individuals, but there are a few important points to know before pursuing this course of action.
Have the necessary materials prepared.
According to the U.S. government, those filing for Chapter 7 must have certain documents at the ready. These include:

Oregon Bankruptcy Lawyer
(posted 1 year 41 weeks ago)

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 4, 2012.Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 4, 2012. Mammoth Lakes, California, Seeks Bankruptcy Protection Hawker Beechcraft Eyes Potential Buyers After Bankruptcy Home Builder Files for Bankruptcy, Homeowners Left With Few Options

AllmandLaw
(posted 1 year 41 weeks ago)

 6 Solutions to Resolve Tax DebtThe Internal Revenue Service (IRS) offers multiple methods for taxpayers to settle their tax debt.  Many find it easier to just ignore what they owe but this only makes things worse.  The longer you put off paying your taxes the more you will owe penalties and interest.  If you can’t afford to pay what you [...]

AllmandLaw
(posted 1 year 41 weeks ago)

Mammoth Lakes, California Files Chapter 9 BankruptcyMammoth Lakes, California, a popular skiing town files bankruptcy protection ahead of a multi-million dollar judgment brought against them by a developer.  Town officials were trying to negotiate payment plan details ahead of a court-mandated deadline but were unsuccessful.  With the bankruptcy filing, the town may seek approval for a 10-year payment plan that would [...]

AllmandLaw
(posted 1 year 41 weeks ago)

The Weil Bankruptcy Blog team wishes all of our readers a happy Independence Day!  We hope that you are all enjoying barbecues, fireworks and parades, and otherwise celebrating 236 years of American tradition, government, and achievement.  Have a great holiday weekend.  We will be back on Monday, July 9.

(posted 1 year 41 weeks ago)