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Category: Chapter 11 Bankruptcy

  • Confirmation Of Chapter 11 For Mark Brunell

    Confirmation Of Chapter 11 For Mark Brunell

    Call: 888-297-6203

    An ex-quarterback for the Jacksonville Jaguars, Mark Brunell, had filed for a Chapter 11 bankruptcy, in which the debtor includes all of his creditors and proposes a plan to repay them all. Then, the approval of the plan lies in the hands of the creditors in case of the infringement of their rights. The approval of all the infringed creditors leads to the confirmation of the plan. Mr. Brunell’s plan was also confirmed by the Judge, Jerry A. Funk.

    Consumer debtors, who do not pass the Means Test, are ineligible to file for a Chapter 7 bankruptcy, which often leads to the filing of a Chapter 13 bankruptcy by them. However, there is a ‘debt ceiling’ in Chapter 13, which limits the ownership of dollar amount of the debtors. The current debt ceiling for unsecured debts is $360,475 and for secured debts is $1,081,400. If the debtor earns more than the median income and also has debts more than the debt ceiling, his or her only option might be a Chapter 11 case, as it was in Brunell’s case.

    In Chapter 11, creditors must either be able to retain their already existing rights in the proposed plan or they should agree to get modifications by the plan in those rights. If not that, they should at least get an amount equal to what they would have got in case of Chapter 7 liquidation. Since Mark Brunell owned assets worth $350,000 (not exempted and thus subject to liquidation in Chapter 7), his plan was required to have an inclusion of a proposal to pay $350,000 to his unsecured debtors.

    In Chapter 11 also the debts will be considered discharged only after the payment of all the proposed payments in the plan.

    In order to know more about the different types of bankruptcies and get expert guidance on them, contact the Recovery Law Group, best in Los Angeles & Dallas, TX, at Recovery Law Group or on 888-297-6203.


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    • Here’s what you need to know about Chapter 11 bankruptcy

      Here’s what you need to know about Chapter 11 bankruptcy

      Chapter 11 bankruptcy is for businesses to get their debts reorganized and also gain enough financial stability so as to avoid any liquidation of their business assets. Though there could be scenarios in which we encounter individuals who qualify for Chapter 11 bankruptcy, this filing mostly involves the businesses. The features of Chapter 11 bankruptcy are as below:

      • Chapter 11 bankruptcy allows the regular operation of the business that is undergoing the crisis and still works on ways towards repaying the creditors in the business
      • This type of filing can be voluntarily initiated by the debtor. In a few cases, involuntary initiation of Chapter 11 bankruptcy is done by the creditors
      • In Chapter 11 bankruptcy, the debtor under question should share all information to the court – list of assets, list of liabilities, contracts that have continuing obligations involving other parties, unexpired leases, disbursements, income and financial statements relating to the business are part of this information
      • Chapter 11 bankruptcy includes the filing charges and also administrative fees. These have to be paid as soon as the bankruptcy is filed or in installments as agreed by the court
      • Chapter 11 bankruptcy petition of a business should bear information of the Tax Identification Number of the debtor and also the details about the location of the principal assets
      • While the petition is filed, the petitioner shares a plan for restructuring the business debts. This will enable the court and the creditors to take appropriate actions according to the plan. In case the plan isn’t shared while filing, the debtor needs to indicate that a plan will be shared soon for addressing the creditors’ concerns

      A debtor may be unable to file a Chapter 11 bankruptcy just like any other Chapter if:

      • There is an occurrence of bankruptcy dismissal within the previous 180 days because the debtor wasn’t available to appear in court or ignored the court orders
      • The previous filing for bankruptcy had been enjoined by lien holding creditors

      There are some permitted exemptions for individuals citing emergency situations, but the debtor should submit proofs of undergoing credit counseling from an accepted source.

      On the outset, the plan for the restructuring of debts is complex and will need the oversight of a bankruptcy attorney. Work with Recovery Law Group in Los Angeles or Dallas. They can be reached at 888-297-6203 – their expertise will guide businesses through the Chapter 11 filing process.


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

      • The Decline in Chapter 11 Filings

        The Decline in Chapter 11 Filings

        There is certainly a vivid decline in the rate of filed bankruptcies for business across the entire United States. Bankruptcies are commonly filed by only small businesses that have annual revenue of 2.5 million or less. These small business organizations generally approach the courts for their tougher conditions towards the business operations. Only a few states such as Illinois witnessed Chapter 11 filings demonstrating a gain in 2014. The increase was close to 6 percent at the end of the first quarter of 2014. This increase has been majorly contributed by large casinos in Illinois such as Harrahs, Showboat, Caesars, and Horseshoe. These casinos have filed for Chapter 11 bankruptcies in the Northern District of Illinois.

