On behalf of Glenn & Glenn, LLP posted in Personal Bankruptcy on Thursday, May 23, 2013
Many Hudson Valley residents are under the mistaken impression that all individuals who file for bankruptcy are poor money managers. New York bankruptcy attorneys know from client experience that overpowering debt can be sudden, whether or not past finances have been handled properly.
One of the most common causes for personal bankruptcy has nothing to do with untamed spending sprees or lack of financial knowledge. Unanticipated health care bills from accident injuries or life-threatening medical conditions deplete families' finances quickly and often completely.
On behalf of Glenn & Glenn, LLP posted in Chapter 11 on Thursday, May 16, 2013
Creditors have a voice in bankruptcy proceedings that reach high volume. MSR Hotels & Resorts Inc. infuriated Five Mile Capital Partners by filing for Chapter 11 bankruptcy, which the creditor calls a "cheap litigation tactic" to avoid responsibility.
A federal court issues an automatic stay when a bankruptcy is filed to provide the petitioner with immediate debt relief and other protections from unsecured creditors. MSR entered bankruptcy a month after being named by Five Mile in a $158 million lawsuit. The legal action could be stalled by the bankruptcy court.
On behalf of Glenn & Glenn, LLP posted in Chapter 11 on Friday, May 10, 2013
The bankruptcy exit plan for Rochester's Eastman Kodak Co. took attorneys one month and over 6,400 hours to prepare. The legal work's accuracy for the Chapter 11 bankruptcy emergence is critical to the New York company's survival.
Kodak officials are anxious to break free of the control of a Manhattan federal bankruptcy court, from which the company sought debt relief protection in January 2012. The exit strategy would release the photographic and imaging business from bankruptcy during the third quarter of this year.
On behalf of Glenn & Glenn, LLP posted in Personal Bankruptcy on Thursday, May 2, 2013
Although sometimes it feels like a culmination of failure, bankruptcy is the means to an end of financial suffering. Filing for bankruptcy is not the last step for financially-troubled Hudson Valley residents. It’s a beginning.
Consumers, in or out of Chapter 7 or Chapter 13 bankruptcy, can take actions to improve finances. Legal advisers say it is imperative to monitor credit reports and scores regularly for accuracy.
On behalf of Glenn & Glenn, LLP posted in Business & Commercial Bankruptcy on Monday, April 22, 2013
Eastman Kodak Co. promises "an excellent outcome" if the New York company's document imaging division is sold to Brother Industries Ltd. of Japan. The prediction includes a positive outlook for all parties. Officials did not say how the sale would affect 3,500 employees at Kodak's Rochester headquarters.
Kodak was a photographic film industry giant until digital photography became possible, practical and affordable. The company struggled to compete in an arena it once nearly monopolized. Kodak filed for Chapter 11 bankruptcy. Proposed sell-offs could clear business debt to prepare the company for emergence from bankruptcy.
On behalf of Glenn & Glenn, LLP posted in Business & Commercial Bankruptcy on Wednesday, April 17, 2013
Some Ulster County residents have the perception that well-paid physicians are immune from financial problems and bankruptcy. Medical experts and officials with the American Bankruptcy Institute say, in current economic times, nothing could be further from the truth.
An unusually high number of doctors are filing for Chapter 11 bankruptcy, which more often than not leads to the end of a practice and patient displacement. Industry professionals say physicians are not going bankrupt over medical malpractice claims. The negative economy, along with insurance and legal restrictions, has pushed business debt beyond workable limits.
On behalf of Glenn & Glenn, LLP posted in Chapter 11 on Tuesday, April 9, 2013
Many Hudson Valley business owners think of bankruptcy as the last life preserver on a sinking ship. Chapter 11 bankruptcy is an extreme step but legal experts say, depending on a company's goals, bankruptcy does not have to include a "going out of business" sale.
Financial misfortune pushes many distressed business owners to consider bankruptcy. Bankruptcy specialists advise commercial clients to think about bankruptcy alternatives and plan for business reorganization in the event a Chapter 11 filing is inevitable.
On behalf of Glenn & Glenn, LLP posted in Chapter 11 on Thursday, April 4, 2013
The second time was the last time Journal Register Co. (JRC) would file bankruptcy under current ownership. The owner of the Hudson Valley's Daily Freeman and nine other associated news service operations is selling the business to an affiliate.
Journal Register filed Chapter 11 bankruptcy in 2009 and again last September. At the time of the first filing, the company's debt approached $1 billion. A preset business reorganization plan helped put the publisher back on track within six months.
On behalf of Glenn & Glenn, LLP posted in Business & Commercial Bankruptcy on Friday, March 29, 2013
Hundreds of millions of dollars and a thumbs-up from a New York bankruptcy court have given two companies the rights to a familiar series of legendary snack foods. The sale is one of several recently approved for baked good brands once supplied to American shelves by Hostess Brands Inc.
The Hostess Chapter 11 bankruptcy filing last November threatened to retire the sugary treats: Twinkies, Ding Dongs and Ho Hos. Private equity firms Metropoulous & Co. and Apollo Global Management secured a bid to buy the iconic snacks for a debt relief bid of $410 million.
On behalf of Glenn & Glenn, LLP posted in Chapter 11 on Thursday, March 21, 2013
The future of a hospital vital to the African American community in New York City is uncertain. Some of the more than 1,500 staff members of the Interfaith Medical Center joined Brooklyn protesters recently as a show of support for the financially troubled hospital.
Interfaith filed for Chapter 11 bankruptcy three months ago. Community residents want to know whether the hospital will undergo a business organization or close. About 270,000 people visit the healthcare facility annually.
