Understanding “automatic stay” in Chapter 11 Bankruptcy

Many individuals will find themselves in the frustrating situation when they can no longer manage the debts in their business. For those who are seeking freedom from overwhelming debts, filing Chapter 11 bankruptcy is worth considering, as they can be protected by “automatic stay.”

During an automatic stay, debtors are provided with a certain immunity by the court from their creditors, including unfavorable actions that could be done against them. For a period of time, debtors under automatic stay can have the peace of mind that their property will not be foreclosed or repossessed. Creditors are also prevented from insisting debtors make payments that they could not afford. Debtors who have filed for bankruptcy, however, should note that creditors could go after their property and liquidate it if it has nothing to do with the filing.

If you have considered filing for Chapter 11 Bankruptcy, enlisting a skilled attorney is important, especially if you want to make sure that you get the best judgment you deserve. Find out how an attorney of Bradford Law Offices, PLLC in Fayetteville may work for you today by calling (919) 758-8879.

New Southern Season owner will continue brand’s legacy

A December 1 article of Triangle Business Journal said the company that recently acquired the Southern Season store in Chapel Hill, North Carolina will continue to use the brand known and appreciated by patrons.

Calvert Retail CEO Eric Brinsfield confirmed they will continue operating Southern Season and will add products to further improve the business its patrons know and love. Brinsfield reportedly traveled to North Carolina several times so he could become acquainted with the business. Calvert Retail acquired Southern Season for $3.5 million in August after it sought bankruptcy protection in June. Patrons of the gourmet retailer in Chapel Hill should expect to be delighted by additional products offered by the company. Bankruptcy documents revealed that Southern Season had over $18 million worth of liabilities.

In Fayetteville, the attorneys at the Bradford Law Offices, PLLC understand that many businesses struggle from hefty debts. However, if you have fallen into serious financial troubles, we can work on your behalf if you decide to file for bankruptcy protection. Call us today at (919) 758-8879 to find out how we could help you with your situation.

Internet telephony company Avaya considering bankruptcy

A Chapter 11 Bankruptcy is being considered as an option by multinational firm Avaya Inc., to possibly lessen their financial problems, an article in The Wall Street Journal reported on November 23.

Information coming from the people who have known about the issue revealed that Avaya may file for bankruptcy this coming December after securing a deal with a potential investor. Reports said Avaya’s long-term debt as of June is $6 billion and the bankruptcy filing will be considered to lessen it. The company reportedly had accumulated debts after experiencing losses for years. Part of the bankruptcy, Avaya would allow some other creditors to own shares for settlement. The sources also noted that a company is being anticipated to acquire Avaya in a bidding for $4 billion.

The Fayetteville attorneys of the Bradford Law Offices, PLLC work for business owners who have decided to file for bankruptcy to address their financial problems. If you are in such difficulty, we may offer you all the legal support you need to make sure you get the best deal in the process. Call our office today at (919) 758-8879 to learn more about your options.

American Apparel’s assets to be acquired after bankruptcy filing

A Canadian clothing company expressed interest in acquiring some assets from American Apparel after it filed for bankruptcy a second time, an article of Winston-Salem Journal reported on November 14.

According to reports, Gildan Activewear Inc. said they will acquire $66 million worth of American Apparel’s assets. The Los Angeles-based company reportedly intended to sell their assets to Gildan in the second bankruptcy filing as the federal court is expected to auction American Apparel’s assets. Court filings revealed that only American Apparel’s intellectual property rights and its 1.5 million square foot facility will be acquired by Gildan. The possible acquisition would not include the 110 outlets of American Apparel, Gildan said. The second Chapter 11 bankruptcy filing of American Apparel came several months after they exited from a previous filing.

The Fayetteville attorneys of the Bradford Law Offices, PLLC work for business owners who decide to file for bankruptcy. If you are in such a situation, we may be able to tirelessly work on your behalf to make sure you get the deal you deserve. Learn more about your legal options today by calling (919) 758-8879.

NC wallboard manufacturer seeks bankruptcy protection

A construction material manufacturing company recently decided to seek Chapter 11 Bankruptcy protection in the Western District of North Carolina.

Reports revealed that the company, Kaiser Gypsum, Inc., was facing 38,000 lawsuits from people who claimed to develop illnesses from asbestos exposure. The company reportedly manufactured drywall and wallboard that contained chrysotile asbestos. Kaiser claimed to have settled millions of dollars in the last four decades, but roughly 14,000 asbestos lawsuits were still open before the company filed for bankruptcy. 

Chapter 11 Bankruptcy can be a potential solution to severe economic problems. If you are in such situation in Fayetteville, an attorney at the Bradford Law Offices, PLLC may guide you through the filing process. Learn more about your options today by calling (919) 758-8879.

