Galveston Bankruptcy Lawyers

High-end residence for the elderly files for bankruptcy

Posted on November 15th, 2011 No Comments

A high-end residency for the elderly called The Clare at Water Tower in Chicago filed for Chapter 11 bankruptcy from creditors.

The not-for-profit facility filed at the U.S. Bankruptcy Court in Chicago listing $100 million to $500 million in assets and liabilities. Its creditors include the Franciscan Sisters of Chicago Service Corp., Loyola University, the City of Chicago, and Greystone Development of Irving, TX.

The Clare at Water Tower is waiting on court approval to borrow $12 million from Redwood Capital Management LLC during the bankruptcy.

If you are considering bankruptcy and would like to speak with an experienced attorney about filing, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 today.

Texas-based electric company, Dynegy, files for bankruptcy

Posted on November 8th, 2011 No Comments

A restructuring plan has been established for the Texas-based electric company, Dynegy, which filed for Chapter 11 bankruptcy protection Monday evening.

Dynegy Holdings is responsible for most of the group’s debt. They, along with four associated companies, filed for bankruptcy protection. The parent company, Dynegy Inc., and its subsidiaries will continue to run most power plants and be out of bankruptcy protection.

In 2011 alone, Dynegy has had two failed takeover bids–one from Blacksone, and the second from its largest shareholder, Carl Icahn.

As of August, the group’s net debt was roughly $5.5B. $4.2B was owed by Dynegy Holdings, which has suffered from the fall in natural gas prices.

If you are considering bankruptcy, contact Galveston business bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to discuss your legal options.

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South-Central Texas bankruptcy filings experience year-over-year increase

Posted on November 3rd, 2011 No Comments

Last month, bankruptcy filings filed in South-Central Texas experienced a 10 percent year-over-year increase.

The data was reported by the U.S. Bankruptcy Court for the Western District of Texas in San Antonio. Experts say the increase reflects the growth in personal bankruptcy filings.

439 bankruptcies were filed at the court in October. Last year in October, 398 bankruptcies were filed at the court.

Chapter 13 bankruptcy filings filed last month increased by 13 percent compared to last year. A total of 269 Chapter 13 bankruptcies were filed at the court in October 2011. Chapter 7 filings increased by 9 percent from 149 in October 2010 to 162 last month.

If you are considering filing for bankruptcy and would like to speak with an experienced attorney about filing for Chapter 13 bankruptcy, contact the Galveston Chapter 13 bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 to learn more about the advantages of a Chapter 13 filing.

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Rafael Palmeiro asks for extension on property sale

Posted on October 26th, 2011 No Comments

Last week, former Texas Rangers player Rafael Palmeiro asked for more time to sell a property involved in his real estate bankruptcy filing.

The former professional baseball player asked creditors for five years to sell a 200-acre property located in Grapevine, Texas near the Grapevine Mills mall.

Palmeiro and partners purchased the property with an intent to develop it. Unfortunately, their plans fell through and they chose to file for bankruptcy.

Creditors in the bankruptcy are owed a total of more than $40 million.

If you or someone you know has questions about filing for bankruptcy in Galveston, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root by calling 281-332-4800 today.

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Personal bankruptcies down across the country

Posted on September 30th, 2011 No Comments

Data from the American Bankruptcy Institute and the National Bankruptcy Research Center reveals that personal bankruptcy filings are decreasing nationwide.

This month, personal bankruptcies filed in the U.S. have decreased by 17 percent compared to personal bankruptcies filed in September 2010. There have been 108,517 new personal bankruptcies filed across the country in September.

Personal bankruptcies filed in the U.S. from January through September are 10 percent lower than personal bankruptcy filings filed in the same time period in 2010.

Officials with the American Bankruptcy Institute predict that the total number of personal bankruptcy filings filed this year will be less than the total number of filings filed last year.

To speak with an experienced attorney about the benefits of filing for personal bankruptcy, contact the Galveston and Clear Lake personal bankruptcy lawyers of Gipson, Norman & Root by calling 281-332-4800 today.

