Tag Archives: reorganization

Chapter 13 Bankruptcy: What is a Reorganization Plan?

Chapter 13 bankruptcy offers debt relief to those who are deeply in debt and behind in their payments on their mortgage but want to keep their home. Chapter 13 is called a reorganization. Additionally, some individuals or families do not qualify for a Chapter 7 bankruptcy, so must look at Chapter 13 as an additional bankruptcy option for them. If you are in this situation, you can file a Chapter 13 petition with the bankruptcy court and stop all collection action. This gives you the time you need to get your financial situation in order with Chapter 13 plans lasting up to 5 years. There are several requirements you must meet. First, you must receive credit counseling from an organization approved by the court before you file your petition. Your tax returns for the previous four years must have been filed. Most importantly, you must show the court you have…
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Blockbuster: Is It Time to Give Up?

Blockbuster is seeking yet more money from creditors as it struggles in bankruptcy court. Now bondholders must decide whether or not to provide another cash infusion or to finally walk away from the company and put it up for sale. The flailing movie-rental retailer is asking bondholders, led by billionaire investor Carl Icahn and hedge fund Monarch Alternative Capital, for another $200 million to $250 million to be used after it exits bankruptcy protection, according to the Wall Street Journal. Source: NEW YORK (TheStreet)

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