According to recent media reports, Samson Resources Corp has a signed an updated reorganization agreement in hopes of exiting the Chapter 11 bankruptcy process. The oil and gas drilling company originally filed for Chapter 11 bankruptcy protection in September of 2015. However, since that time, the company has been in a battle with some of its creditors over its restructuring plan. The company hopes that its revised Chapter 11 reorganization plan will finally get approval from objecting creditors or alternatively allow it to defeat them in bankruptcy court. Once either occurs, the company will be able to move forward in the Chapter 11 process.
Chapter 11 bankruptcy is to designed to help companies reorganize their obligations so that they can emerge stronger and healthier. If a business is going to keep operating after going through bankruptcy, then it is critical that the company is able to keep important talent. If too many key employees leave during the restructuring process, the company will have a much harder time going forward. The entire purpose of reorganizing may be undermined. An experienced San Jose business bankruptcy attorney can help your company devise strategies to retain important executives.
Life happens. Sometimes we get behind in paying a bill or two. No one is perfect 100 percent of the time. All too easily can we fall into the slippery slope of debt, which for many is becoming increasingly difficult to climb out of. When does a minor slip-up cross over into the realm of impossibilities? When is the right time, if ever, to file for bankruptcy? While missing a payment here and there is forgivable, sometimes due to unforeseen circumstances, catching up is just out of reach and bankruptcy is the only option.
Many business owners that have fallen behind on their financial obligations are concerned as to whether they will be able to file for bankruptcy and keep their business. The answer to this question depends on a variety of factors, including the way in which your business is organized and whether you are personally liable for business debts. The good news for business owners is that, in many instances, they will be able to file for some type of bankruptcy and keep operating their business. If you are considering business bankruptcy, it is important to understand what types of bankruptcy may be available to you.
Determining whether bankruptcy is the right decision for you depends on a number of factors. Over the past few years, there has been an increase in pro se bankruptcy filings. In fact, western states have the highest percentage of people filing for chapter 7 or 13 bankruptcy without the assistance of an attorney. Most consumers file for bankruptcy hoping that it will afford them a fresh start, but federal reforms to bankruptcy laws in 2005 have made consumer bankruptcy cases more complex. It is important to understand common mistakes that can be made along the way for individuals who have considered filing for bankruptcy without an attorney.
According to recent reports, the average amount of student loan debt for a 2015 college graduate is $35,000. Not only has that number steadily increased in recent years, a greater percentage of students are taking out student loans to help finance their college education. Given the staggering amounts of student debt and the weak job prospects for graduates coming out of college, it comes as no surprise that we are seeing the highest rate of defaults since 1995. As a result, those borrowers may be facing a crippling amount of student debt and even considering filing bankruptcy.
When you file for a bankruptcy in California, you may exempt, or protect, some of your property from creditors. In a Chapter 7 bankruptcy, you are allowed to keep this property. In a Chapter 13 bankruptcy, exempt property will not be counted towards the value of your assets, which ultimately reduces your monthly payments to creditors.
Sometimes, it is very easy or tempting to ignore paying bills, such as taxes, student loans or even a court judgment entered against you. If you continue to ignore your debts for a significant period of time, creditors or debt collectors will take the next step and hit you where it hurts most-your wallet, and move to garnish your wages and/or bank account(s). However, garnishment of your wages or bank account will not occur until the court intervenes and issues a judgment requiring your employer to withhold wages or portions of your bank account(s) to pay back outstanding debts.
When you stay in possession of an apartment or leased property after the expiration or termination of the lease, and you refuse to leave, your conduct, in the eyes of the law, is defined as an unlawful detainer. These actions are common when the landlord of the property is attempting to evict tenants that do not pay rent or expose the property or other tenants to danger. Landlords are required to use this process because under California law, they are not permitted to engage in any self-help remedies to remove a tenant who refuses to leave.
Deciding when to file for bankruptcy is a stressful decision for anyone to make. But, even after deciding what type of bankruptcy to file, you have to determine if you qualify for the type you so desire. Most people opt for chapter 7 bankruptcy because it discharges unsecured debt, unlike chapter 13, which restructures your debt but requires the debtor to still make repayments