On behalf of Norman L. Schroeder, II, P.A. posted in Chapter 13 on Wednesday, February 22, 2012
A recent news report that appeared in the Jacksonville Business Journal may provide some welcome news to Florida residents. According to the article, filings with the U.S. Bankruptcy Court for the Middle District of Florida declined by 19.7 percent in 2011. This district covers many of Florida's most populated areas to our north.
In 2010, there were nearly 67,000 bankruptcy filings in the district, but this declined to a little more than 53,500 filings in 2011. The number includes 2,389 business filings and 51,166 non-business filings. Moreover, the 19.7 percent decline is significantly greater than the national average decline of 11.5 percent.
On behalf of Norman L. Schroeder, II, P.A. posted in Chapter 13 on Saturday, February 18, 2012
We have all heard a parent say that the dream for a son or a daughter is that he or she will one day become a doctor or lawyer. But as the economy changes, so might their views. According to recent data, although the national Chapter 13 bankruptcy rate is experiencing a decline, the number of law grads finding themselves in need of bankruptcy protection is dramatically increasing.
Student loan debt is one of those classes of debt that is not dischargeable in bankruptcy, but it is precisely what is driving most recent grads into seeking protection. In the years between 2001 and 2010, the average law school debt rose 50 percent.
On behalf of Norman L. Schroeder, II, P.A. posted in Chapter 11 on Thursday, February 16, 2012
Readers may be familiar with the Caldwell Theatre in nearby Boca Raton. Recently, though, Palm Beach residents and South Florida's theater community were given a jolt when they learned that the board of directors for the theater was considering filing for bankruptcy. The news comes after another local theater abruptly closed its doors when it declared bankruptcy this past June.
However, while a local news report did manage to confirm the news, the board of directors for Caldwell Theatre is reportedly only considering filing under Chapter 11. A Chapter 11 bankruptcy filing would allow the theater company to continue operations, including performances, and pay employees while reorganizing its finances. It would additionally be able to do so under the protection of a court, and without the threat of creditor harassment.
On behalf of Norman L. Schroeder, II, P.A. posted in Chapter 13 on Wednesday, February 8, 2012
Even as the national economy begins to rebound, it is no doubt true that many Florida residents continue to suffer the ramifications of the housing crisis that has crippled the region. Unfortunately, those struggling with their financial obligations may feel as if there is no one for them to turn to for help. However, in some cases, it may be possible to file for Chapter 13 bankruptcy.
Chapter 13 allows a debtor to restructure his or her debt obligations under the aegis of a court and without the threat of creditor harassment. While under the protection of the court, they can come up with a debt repayment plan that puts them back on the path toward financial independence. Lately, many homeowners who are struggling with their mortgage have sought the refuge of a U.S. bankruptcy court.
On behalf of Norman L. Schroeder, II, P.A. posted in Chapter 11 on Wednesday, February 1, 2012
As many Florida residents may know, American Airlines recently filed for bankruptcy protection. The Chapter 11 petition was submitted to a U.S. bankruptcy court last November. Of interest to readers of this blog may be that the company currently owes about $15 million in landing fees and back-due rent to Miami International Airport (MIA). However, far from damaging the airport, a top union official with the Allied Pilots Association recently made remarks that the company's Chapter 11 bankruptcy could actually benefit MIA.
A local news report did not detail the total liabilities and assets of American Airlines' parent company, AMR Corp., but it did share that in addition to the back-due rent, the company also owes money to Miami-Dade County. The amount is for $25 million, and it covers the company's new North Terminal. American Airlines must repay the debt by 2014.
On behalf of Norman L. Schroeder, II, P.A. posted in Chapter 11 on Friday, January 27, 2012
Many Florida businesses and individuals alike are struggling in these tough economic times. In November of last year for instance, a Jacksonville-based marine and truck freight company filed for Chapter 11 bankruptcy. As part of the bankruptcy process, the company most recently filed a reorganization plan with the U.S. Bankruptcy Court.
The financial troubles of freight company Trailer Bridge started in 2008 following the launch of an investigation by the U.S. Department of Justice into alleged anti-competitive practices of firms providing shipping services to Puerto Rico. The investigation covered several firms, prompting class-action lawsuits against many of those firms, including Trailer Bridge. However, the company filed a motion to dismiss the lawsuits against it, which was granted by a federal court in 2010.
On behalf of Norman L. Schroeder, II, P.A. posted in Chapter 11 on Thursday, January 26, 2012
A tough economy coupled with a lawsuit with the former owner, has forced a powerboat company based out of Washington, North Carolina, and its affiliates, to file for Chapter 11 bankruptcy protection. This is the second time that the company has filed for bankruptcy protection in the last three years.
Filing for Chapter 11 bankruptcy is similar to Chapter 13 in that it is specifically designed for partnerships, corporations, and certain individuals to help manage the debt. The company has listed more than $53 million in liabilities and approximately $50,000 in assets according to court documents. In the suit, the company claims that after exempt property is excluded and administrative costs are paid, there won't be any money left to pay their unsecured creditors.
On behalf of Norman L. Schroeder, II, P.A. posted in Chapter 11 on Saturday, January 21, 2012
It can be a hard choice to file for bankruptcy, especially when it is the second time around. That is the case for the well-known Hostess company. Known for their Twinkies and Wonder Bread in Florida and all across the country, the company has been struggling for several years and has tried different avenues to get itself back up on its feet.
According to a news report, the company first filed for bankruptcy in 2004 with the hopes of gaining stability and getting back on track. But recently, the company announced it is filing for Chapter 11 bankruptcy protection for the second time. The ultra-sweet company has had its fair share of struggles throughout the years. According to a news report, the "skyrocketing" costs of products such as flour and sugar are to blame for the company's misfortunes. Other key baking ingredients make up a part of the struggle too, as well as growing debt.
On behalf of Norman L. Schroeder, II, P.A. posted in Chapter 11 on Thursday, January 12, 2012
It's no secret that recent years have been financially tough on people all across South Florida. Many people have had to make difficult decisions about how to spend and save their money. One local developer and his family recently felt the pinch when he filed for Chapter 11 bankruptcy protection.
The developer, a shareholder in a real estate ownership company, found himself deep in debt. According to the bankruptcy petition, he and his wife listed debts worth $47 million. Their assets totaled $1.8 million.
On behalf of Norman L. Schroeder, II, P.A. posted in Chapter 11 on Friday, January 6, 2012
Chapter 11 bankruptcy is common among struggling businesses. The goal is to restructure debts and reorganize finances so the business can stay in operation. Unlike Chapter 7 bankruptcy, Chapter 11 allows a business to keep many of its assets instead of totally liquidating.
This week, it was announced that the well-known photography company Kodak is getting ready to file for Chapter 11 bankruptcy protection. The company is reportedly hoping to avoid bankruptcy by selling off its collection of digital-imaging patents, which could bring in between $2 million to $3 billion, analysts say.
