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Chapter 11
Many individuals believe that a Chapter 7 or 13 is the only bankruptcy relief available to them. However, a Chapter 11 isn’t only used for corporate restructures, it can allow an individual debtor to take advantage of a meaningful debt restructuring as well. When to Consider Chapter 11 You may be ineligible to file a...
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Sbarro, the popular pizza chain, filed Chapter 11 bankruptcy three months ago and has shown that the process can work. The company’s pre-packaged Chapter 11 plan, which reduces Sbarro’s debt by approximately 85%, has been approved and it took effect on June 2, 2014. Moving locations to reduce expenses Sbarro will be moving its company...
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South Florida Multispecialty Associates, LLC, with offices located in Miami Beach and Aventura, has filed a voluntary Chapter 11 bankruptcy. The medical practice has 50 employees and reportedly sought bankruptcy protection after a medical malpractice plaintiff won a garnishment on its bank accounts. The medical group was apparently unable to make its first $100,000 payment...
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Chapter 13 Bankruptcy petition
In late 2013, a car-charger maker with a large government contract filed for bankruptcy. Phoenix-based Ecotality, Inc. sought Chapter 11 protection in the United States Bankruptcy Court for the District of Arizona, listing assets of $50 million and debts of $500 million, including a large contract with the Department of Energy. In court papers, Ecotality...
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