1. All monthly billing statements and collection agency correspondence and notices received within the prior ninety (90) days for all bills (mortgage, car, credit cards, bank loans, medical, student loans etc.) other than utilities (unless there is a utility bill default) and monthly billing statements for all corporate bills for which you have personal liability; 2. A list of personal property and household furnishings (item by item) with a valuation for each item representing the current value of the item; 3. Current account statements (bank, brokerage, financial, deferred compensation, pension, 401k, IRA, Education IRA or other account) for the prior 6 months; 4. All current paycheck advice(s) or stub(s) and sources of income for the prior 6 months for yourself and your spouse, if any; 5. All life insurance policy statement(s); 6. Motor Vehicle, motorcycle, boat & other titles; 7. All deeds showing ownership of your residence or any other real property; 8. Copy of all appraisals of your residence or any other real property within last 2 years; 9. Prior two (2) years Federal 1040 income tax returns and amended returns; 10. Copy of any foreclosure suit, other lawsuit or legal proceedings filed or pending within last year; 11. Copy of any personal injury suit, workmen’s compensation suit or itemization of claim against any third party; 12. Copy of any current personal or real property lease(s); 13. Information or itemization of any other personal property or real property not otherwise provided; 14. List of any prior addresses in last two (2) years and dates of occupancy; 15. List of payments totaling in excess of $600.00 to any single creditor within the prior 90 days and the date(s) and amount(s) of payment(s) made; 16. Monthly family budget; 17. Copy of your driver’s license and social security card; and, 18. A Credit Counseling Certificate received from an approved credit counseling agency within the prior 180 days and a copy of the debt repayment plan, if any developed by the approved credit counseling agency for you. (hbcce.org)
Source: myillinoistaxattorney.com
Video: Chapter 11 Bankruptcy Overview – Stop Lawsuits, Receiverships, IRS Levies
Chapter 11 bankruptcy right choice for some Illinois businesses
A number of alumni and other supporters for the Atlanta institution recently held a prayer vigil and affirmed their commitment to seeing this college’s legacy continue on. Hopefully the Chapter 11 bankruptcy filing will provide the school with the breathing room it needs to restructure its debt so that it doesn’t need to resort to auctioning off its property. Illinois businesses who are similarly struggling may also want to consider whether such a bankruptcy petition might be appropriate in their own situations.
Source: wardbankruptcy.com
One Source Recycling in Illinois searches for debt relief
Chapter 11 bankruptcy is a potential solution for businesses facing serious financial challenges. Chapter 11 calls for a business reorganization that keeps creditors at bay and allows repayment of debt without some of the standard penalties. The court approves a reorganization plan and allows the business owner to retain control over the business assets instead of giving that responsibility to a court-appointed trustee. Generally, a business will have to repay debt within eight to 18 months. If the reorganization or repayment plan is unsuccessful, a business like One Source may ultimately end up filing for Chapter 7 bankruptcy.
Source: illinoislawyerbankruptcyblog.com
Illinois plant may initiate Chapter 11 bankruptcy
Specifically, Midwest Generation operates six coal-fired electric generating plants supplying power to approximately 5 million customers in Illinois. Even with this customer base, the company is in danger of defaulting on at least two of its leases. There are two major factors causing the company to consider bankruptcy. The first is the fact that natural gas prices are low and keeping power prices low as well. The second factor is environmental upgrades required by both state and federal regulations.
Source: cookcountyilbankruptcyblog.com
Bankruptcy Judge OKs $71M Settlement Deal With Former Dewey & LeBoeuf Partners
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Source: martindale.com
Quad/Graphics To Buy Vertis For $258.5 Million Amidst Bankruptcy
“Quad/Graphics believes in the power of print in today’s multichannel media world and this acquisition further strengthens our ability to help retailers and direct marketers drive meaningful business results,” Joel Quadracci, chairman, president and CEO of Quad/Graphics, says in a prepared statement. “The combination of Quad/Graphics and Vertis is a natural and strategic fit. The complementary capabilities of our two businesses in retail advertising inserts, direct marketing and in-store marketing will further strengthen and expand our offerings, and will allow us to even better serve our clients, achieve additional efficiencies and build long-term value for our shareholders. We look forward to welcoming Vertis’ clients and employees into our family.”
Source: foliomag.com
The Rural Blog: California poultry company files for bankruptcy; will be eighth poultry firm to fold in the last year
Zacky Farms LLC, a California poultry company that dates to the 1920s, filed for bankruptcy this week. High feed costs following this summer’s oppressive drought led to the decision, P.J. Huffstutter of Reuters reports. The company employs about 1,500 people in southern California, and listed between $50 and $100 million in assets, with debts in the same range. The bankruptcy filing showed that the company’s largest unsecured creditors are feed company Western Milling, to whom Zacky Farms owes about $6.6 million, and poultry company Foster Farms LLC, which is owed about $1.2 million. “Zacky Farms will be the eighth poultry firm to be sold, entered into Chapter 11 bankruptcy or shut down altogether since 2011, according to data from trade group National Chicken Council,” Huffstutter reports. (Read more) Huffstutter advises in an email that Zacky’s is ranks about among poultry companies in revenue, and about 10th among turkey packers.
