Category Archives: Chapter 7
Bankruptcy In The Ohio Valley
Although the gross numbers have dropped precipitously, the filing rate for all kinds of bankruptcies remains high in Kentuckiana. The number of cases has dropped by 40 and 44 percent in Kentucky and Indiana since 2010, but the states still rank eighth and sixth in terms of the number of filings per person. Statistically,… Read More »
Bankruptcy Month
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 »
Can I Keep My Sports Memorabilia In Bankruptcy?
Former basketball phenom and erstwhile actor Darius Miles, who made over $60 million in his brief professional career, may have to part with his sports memorabilia collection at an upcoming bankruptcy auction. The Los Angeles Clippers selected the 18-year-old East St. Louis High School standout in the first round of the 2000 draft; in… Read More »
The Financial Comeback Trail
Abraham Lincoln, one of Illinois’ favorite sons, declared bankruptcy in 1833. In his early 20s, Lincoln worked various jobs in Springfield, and that work included employment at a local general store. When the establishment closed, the young and enterprising Lincoln decided to open his own store in New Salem with a business partner. The… Read More »
Can I File Bankruptcy Again?
They say that lightning never strikes twice in the same place; unfortunately, financial misfortune comes with no such guarantee. Job loss, serious illness, divorce, and other unexpected emergencies may occur once in a lifetime or once a year, and it is almost impossible to predict when the next storm will arrive. That unpredictability and… Read More »
Under Armour Tries To Recover From Sports Authority Bankruptcy
Share prices for the country’s second-largest sports apparel retailer have plummeted 20 percent in the last year as Under Armour struggles to find new customers to replace the bankrupt Sports Authority chain. Carter Harrison analysts had already predicted that the company might have to endure “a tougher period” after the firm lost one of… Read More »
Hard Times In The Oilfields
Two hundred and thirteen oil and gas companies in North America have filed bankruptcy since energy prices crashed in late 2014, and these companies have listed a collective $85 billion in debt. Things have been particularly tough in the oil exploration service industry, as 108 of these firms have filed bankruptcy in the last… Read More »
ITT Tech Bankruptcy Spills Over Into The Civil Arena
The bankruptcy trustee wants the judge to halt two civil actions against the bankrupt for-profit college, but government officials want the actions to proceed. Deborah Caruso, who is overseeing the bankruptcy on behalf of the judge, filed a motion to stay all pending Freedom of Information Act requests and consumer fraud lawsuits, including the… Read More »
Baseball And Bankruptcy
Another baseball season is coming to an end, and may people claim that winning is all in the numbers, from RBI and ERA to OPS and WAR. Other people say that the only number that matters in baseball is three, because when there are less than three outs in an inning, anything is possible,… Read More »
Trustee Files Motion To Convert In Yellow Cab Bankruptcy
Claiming that the company can no longer afford to pay its bills, U.S. Trustee Patrick Layng asked a bankruptcy judge to involuntarily change the tax company’s Chapter 11 reorganization to a Chapter 7 liquidation. Mr. Layng, who oversees bankruptcies in the Northern District of Illinois on behalf of the judge, added that Yellow Cab… Read More »
