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September 2012 Archives

Horse racing magazine files for Chapter 7 bankruptcy

Since the advent of the Internet, traditional publications, such as magazines and newspapers, have been suffering financially. It is challenging for these types of businesses to compete with online publications, which have the advantage of low production costs. This has caused many traditional publications in Texas and elsewhere to go out of business. One of the latest magazines to fold is the Thoroughbred Times, which recently filed for Chapter 7 bankruptcy protection.

Overwhelming debt from credit cards decline nationwide

Americans have been more wary of using credit cards since the recent recession. This is because overwhelming debt from credit cards was a significant contributing cause to the recent economic downturn in Texas and the rest of the nation. In July, revolving credit, which includes credit cards, fell by $4.28 billion. Although this may at first seem like a good thing, many financial experts believe this signifies a lack of economic growth.

Houston biofuel company files Chapter 7 bankruptcy

Many companies are able to begin their business through utilization of government grants. This was the case in Texas, which gave start-up money to various technology companies via the state's Emerging Technology Fund. However, after the initial financing, many companies required additional funds to continue developing their technology in order to have it ready for the market. Houston bio fuel company Terrabon Inc. had failed to gain the additional funding it needed, which forced it to file for Chapter 7 bankruptcy.

Syms creditors object to Chapter 11, Chapter 7 preferable

When a company files for a Chapter 11 bankruptcy, the business will be able to continue operating. The debts of a business in Texas or elsewhere will be reorganized into more manageable payments pursuant to a court-approved plan. However, when a business files for this type of bankruptcy, the business must prove that the Chapter 11 plan is in the best interest of creditors. This means that the creditors would receive just as much as they would in a Chapter 7 bankruptcy. The recent Chapter 11 petition filed by Syms Corp. is being challenged on the basis of it not meeting the best interest of creditors test.

Texas clinic converts to Chapter 7 bankruptcy

There are different types of bankruptcies available to individuals, as well as, businesses. Each type of bankruptcy has its own advantages and disadvantages. The type of bankruptcy one should choose depends upon each individual situation, since each type has different consequences and benefits. Sometimes individuals or businesses begin a certain type of bankruptcy, but then decide to try to change to another type of bankruptcy. Such is the case with Sadler Clinic in Texas, which has just changed its Chapter 11 bankruptcy to a Chapter 7.

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