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Debts discharged for singer Toni Braxton

Posted on August 31st, 2011 No Comments

Singer Toni Braxton, who filed her second bankruptcy filing last October, recently had several of her debts discharged. The singer filed for Chapter 7 bankruptcy, which allows for certain dischargeable debts to be cleared.

In her bankruptcy filing, Braxton listed $1.6 million in assets and $18.3 million in debts. The U.S. Bankruptcy Court in Los Angeles issued an order which states that most of Braxton’s debts that were eligible to be discharged were discharged.

Commonly discharged debts in Chapter 7 bankruptcy cases include business debts, personal loans, leases, and credit card debts. Creditors of these debts are prevented from taking action against people who filed for Chapter 7 bankruptcy and are relieved of their debts.

If you or someone you know is seeking legal advice on filing for Chapter 7 bankruptcy, contact the Galveston Chapter 7 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to learn more about how we can help you.

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Personal bankruptcies through June lower than 2010

Posted on July 13th, 2011 No Comments

Personal bankruptcies filed in 2011 through the month of June were 7.9 percent lower than the number of personal bankruptcies filed in the same time period last year. From January 1, 2011 through June 30, 2011, a total of 709,303 consumer bankruptcies were filed in the U.S.

In the month of June, 119,768 personal bankruptcies were filed in the country. June’s personal bankruptcy filings were 4.3 percent higher than a month before and 5 percent lower than a year before.

The American Bankruptcy Institute predicts that a total of 1.46 million bankruptcies will be filed in the U.S. this year. Last year, bankruptcies were the highest they have been since 2005 when new bankruptcy laws went into effect.

Contact the Galveston and Clear Lake personal bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800, if you or someone you know is seeking assistance filing for Chapter 7, Chapter 12, or Chapter 13 bankruptcy.

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May personal bankruptcy filings down from year before

Posted on June 8th, 2011 No Comments

The total number of personal bankruptcy filings filed in the U.S. last month was lower than the number of consumer filings filed a year before. The American Bankruptcy Institute recently reported that 114,803 people filed consumer bankruptcy petitions in May.

Last year, 136,142 consumer bankruptcy filings were filed in May. This makes a 16 percent year-over-year decrease in personal bankruptcy filings between May 2010 and 2011.

The ABI also reported that filings filed in the first quarter of this year — or from January through March — were 6 percent lower than filings filed in the first quarter of 2010.

Through March, 340,012 personal bankruptcies had been filed across the country.

If you or someone you know is considering filing for personal bankruptcy and would like to speak with an experienced bankruptcy attorney, contact the Galveston personal bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 today.

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American Apparel considers filing for bankruptcy

Posted on May 2nd, 2011 No Comments

Los Angeles-based clothing company American Apparel is considering filing for bankruptcy. In order to avoid bankruptcy, sources say that the company would need to raise between $20 million and $25 million.

American Apparel reported a 5 percent decrease in sales in 2010. In addition, revenues for the company decreased by around $8.6 million last year.

The company is estimated to currently have around $5.3 million in cash assets. However, reports indicate that it “may not have sufficient liquidity to sustain operations.”

If American Apparel decides to file for bankruptcy, the company’s largest creditors will most likely be Bank of America Corp. and Lion Capital.

To learn more about the business bankruptcy filing process, contact the Galveston and Clear Lake business bankruptcy lawyers of Gipson, Norman & Root by calling 281-332-4800 today.

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Blockbuster tries to break 187 leases

Posted on March 28th, 2011 No Comments

According to recent court filings, Blockbuster is trying to break 187 leases of stores that are located in 30 states.

The states include, California, North Carolina, Texas, Minnesota, Georgia, and Illinois. The movie-rental chain, Blockbuster Inc., is based in Dallas, Texas and filed for bankruptcy in September and announced a few months later that 187 stores would be closed.

Under the reorganization process of bankruptcy, unless a written objection is to filed, the leases will be rejected. An auction held by Blockbuster is set for April 4.

If you or your business is struggling from debt, you need representation on your side that will be able to discuss all of your options in order to find the best solution for yourself. Contact the Galveston chapter 11 bankruptcy lawyers of Gipson, Norman & Root, by calling 281-332-4800.

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