Red Hawk Farming & Cooling and LBJ Farms out of Casa Grande, Arizona filed for chapter 12 bankruptcy earlier this month.  Chapter 12 bankruptcy provides a more viable option for family farmers and allows the farms to reorganize, while still continuing operations, similar to chapter 11 bankruptcy.

A spokesperson for the farms said that they began to struggle after taking loans out for a farming venture that they were unable to pay back.  LBJ Farms is said to owe more than $4 million to Wells Fargo Bank.

Red Hawk and LBJ Farms grow watermelons and cantaloupes.  Together the two farms owe money to around 50 creditors including the National Watermelon Promotion Board, the Arizona Department of Agriculture, the U.S. Department of Labor, and many more.

If you or someone you know works in farming or fishery and is considering filing for bankruptcy, chapter 12 bankruptcy protection may be the best option for you.  Contact the Galveston chapter 12 bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 to set up an appointment to discuss chapter 12 bankruptcy with an experienced bankruptcy attorney today.

In 2010, total chapter 13 bankruptcy filings increased by 8 percent from 2009.  Last year, a total of 438,913  chapter 13 petitions were filed in the United States.  In 2009, only 407,000 cases of chapter 13 were filed.

According to the U.S. Court System, chapter 13 filings were only topped by chapter 7 bankruptcy filings.  In 2010, 1.1 million chapter 7 petitions were filed across the country.

Chapter 13 bankruptcy allows individuals a chance to restructure their finances under the supervision of a federal bankruptcy court.  Also, individuals may be able to avoid home foreclosure with this option for bankruptcy protection.

Contact the Galveston chapter 13 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 today, if you or someone you know would like to speak with an experienced bankruptcy lawyer about chapter 13 bankruptcy protection.

Earlier this month, Seahawk Drilling Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Corpus Christi.  The drilling service company plans to sell its assets to an offshore drilling company, Hercules Offshore Inc.

“It is imperative to commence the process approving the sale to Hercules, which the debtors’ believe will result in the highest value for the debtors’ assets.  Because of the lack of capital, continued operation of the debtors’ business without a sale of the purchased assets is not an option,” stated Seahawk Drilling CEO Randall Stilley.

In the bankruptcy filing, Seahawk listed between $500 million and $1 billion in both assets and liabilities.

Contact the Galveston chapter 11 bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 today, if you or someone you know is a business owner considering filing for bankruptcy and looking for experienced representation to help you through the process.

Today, Borders Group Inc. filed for Chapter 11 bankruptcy and announced that they will be closing at least 200 bookstores across the country, or about 30 percent of the company’s stores.  Borders Group owns both Borders and Waldenbooks stores.

Chapter 11 bankruptcy will allow the bookseller to reorganize the business and pay off any creditors while still keeping some stores open and operating.  Borders noted that they will keep all of their customer programs the same including gift cards and the Borders rewards program.

Borders Group Inc. President Mike Edwards stated, “It has become increasingly clear that in the light of the environment of curtailed customer spending…and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor.”

If you are a business owner considering filing for commercial bankruptcy in Galveston, contact the Galveston chapter 11 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 today.