The company is trying to cushion the passengers from the effects of the cancellation of flights. It is doing this by letting passengers fly standby for earlier flights at no extra charge. The company has also let the crew be more flexible with the snacks during flights; the passengers are now getting more snacks in a bid to relax them during delays. AMR Corp, the company that owns both American and Eagle, is in the process of trying to cut down on its total labor costs by $1 billion. It is doing this under a Chapter 11 bankruptcy protection, also known as financial restructuring. Business bankruptcy protection is a legal form of protection offered by the courts to companies that are in the process of managing their finances through debt reorganization. Sometimes companies must make difficult decisions during bankruptcy. Ultimately, however, many companies find that bankruptcy provides them with a way out of debt and into a successful future. Source: NBC New York, “American Cancels 300 Flights This Week,” David Koening, Sept. 20, 2012 Source: Los Angeles Times, “American Airlines cancels hundreds of flights through October,” Hugo Martín, Sept. 21, 2012
Source: ugelllaw.com
Video: Virginia Chapter 11 Attorney
Attorney for Filing Chapter 11 Bankruptcy for Illinois Sales Tax
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
Orlando Bankruptcy Attorneys Eric Lanigan and Roddy Lanigan orlando
The Lanigans are based in Winter Park but work with clients throughout Florida in cities from Altamonte Springs to Boca Raton to Cape Canaveral, Clearwater, Cocoa Beach, Daytona Beach, Deland, Deltona, Fort Lauderdale, Fort Meyers, Gainesville, Heathrow, Jacksonville, Jupiter, Kissimmee, Lake Mary, Maitland, Melbourne, Miami, Mount Dora, Naples, New Smyrna Beach, Ocoee, Orlando, Palm Beach, Sanford, St. Petersburg, Tampa, The Villages, Vero Beach, Windermere, to Winter Springs. If there is a city not listed, be sure to call to find out if the Lanigans serve your area.
Source: laniganpl.com
Illinois retailer seeks Chapter 11 bankruptcy, offers plan
A company that files for Chapter 11 can hold off creditors during the course of the bankruptcy proceedings since, upon filing, creditors are required to go through the court system to collect debts. At the same time, creditors are barred from calling, writing or otherwise contacting the reorganizing company outside of the proceedings. By seeking new payment arrangements with creditors through business bankruptcy, a company may be able to obtain a fresh financial start.
Source: youngbklaw.com
Florida storage facilities may find relief in Chapter 11 filing
When businesses file for bankruptcy, there are often many considerations, such as the employment status of workers and whether assets will need to be sold. This Florida developer may find that bankruptcy protection is a successful option to avoid losing his properties and his businesses. Chapter 11 bankruptcy offers the businesses the opportunity to submit a plan to the court to reorganize debt and emerge from bankruptcy with new goals and a positive outlook on their financial future. While bankruptcy can be challenging for many business owners, the benefits often outweigh the difficulties and can place business owners back on the right track.
Source: nlsbankruptcy.com
Developer of Palm Beach mansion files for Chapter 11 bankruptcy
In 2007, more than a year before the real estate market was rocked by the recession, an island developer corporation set to work building a Palm Beach mansion. Now, five years later, the 27,000 square foot home on 2.5 acres of lakefront property sits vacant. The limited liability company, which is controlled by the developer corporation, recently filed for Chapter 11 bankruptcy.
Source: bankruptcylawyersfl.com
Debt Limits in Chapter 13, is it time to File Chapter 11?
In a Chapter 13 case, an individual must have regular income and must owe less than a certain amount of debt in some categories. The maximum amount of secured debt (debt secured by collateral – like your home and cars) allowed in a chapter 13 bankruptcy is currently $1,010,650.00. The maximum allowed unsecured debt allowed in a Chapter 13 is $336,900. USC section 506. Defines what is an unsecured debt. With respect to the value of Real Property that equals the amount of the loan attached to that Real Property, there is no unsecured portion contributes to your unsecured debt. For example, if you own a house with a value of $500,000 and the loan attached to that property is $250,000, the difference of those amount is considered unsecured debt, which is added to the unsecured debt that you already have.
Source: piklawgroup.com
Chapter 11 bankruptcy doesn’t have to be ugly
Johnson opened more than 63 signature boutiques across the world that sold her signature fun, flashy and fashionable designs. Earlier this year, however, the state of her boutiques was not looking as good. The boutiques each held a going-out-of-business sale after they had been victims of the recession. Johnson’s company, Betsey Johnson LLC, opted to file for Chapter 11 bankruptcy protection.
Source: jeffreyrosenblum.com
Orantes Law Firm Engaged to Propose Chapter 11 Plan for Luxury Hotel
The Orantes Law Firm was recently engaged to take over the languishing reorganization of a luxury hotel in Toledo, Ohio. The Firm is currently writing and negotiating the terms of a plan of reorganization that will ideally allow the hotel to exit Chapter 11 within about three months, which is the minimum time the law would allow. The Chapter 11 case has allowed the hotel time to reduce its operating costs while maintaining its high-end service to its guests despite having to do it in the current depressed environment. The hotel is now ready to propose its plan to exit bankruptcy protection.
Source: gobklaw.com
Kodak releases plans to emerge from Chapter 11 bankruptcy
In these times of continuing economic uncertainty, many businesses in New Jersey and across the nation have had to tighten their operations and pare down expenses. Some have been unable to weather the recession, and have had to close their doors in recent years. The sluggish economy has affected businesses of all sizes, and a recent bankruptcy case demonstrates that even an industry giant can succumb to economic stresses. Eastman Kodak Company filed for Chapter 11 bankruptcy protection in Jan. 2012, and has recently announced plans to restructure their operations and emerge from bankruptcy in a better financial position than ever before.
Source: pfdlaw.com
Piccadilly Restaurant Chain Files for Chapter 11 Bankruptcy
Piccadilly has 80 total eateries and over 70 food service operations, including 13 locations in the Atlanta area. It reportedly owes at least $10 million to creditors. A spokesman for the restaurant stated that it would have gone out of business overnight if it did not seek Chapter 11 bankruptcy protection.
Source: atlantadebtlawyers.com
Santa Barbara winery files Chapter 11 bankruptcy
The bankruptcy filing will allow the winery to continue operating while reorganizing its finances. Company founder Richard Sanford explained to Wine Spectator magazine: “Frankly, this gives us an opportunity to take a deep breath and to reorganize our resources to continue to be a viable business.”
Source: sanfrancisco-bankruptcy-attorney.com
Owner Liability in the Chapter 11 Bankruptcy of a Business
Similarly, owners of LLCs and Corporations are separate from their businesses when it comes to bankruptcy, and sole proprietors are not. If an LLC or Corporation files for bankruptcy, the owners’ assets are not subject to the bankruptcy – the owners are not subject to the bankruptcy. However, if a sole proprietorship files for bankruptcy, the owner is not protected in this way and the owner’s personal assets are at risk.
Source: minnesotaattorney.com