Well-known vacuum company Oreck filed for Chapter 11 bankruptcy after decreasing vacuum sales.  The company will continue operations during the filing, while in the process of restructuring in hopes of acquiring a buyer.  Oreck is known for producing upright vacuums and cleaning products through online and direct phone sales, as well as through their Oreck [...]

Debt isn’t always bad, but be careful about taking on too much… It gets a bad rap, but debt is not necessarily always a bad thing. In the business world, Fortune 500 companies sell off debt in the form of bonds to raise capital and expand operations. They create jobs in the process. In the [...]The post Do you have too much debt to handle? Know the signs… appeared first on National Bankruptcy Forum.

The last thing consumers in the Seattle and Tacoma, Washington metro areas need are layoffs of any kind. Even if they don’t directly effect you, a friend or a family member, the loss of jobs means less money for Seattle and Tacoma area businesses. This is why the news that Boeing will be terminating 1,500 information-technology positions in the Puget Sound region over the next three years is a bitter pill for Seattle and Tacoma area consumers to swallow.
Apparently the cuts will affect nearly a third of the total 4,700 Boeing IT positions here, well paying jobs all, and continue a streak of cuts that has hit several divisions of the company since March. While Boeing will be offering severance packages to some employees who volunteer for layoff, this news provides little in the way of long term comfort to families who have depended on Boeing for generations.
The original post is titled Boeing Layoffs Harm Seattle and Tacoma Washington Area Consumers , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .

Top bankruptcy attorneys have found a new place for the scraps of leftover money from corporations that collapsed under Chapter 11 protection: their own charity.
Without clear instructions from the U.S. Bankruptcy Code on what to do with the unclaimed money that’s too small to distribute among a liquidated company’s creditors, the American Bankruptcy Institute is pushing the corporate bankruptcy attorneys among its roughly 13,000 members to donate the money to the organization’s own nonprofit endowment fund.
“We think it’s as good a place as any,” said ABI executive director Sam Gerdano, who said that three bankruptcy estates have promised to funnel leftover money into the charity so far. “Rather than having it [turn over] to the state, why not recycle it into the bankruptcy community?”
The group has posted a 131-word passage on its website that bankruptcy attorneys can copy and paste into creditor payout plans to direct the money to the fund, which pays for scholarship and bankruptcy research.
The trade group’s initiative comes at a time when many restructuring professionals are confused over what to do with unexpected leftover money in a liquidating Chapter 11 bankruptcy case. That money can come from uncashed creditor checks, tax rebates or returned utility deposits.