Benefits of “automatic stay” in Chapter 11 Bankruptcy

For some businessmen who found themselves dealing with great financial issues, filing for Chapter 11 Bankruptcy could be one of their best options to possibly have temporary immunity from the hassles of debts.

Debtors who are undergoing this bankruptcy procedure are protected by “automatic stay”, allowing them to focus on how they could reorganize their business or look for a potential investor who could salvage their business. During an automatic stay, untoward actions for debtors, like foreclosure, repossession, or collections, are not permitted by the court. However, there are some situations where creditors may ask the judge to go after a debtors’ property, like if it is not necessary to the filing or the debtors does not have a share of the property.

Filing for Chapter 11 Bankruptcy could be a complicated process if you are not familiar with the law and its technicalities. However, if you are looking at filing in Raleigh, an attorney of Bradford Law Offices, PLLC may work for you. Call us today at (919) 758-8879 to learn more about your options.

Teen apparel company in N.C. expected to file for bankruptcy

Another well-known teen apparel company with branches in North Carolina is expected to seek bankruptcy protection due to stiff competition with new brands, a January 3 article of The News & Observer reported.

According to reports, at least 240 stores of “The Limited” are expected to cease operating, as their sales have dropped significantly. There were branches of the store in some parts of North Carolina where other well-known brands of teen apparels could also be found. Earlier reports revealed that apparel brands like Abercrombie & Fitch, Aéropostale, and Pac Sun, already sought bankruptcy protection in 2016 after their sales became affected by other teen apparel brands like H&M and Uniqlo. The filing could also be coming for The Limited because two of their top officials resigned.

The attorneys of Bradford Law Offices, PLLC in Raleigh represent struggling businesses who have decided to resolve their financial woes through a bankruptcy filing. If you are in such situation, we may offer you legal assistance in the filing process to make sure you get the best deal you deserve. Learn more about your options from us today by calling (919) 758-8879.

Flash storage pioneer Violin Memory files for bankruptcy

California-based technology company Violin Memory recently revealed they filed for Chapter 11 bankruptcy after failing to keep up with the stiff data storage competition, an article of CRN reported on December 15.

According to reports, Violin Memory plans to sell their assets in an auction as part of the bankruptcy filing. Though the company was a pioneer of “flash storage” technology, they have not used it to their advantage against competitors. The company reportedly started experiencing hardships after several computing companies began making their own versions of the flash storage technology. Reports also revealed that its stocks plummeted significantly after the company went public.

In the tough situation that you are experiencing hardships in running your business due to financial problems, enlisting a skilled attorney is important, especially if you have decided to file for bankruptcy. Get in touch with the Raleigh attorneys at the Bradford Law Offices, PLLC today by calling (919) 758-8879 to learn more about your options.

Southern Season to continue operation despite ownership change

Delaware-based company Calvert Retail recently said it will continue to operate Southern Season in Chapel Hill, North Carolina, an article of Triangle Business Journal reported on December 1.

The confirmation came from Calvert Retail CEO Eric Brinsfield after the company acquired Southern Season for $3.5 million in August. According to reports, under its new owner, Southern Season will be the same store for many of its patrons, but with additional products. In a statement, Brinsfield said his main concern is broadening their operation in Chapel Hill because they have committed to continuing the Southern Season brand. Southern Season sought bankruptcy protection in June, listing over $18 million worth of liabilities at that time.

Fortunately, bankruptcy could be a viable option for businesses that have been struck with overwhelming financial issues. However, if you have decided to file for bankruptcy, an attorney of the Bradford Law Offices, PLLC in Raleigh may be able to work for you. Call us today at (919) 758-8879 to see how we can offer you legal assistance.

Logan’s Roadhouse promise to improve more after bankruptcy

Well-known casual dining restaurant chain in the U.S., Logan’s Roadhouse, is expected to make major improvements to their marketing strategy after announcing that they have exited Chapter 11 Bankruptcy, an article of Dayton Daily News reported on November 30.

According to reports, one of Logan’s Dayton, Ohio outlets ceased operation in September, claiming that they failed to afford the renegotiation process for the location’s lease as the rent is costly—an excuse used in the shutting down of over 30 restaurants that were “underperforming”. Logan’s reportedly owns 195 stores and has 26 franchises in 20 states, including some in North Carolina. In a statement, senior managing director Nishant Machado said that they have been committed and consistent in bringing back Logan’s. In August, the company filed for bankruptcy for a chance to reorganize the company and reduce their overwhelming debt of roughly $400 million. Logan’s was able to reduce its debt to over $100 million through a bankruptcy procedure.

