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.

U.S. Representative Ruben Hinojosa  filed for bankruptcy protection in December after his family’s meat company in Mercedes, Texas had been suffering financially.  Hinojosa serves on the House Financial Services Committee and graduated from The University of Texas in Austin with a degree in business administration.

According to court documents, Hinojosa listed $2.9 million in liabilities and $1.5 million in assets.  $2.6 million of his liabilities are said to be owed to Wells Fargo Bank for a loan he took out for H&H Meat Products Co..  Hinojosa says that while he was not managing the company for the past 14 years, he still had personal obligations to the company because of a line of credit.

Hinojosa told reporters that filing for bankruptcy will allow him to schedule a repayment plan to cover his debts.  In addition, he noted that he will try to repay creditors and exit bankruptcy as soon as possible.

If you or someone you know is considering filing for consumer or commercial bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to learn more about the benefits of filing for bankruptcy in Texas.

Monday, the House Majority leader, Eric Cantor, reported that the federal government is not willing to bail out states that are struggling financially and considering bankruptcy.  He also noted that he does not agree with the proposal that states should be allowed to declare bankruptcy to fix their economy.

The issue arose earlier this month with Texas Senator John Cornyn asked about the possibility of a state filing for bankruptcy at a Senate hearing.  Leaders in Congress and federal officials, including Federal Reserve Chairman Ben Bernanke, would not commit to allowing or not allowing state bankruptcies.

A spokesperson for Senator Cornyn later said that “bailing a state out is not an option”.

Contact the Galveston chapter 7 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 today, to learn more about filing for Chapter 7 bankruptcy in Texas.

Today, Blockbuster Inc. lenders approved two deadline extensions for the movie rental company.  Blockbuster entered Chapter 11 bankruptcy in September and has expressed hopes of exiting bankruptcy sometime this year.

Lenders Monarch Alternative Capital LP and Carl Icahn approved extensions for Blockbuster to chose a CEO and turn in a reorganization plan.  Blockbuster is now expected to turn in their business reorganization plan to lenders by February 4th and to the U.S. Bankruptcy Court in New York by February 11th.  Executives at Blockbuster have stated that they expect the current CEO, Jim Keyes, to remain at his position through the bankruptcy process.

To discuss filing for Chapter 11 bankruptcy in Galveston with a compassionate  and experienced bankruptcy attorney, contact the Galveston chapter 11 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to set up an appointment.

After a steep increase in the number of bankruptcy filings in 2009, South Central Texas saw a small decrease in 2010.  According to the U.S. Bankruptcy Court for the Western District of Texas located in San Antonio, the number of bankruptcy filings dropped by 2 percent in 2010.

In 2009, 5,106 bankruptcies were filed at the U.S. Bankruptcy Court for the Western District of Texas.  In 2010, 4,997 bankruptcies were filed.  The number of Chapter 7 commercial liquidation bankruptcy filings in San Antoino totaled 46 in both 2009 and 2010.  However, Chapter 11 commercial reorganization bankruptcies dropped from 90 filings in 2009 to 70 in 2010.  From 2005 to 2008, Chapter 11 bankruptcies in South Central Texas stayed in the low 20′s.

If you or someone you know would like to talk with an experienced bankruptcy attorney about how filing for commercial bankruptcy can help your business, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 today.