Chapter 11
Sbarro LLC Files for Bankruptcy
The struggling pizza chain, Sbarro LLC, has filed for Chapter 11 reorganization for the second time in three years. Sbarro previously filed for bankruptcy protection in April 2011, emerging from bankruptcy in November 2011 saying that it had severely cut...
How a Bankruptcy Filing Impacts a Foreclosure
Many debtors facing foreclosure in North Carolina turn to bankruptcy as an option. One of the main reasons debtors facing foreclosure file for bankruptcy protection is to take advantage of the automatic stay, which prohibits most collection attempts, including a...
Critical Vendors: An Exception to a Rule of Chapter 11
One of the Ten Commandments of being a chapter 11 debtor is this: Thou Shalt Not Pay Any Pre-Petition Creditor. But of course the moment the command leaves our lips, several exceptions emerge. One concerns the ongoing payments of certain suppliers...
Can a Judgment Creditor Garnish Wages in North Carolina?
Having a judgment entered against you can be a stressful situation, especially when the Sheriff’s deputy shows up with a Writ of Execution. People often wonder if their wages can be garnished here in North Carolina by a judgment creditor. ...
Former NFL Quarterback Vince Young Files Chapter 11 Bankruptcy
Former NFL quarterback, Vince Young, has filed for Chapter 11 bankruptcy protection in Houston, Texas. After spending his college years as quarterback for the University of Texas, Young was drafted by the Texas Titans as the third overall draft pick...
Local Night Club The Longbranch Files Chapter 11 Bankruptcy
Raleigh night spot The Longbranch filed for Chapter 11 bankruptcy protection on July 29, 2013 listing $126,200.00 in assets and $345,834.88 in liabilities. This is the second bankruptcy filing for the nightclub, which also filed Chapter 11 on February 15,...
Tangible Personal Property in Bankruptcy Cases
What might happen to tangible personal property is a frequent inquiry we receive from individuals considering a bankruptcy filing. Tangible personal property is distinct from real estate or intangible assets such as financial instruments, receivables, intellectual property, etc. In the reorganization chapters...
When Cash Is Collateral, and When It Matters
You’ve just finished an expensive meal and reach for your wallet to pay, only to discover that you’ve left it six blocks away in your car. You run to get your wallet, but first you leave your wrist watch with...