Things examiners do in Chapter 11 Bankruptcy cases

In some instances of Chapter 11 Bankruptcy, the court may appoint an examiner to the  case to provide assistance to the trustee. Below are the following roles that an examiner could have in a bankruptcy case:

  • Monitor and conduct investigations regarding the debtor’s business or the case itself.
  • Submit a report to the bankruptcy court.
  • Act as a mediator between debtor in possession and creditors to solve conflicts or even file a reorganization plan.

Business owners who have filed for Chapter 11 Bankruptcy should know that the examiners appointed in the case only do functions that are assigned to them by the court. While examiners could be assigned to do things that the trustees do, they should not be mistaken as trustees.

Filing for Chapter 11 Bankruptcy is a complicated process that can leave many business owners confused. However, if this is happening to you, a skilled lawyer may offer you legal assistance to make sure you get the best deal in the whole process. Discuss your situation with a Fayetteville Chapter 11 bankruptcy lawyer of the Bradford Law Offices, PLLC in Fayetteville today by calling (919) 758-8879.

Struggling Aéropostale expected to complete Chapter 11 Bankruptcy

American teen clothing company Aéropostale is expected to exit from Chapter 11 Bankruptcy, giving them a possibility to improve their business, an article of Fortune reported on September 13.

Reports said Aéropostale will continue to operate with 229 outlets after a federal judge gave them a go signal to maintain 7,000 employees and continue operations. The struggling clothing company filed for bankruptcy in May. Landlords Simon Property Group and General Growth Properties made a $243 million bid to save most of the stores from being liquidated. Though Aéropostale was given a relief in the process with much smaller operations, they will need to adjust to their direct competitors who have established their names in the clothing industry.

Chapter 11 Bankruptcy, fortunately, is a viable option for entrepreneurs who want to improve their financial footing. If you are in such situation, we may be able to offer you legal options so you can recover from your burden. Find out how the attorneys at the Bradford Law Offices, PLLC may advocate on your behalf today by calling (919) 758-8879.

Cities Bar and Grill seeks bankruptcy protection

Winston-Salem-based restaurant “Cities Bar and Grill, Inc.” had recently filed for Chapter 11 Bankruptcy protection in the U.S. District Court, an article of Winston-Salem Journal reported on September 7.

Reports said, vice president Sammy Ballas on August 25 forwarded their bankruptcy papers and its owners were given a December 23 deadline to file their restructuring plan. Though the Ballas’ family did not comment on the bankruptcy filing, documents showed that they have liabilities worth $3.01 million, while their assets listed were $3.29 million. The bulk of the company’s debt, $2.91 million were in the form of secured property claims. The filing revealed that Cities Bar and Grill had started to experience a reduction in gross revenues since 2015.

The lawyers of the Bradford Law Offices, PLLC represent Fayetteville business owners who have decided to file for Chapter 11 Bankruptcy. We strongly believe that every person deserves to have a second chance to become successful with their chosen venture. Call our office today at (919) 758-8879 to find out how we may legally assist you in the filing process.

Gawker Media Files Chapter 11 Bankruptcy

Gawker media has announced that it will be seeking chapter 11 bankruptcy protection as the company has recently been involved in several expensive lawsuits that resulted in hefty fines for the media giant. The most notable of these lawsuits was a $140 million verdict awarded to Hulk Hogan over Gawker leaking Hogan’s personal video.

Gawker Media will continue its normal operations as prescribed under the chapter 11 Bankruptcy Code. Gawker has also recently announced that the company’s assets will be liquidated in order to fund the appeal of Hogan’s trial. The company and its seven main media brands are expected to be sold at auction later this year to several interested media corporations. The parent company of Gawker Media states that this liquidation will preserve Gawker Media Groups’ other assets as well as save Gawker Media jobs.

If you or someone you know is considering filing chapter 11 bankruptcy, the legal professionals of Bradford Law Offices, PLLC are here to help. Our attorneys are dedicated to helping people make the most out of the bankruptcy system. Contact our office at (919) 758-8879 today!

Logan’s Roadhouse plans to reorganize through bankruptcy

Popular steakhouse chain “Logan’s Roadhouse” announced on August 8 that they filed for Chapter 11 Bankruptcy in Delaware so they could improve their profitability by reorganizing the business, Knoxville News Sentinel reported.

Reports said at least 18 Logan’s restaurants with poor performance are going to be shut down. Although Logan’s has 256 locations in several states, including North Carolina, they saturate the Nashville area. The bankruptcy filing did not identify which stores are affected. Logan’s said that employees in the stores shutting down will either be reassigned to other branches or receive assistance finding other jobs. Court documents revealed that Logan’s listed $12. 9 million worth of assets while their liabilities amounted to $525.4 million. They have worked with their creditors since June to attempt to settle their debts.

Filing for business bankruptcy is a great opportunity for struggling businesses to improve their finances and reinvent themselves. If you decide to restructure through bankruptcy in Fayetteville, get in touch with the Bradford Law Offices, PLLC. Find out how we may work for you today by calling (919) 758-8879.

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