On behalf of Ivey, McClellan, Gatton & Talcott, L.L.P. posted in Chapter 7 on Friday, May 18, 2012
As we wrote about recently on this blog, the woman known to millions of people around the world and in North Carolina as Octomom filed for bankruptcy. Nadia Suleman said last month that she needed a fresh start; she also wanted to halt a foreclosure auction of her home.
However, despite the financial burdens she faced, the bankruptcy is not going to happen, at least as originally envisioned. For reasons that are not clear, Suleman failed to properly submit the paperwork required by the bankruptcy court, which threw out her case. Suleman had been tasked by the court to complete and turn in about a dozen financial documents and statements.
On behalf of Ivey, McClellan, Gatton & Talcott, L.L.P. posted in Chapter 11 on Saturday, May 12, 2012
Even the best-known companies sometimes have to file for bankruptcy. One of the latest to do so is a publishing company well known to generations of North Carolina readers. Houghton Mifflin Harcourt will enter Chapter 11 bankruptcy in an agreement it made with many of its creditors.
The company ran into trouble when a private equity company from Ireland purchased Houghton Mifflin in 2006 and Harcourt in 2007, borrowing heavily to do so. The new company, renamed Houghton Mifflin Harcourt, took on a large debt burden that it was unable to free itself from.
On behalf of Ivey, McClellan, Gatton & Talcott, L.L.P. posted in Chapter 7 on Tuesday, May 1, 2012
Sometimes, the financial burdens of life overwhelm us. Many people in North Carolina and around the country might wake up one day and realize they are in over their heads; for others, the realization is more gradual. Regardless of how things come to be, some people need debt relief in a serious way.
One person who is about to go through the process is Nadya Suleman -- better known as Octomom after she gave birth to eight babies in 2009. Suleman filed for Chapter 7 bankruptcy this week and may have debts of up to $1 million. It's no wonder that she is having financial difficulty; in addition to the eight children who are now 3 years old, Suleman is raising her six older children by herself as well.
On behalf of Ivey, McClellan, Gatton & Talcott, L.L.P. posted in Business & Commercial Bankruptcy on Tuesday, April 24, 2012
As many business owners in North Carolina will tell you, owning a business has a great many benefits: being your own boss, developing your entrepreneurial spirit, and creating jobs for your fellow North Carolinians. And if things don't work out, there is an option for that too: filing business bankruptcy.
However, there is at least one prominent business for whom that is not an option, at least right now: the United States Postal Service. The agency is a quasi-public agency that is responsible for hundreds of thousands of employees and retirees collecting pensions. However, rather than opt to file for bankruptcy to stop the bleeding, the Postal Service must go on. However, consumers could feel the sting from some massive cuts to service.
On behalf of Ivey, McClellan, Gatton & Talcott, L.L.P. posted in Chapter 11 on Friday, April 20, 2012
The auctioning of a historic North Carolina hotel was put on hold after the hotel's owner suddenly filed for Chapter 11 business bankruptcy. The filing has indefinitely delayed the forced auction of the Hotel Prince Charles in Fayetteville, North Carolina.
The bankruptcy filing is the latest in a string of events that have stemmed from a dispute between the hotel's owner and the city of Fayetteville. The hotel's owner purchased the building for nearly $2 million at a foreclosure auction in 2007. However, since that time, one issue after another has driven a wedge between the owner and the city.
On behalf of Ivey, McClellan, Gatton & Talcott, L.L.P. posted in Personal Bankruptcy on Friday, April 13, 2012
Many people in North Carolina are eager to file their tax returns every year so they can get their refunds as soon as possible. The average tax refund in 2011 was nearly $3,000, so people who have money coming back to them often want to get it as soon as they can.
What people are increasingly using that money for, however, may be surprising. According to a new study, more than 200,000 people will use the money from their tax refunds to file for consumer bankruptcy.
On behalf of Ivey, McClellan, Gatton & Talcott, L.L.P. posted in Personal Bankruptcy on Friday, April 6, 2012
For many families in North Carolina, debts from medical bills are making day-to-day life difficult. While credit card and other consumer debt have increased as well, medical bills have a tendency to escalate in an explosive manner, sometimes leading people to file for bankruptcy.
A new survey confirms that Americans are struggling with paying their medical bills. The study, conducted by the Centers for Disease Control, revealed that 20 percent of Americans are having trouble paying those bills. And up to half of them are unable to pay any money at all toward them.
On behalf of Ivey, McClellan, Gatton & Talcott, L.L.P. posted in Chapter 11 on Friday, March 30, 2012
A North Carolina-based contract research firm announced earlier this week that it has filed for Chapter 11 bankruptcy. Cetero Research said that it might be purchased as a result of the bankruptcy filing; if this happens, the new owners would be absolved from any liability from potential lawsuits over issues that have been raised by the federal Food and Drug Administration.
While there are about 20 employees at the company's headquarters in Cary, North Carolina, there are nearly 1,200 throughout North America. Those jobs do not appear to be in immediate danger; in fact, a company spokeswoman said that all of the company's sites are currently hiring new workers.
On behalf of Ivey, McClellan, Gatton & Talcott, L.L.P. posted in Personal Bankruptcy on Friday, March 23, 2012
Like Americans all over the country, many people in North Carolina are suffering from overwhelming debt and don't know what to do about it. For some people, filing for personal bankruptcy may be a good option. It may not seem so at first until people realize that Americans from all walks of life, even those who have earned millions of dollars in their lifetimes, sometimes need to file for bankruptcy.
One such person that many people wouldn't think would need to file for bankruptcy is a former NBA player. After all, salaries routinely exceed $1 million a year for players who are not stars, and for those who are, endorsement deals can pump up their earning potential. However, one recently retired player, Antoine Walker, is in enough financial trouble that he recently sold one of the most sought-after items an NBA player could have: a championship ring.
On behalf of Ivey, McClellan, Gatton & Talcott, L.L.P. posted in Chapter 11 on Thursday, March 15, 2012
A judge in Greensboro, North Carolina, has delayed a decision on allowing three tobacco companies the opportunity to exit their bankruptcy proceedings. The pretrial hearing was continued until May 1. The three companies -- Renegade Holdings, Renegade Tobacco and Alternative Brands -- entered Chapter 11 bankruptcy protection in 2010 for the second time in a year and a half.
At the heart of the dispute is the amount of money owed to the National Association of Attorneys General. The group says the amount is more than $16 million, but the bankruptcy trustee for the tobacco manufacturers says the amount is less than half of that, putting the figure at just under $8 million.
