Tag Archives: Filing for Bankruptcy
A.D.K. Arms Files Bankruptcy
Aggressive debt collection tactics may have forced the firearms manufacturer into bankruptcy. Do ordinary people file bankruptcy for the same reason? A.D.K. and its affiliate company, Advanced Precision Manufacturing, Inc., sought Chapter 11 bankruptcy protection almost simultaneously, apparently because Midwest Community Bank was attempting to collect on a $3.9 million loan and the company… Read More »
Prompted By Defective Airbag Imbroglio, Takata Files Bankruptcy
The Japanese manufacturer, which faces up to $24 billion in liability lawsuits, filed Chapter 11 Bankruptcy and said that its assets would be sold to a Chinese-led group. Attorneys for the Japanese manufacturer are probably hoping for a cramdown, a tool that’s also available in many consumer bankruptcies. Historically, Chapter 11 proceedings that also… Read More »
When Do I Need To File Bankruptcy?
Timing is very important in bankruptcy cases. If distressed debtors file too early, they may not have fully exhausted all available non-bankruptcy remedies. However, if they wait too long, the case will probably be much more complicated, time-consuming, and expensive than it otherwise may have been. Similarly, there is some groundwork to lay before… Read More »
Could Illinois Be The Next Puerto Rico?
Congress just allowed the island commonwealth, which faces about $123 in pension and bond obligations, to file a form of municipal bankruptcy. Could the Prairie State, which faces over $130 billion in pension debt alone, be next? The economic problems that brought Puerto Rico to this point, including a crippling recession, rampant government borrowing,… Read More »
Why Do People File Bankruptcy?
It should come as no surprise that medical bills are once again the top reason that people seek bankruptcy protection. Medical bills are often very onerous in and of themselves. One in five working Americans with health insurance who are under 65 have had problems paying their medical bills in the past year; to… Read More »
Bankruptcy Filing Rates Continue Increasing
Illinois is the fifth most bankrupt state in the country, according to the American Bankruptcy Institute. For the first time since 2010, the bankruptcy filing rate edged up in two consecutive months, as a 5 percent January 2017 increase followed a similar increase in December 2016. However, the per capita filing rate actually decreased,… Read More »
Should Financially Distressed Illinois Cities File Bankruptcy?
The nonprofit Manhattan Institute says that an “intervention bankruptcy” is a good option for cities experiencing pressing financial problems, as long as politicians are kept out of the loop. Such a course of action is highly preferable to continuing operations on the brink of insolvency, because eventually they get to a point “where they… Read More »
Bankruptcy Filings Increase
After several consecutive years of steady decline, consumer bankruptcy filings increased 6 percent in 2016. According to a report, Illinois had the second-highest number of new bankruptcy filings in the country for December 2016. Alabama and Tennessee had the highest per capita filing rates, continuing a trend of more bankruptcies in the South than… Read More »
Prominent Real Estate Investor Files Bankruptcy
A huge shareholder lawsuit in Northern Illinois may have pushed the onetime “King of Downtown Orlando” over the financial precipice. Ten years ago, Cameron Kuhn employed seventy people, owned twenty choice properties in downtown Orlando, and was expanding into new markets in northern Florida, Georgia, and Louisiana. But then the real estate market crashed… Read More »
Some observers believe that venerable retailer Sears may be getting a head start on the unofficial holiday that does not involve a gift exchange or warm nostalgic feelings, and so no one wants to celebrate it. Just as the busy holiday shopping season started, Sears announced that it was closing several K-Mart locations and… Read More »