        This situation has been assessed by economists and they cite a few reasons for this declining trend. The lower interest rates associated with business loans have urged the businessmen to borrow more but these businesses that underwent financial struggles have already closed in the year 2007 when the recession was seen. Another reason is that the filing of bankruptcy is generally a costly affair and hence businesses start looking for other alternatives to solve their debt issues.

        There is a forecast for the increase of Chapter 11 filings in the coming days as there has been a rise in the interest rates of business loans and some of the already issued ones, like the ones of 2009 are very soon due. So if there is a business that is yielding good revenue yet experiencing financial difficulties and battles paying their dues, then filing for business bankruptcy is a viable choice. By working towards the restructuring of debts, the business can get the financial relief that is needed and can be brought on its track with better control.

        If you are running a business that doesn’t generate revenue in order to pay your business dues, then it is better advised to reach a law firm like the Recovery Law Group. Their team of bankruptcy attorneys will explain clearly all the process and the outcome of Chapter 11 bankruptcy filing. Recovery Law Group operates in Los Angeles, California and in Dallas, TX. Remember that working with the experts in this field and with an efficient plan of reorganizing the debts in your business, you can gain better control of your business. Call them at 888-297-6203 to avail their services and reshape the financial structure of your business with them!


          *Are you more than 60 days past due on your mortgage?

          *Do you own a home?

          Are you currently working?

          By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

        • Bankruptcy Trustee’s Role in Chapter 11 Filing

          Bankruptcy Trustee’s Role in Chapter 11 Filing

          Almost all bankruptcy filings get a trustee assigned to their case by the court. Chapter 11 is no different in this regard and the role of the bankruptcy trustee in the Chapter 11 scenario is as follows:

          • The U.S Trustee assigned by the court for Chapter 11 bankruptcy will oversee the entire case as it progresses and also review how the case is being administered
          • The Trustee will also be responsible for monitoring the debtor under purview, while his business continues to operate normally
          • The Trustee will be responsible for collecting the fee from the debtor. This is in line with the expectations of the court to pay a quarterly fee to the trustee until the case is dismissed or converted to another chapter (conversion from one chapter to another is carried out when there is non-compliance from the debtor’s side)
          • The Trustee will coordinate with the creditors and also organize the meeting of creditors according to the Chapter 11 bankruptcy needs. The meeting is imperative in cases where the intentions/ actions of the debtor need to be questioned under the oath

          In most of the Chapter 11 filings, the business that has filed for bankruptcy will still continue to function in order to repay the creditors. The debtor whose business is going through the current crisis need to keep the trustee informed about the operations of his business – this is accomplished through the reports that are shared to the trustee. The trustee will aid in setting down the guidelines for this reporting (reports on income & expenses in the business). Reports on specific issues involving bank accounts or payment of taxes also need to be reported to the trustee.

          Business owners can reach out to Recovery Law Group at 888-297-6203 for discussing their options on Chapter 11 bankruptcy. The team at Recovery Law Group, either from their Los Angeles or Dallas locations, will support the businesses for every question concerning the procedure in the bankruptcy filing and also guide on dealing with the bankruptcy trustees during the bankruptcy case journey.


            *Are you more than 60 days past due on your mortgage?

            *Do you own a home?

            Are you currently working?

            By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

          • Your reorganization plan after Chapter 11 bankruptcy

            Your reorganization plan after Chapter 11 bankruptcy

            Chapter 11 bankruptcy, also known as reorganization bankruptcy, is exclusive for corporations, partnerships and individuals to work on their reorganization strategy in the midst of financial struggles. They work on reorganizing their finances and restructuring of their debts. Since this bankruptcy has no debt ceiling (different from Chapter 13 bankruptcy), it is much preferred by small and large businesses for the restructuring of their open debts. (more…)

          • All You Wanted to Know About Bankruptcy Basis Process

            All You Wanted to Know About Bankruptcy Basis Process

            The Bankruptcy Code is a uniform federal law which is used to govern all bankruptcy-related cases. According to U.S. Constitution Article I, Section 8, Congress is authorized to enact “uniform Laws on the subject of Bankruptcies”. The “Bankruptcy Code” (title 11 of United States Code) was thus enacted by the Congress in 1978 and has undergone several amendments since then. The bankruptcy process proceedings are governed by the Bankruptcy Rules (Federal Rules of Bankruptcy Procedure) and local rules of each bankruptcy court. As per bankruptcy rules, a certain set of official forms are to be used in bankruptcy cases. Thus, both Bankruptcy Code and Local Bankruptcy Rules are used to conduct legal proceedings while dealing with debt issues of both individuals and businesses. (more…)