Source: blogspot.com
California Poultry Company Zacky Farms Files For Chapter 11 Bankruptcy
SACRAMENTO, Calif. – Zacky Farms LLC, a California poultry company that had gross sales in 2001 of $146 million, on Oct. 9 filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of California (In Re: Zacky Farms, No. 12-37961, Chapter 11, E.D. Calif. Bkcy.). Full story on lexis.com
Source: lexisnexis.com
Dewey’s $71 million clawback settlement wins court approval
Under the terms of the deal, roughly 400 of Dewey’s 670 ex-partners will pay between $5,000 and $3.5 million of their compensation in exchange for immunity against future lawsuits connected with the firm’s demise. In his approval of the settlement, U.S. Bankruptcy Judge Martin Glenn said that the agreement “will lead to a quicker wind-down in Chapter 11, and—more importantly—a quicker and more certain distribution to creditors.”
Source: insidecounsel.com
California poultry producer files for bankruptcy
Zacky Farms, which headquarters in Fresno, cites soaring feed costs as one of the reasons for its financial difficulties. According to court documents, Zacky spends about one-point-eight million dollars a week on feed for about one-point-nine million turkeys and 600-thousand chickens.
Source: brownfieldagnews.com
Dynegy emerges from Chap. 11 bankruptcy protection
Dynegy, which is based in Houston, owns and operates coal and gas-fired power plants in California, Illinois, Maine, New York and Pennsylvania. It sells the power generated to local electric utilities that then deliver the power to customers. Dynegy doesn’t serve retail customers. Its emergence from bankruptcy protection is not expected to affect wholesale or retail electric rates.
Source: seattletimes.com
Bankruptcy Counseling: Bankruptcy Exemptions Illinois
For those who see their situation as a debtor, you will go to 226 West Second Street in Bay City. For more information about hours, rules or to do something which can practically reduce your monetary problems. To avoid bankruptcy, the bankruptcy exemptions illinois is to get approval on your record, your odds of being able to obtaining credit are actually pretty good. In some cases, with a Phoenix debt counseling service first, these people are experienced negotiators able to maintain their agreed payments without any issue. However, if you consult a Chapter 11 bankruptcy lawyer in any case is usually free so don’t worry about paying for fees. In the bankruptcy exemptions illinois and 13 generally entitle the bankruptcy exemptions illinois a bankruptcy application to the bankruptcy exemptions illinois of the numerous negative side effects from filing.
Source: blogspot.com
The Creditor of My Affiliate Is…Not my Creditor
11 USC Sec. 510 Sec. 510. Subordination (a) A subordination agreement is enforceable in a case under this title to the same extent that such agreement is enforceable under applicable nonbankruptcy law. (b) For the purpose of distribution under this title, a claim arising from rescission of a purchase or sale of a security of the debtor or of an affiliate of the debtor, for damages arising from the purchase or sale of such a security, or for reimbursement or contribution allowed under section 502 on account of such a claim, shall be subordinated to all claims or interests that are senior to or equal the claim or interest represented by such security, except that if such security is common stock, such claim has the same priority as common stock. (c) Notwithstanding subsections (a) and (b) of this section, after notice and a hearing, the court may –
Source: weil.com
Illinois nursing home files for Chapter 11 bankruptcy
For businesses that file Chapter 11 bankruptcy, just like this nursing home, the action typically works to give a commercial operation some breathing space to address its financial difficulties. This may allow for the business to reorganize and get back on track with finances in a controlled atmosphere under court supervision and without harassing phone calls from creditors. As an Illinois business owner, a Chapter 11 bankruptcy can provide your organization with the opportunity to realize a healthier and improved monetary future while resolving outstanding obligations that have affected the bottom line.
Source: wardbankruptcy.com
Illinois Business Law Journal
The decline in business bankruptcies might be related to the rise in out-of-court restructuring. Similar to consumer mortgages and loans, banks might be holding onto non-performing or under-performing business loans and favoring leniency and extended timeframes for defaults. This strategy allows banks to avoid dealing with the automatic stay of a debtor’s assets, the attorneys’ fees, and the multi-creditor concessions that accompany chapter 11 reorganizations. Another explanation for this decrease is that the balloon loans issued pre-2008 have not yet become due. This means that 2012 could have a significant increase in bankruptcy filings.
Source: illinois.edu
Miners’ letters lobby Patriot bankruptcy judge
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Source: wvgazette.com