Filing for bankruptcy, fortunately, is a viable solution for struggling business owners to figure out how to improve their business. If you are in such situation in Raleigh, the attorneys of Bradford Law Offices, PLLC may represent you. Call us today at (919) 758-8879 to find out how we may help you recover from your financial footing.

Avaya nearing to file for bankruptcy protection

Multinational Internet-Telephone firm based in Santa Clara, Ca., Avaya is expected to file for Chapter 11 Bankruptcy to address their massive debts, as well as auction their assets, a report of Market Watch stated on November 25.

Reports revealed that the company had been burdened by too much debt and that the filing could come this coming December. According to records, Avaya has $6 billion worth in debts. People who are well-versed with the issue told reports that Avaya could only file for bankruptcy if they have first secured a buyer for the company. Sources also said that Avaya is being considered to be bought for $4 billion by Clayton Dubilier & Rice LLC. Avaya’s assets that will be liquidated are going to be used to settled some of their older debts. Avaya has been known for providing advanced business communication solutions.

In the situation that your business is struggling with overwhelming debts, working with a skilled legal counsel is important for you to know other options to recover from debts. Find out how the attorneys of Bradford Law Offices, PLLC in Raleigh may represent you today by calling (919) 758-8879.

American Apparel seeks bankruptcy protection again

Los Angeles-based clothing line American Apparel filed for Chapter 11 Bankruptcy on November 14, several months after they completed a previous bankruptcy filing, an article of USA Today reported.

According to reports, the second bankruptcy filing was considered after the company’s recovery plan failed to save the company as expected. In fact, American Apparel’s recent annual sales record dropped by 33 percent, according to Mark Weinstein. Reports also showed the company was unsuccessful in their efforts to boost sales after Paula Schneider stepped down in September as the company’s new CEO. Though the financial support needed by the company has been secured, it is expected to be exhausted before 2017.

Filing for Chapter 11 bankruptcy, fortunately, is a viable option for business owners who want to give their venture a second chance. If you are facing bankruptcy, consulting an attorney is a critical step to get you the best result in the process. Call an attorney at the Bradford Law Offices, PLLC in Raleigh today at (919) 758-8879 to learn more about your options.

Caesars Palace Parent Company Begins to Exit Bankruptcy

The Caesars Entertainment Operating Co (CEOC) main casino operating unit filed for Chapter 11 bankruptcy back in January of 2015. The bankruptcy came as the result of $18 billion of debt owed by the company to creditors. Recently, after more than a year of intense legal proceedings, the Caesars entity has formulated a plan of action for exiting bankruptcy. The plan that CEOC has come up will require up to $3.8 billion in cash of financing, which the casino will need to raise from third party creditors.

The Caesars parent company’s plan for exiting bankruptcy involves dividing the main bankrupt unit into a casino operator and a real estate investment trust, which would both be controlled by creditors. Also in aid of repaying debts, Caesars Acquisition Co agreed to sell its online games unit for $4.4 billion cash.

Many businesses incur debts as they develop, and sometimes these debts are insurmountable with given revenues and financing, requiring the companies to appeal to alternate methods of repayment. There are many ways for a company to do this, and they aren’t always obvious. If your business is considering bankruptcy, the Raleigh business bankruptcy attorneys of the Bradford Law Offices, PLLC can use their experience when helping to formulate a strategy to help your business recover. Call us at (919) 758-8879 to learn more about how our attorneys can assist your particular situation.

3 types of claims under Chapter 12 Bankruptcy

Families who own and operate a farm or fishery in North Carolina often find themselves burdened by financial problems as their businesses are greatly affected by natural disasters every year. Individuals who are allowed by the court to file for Chapter 12 Bankruptcy should know that the filing has three claims according to the law.

  • Priority claims, or any of the expenses related to the debtors’ unsettled taxes and any expenses incurred in the whole duration of the court trial.
  • Secured claims, or the amount that the creditor could legally liquidate if debtors fail to fulfill the repayment plan approved by the court.
  • Unsecured claims are the amount owed by debtors from creditors who have no guarantee of recovering the amount of debt owed to them.

Individuals should know that the claims may vary depending on the repayment plan allowed by the court. If you want to seek financial freedom through Chapter 12 Bankruptcy in North Carolina, the attorneys at the Bradford Law Offices, PLLC may represent you. Learn more about your options from us today by calling (919) 758-8879.

Several Aéropostale outlets in NC to remain open after bankruptcy

Well-known American apparel brand Aéropostale is planning to retain hundreds more of its stores than anticipated, including some in North Carolina area, after their bankruptcy procedure, according to an article in the Triangle Business Journal.

Reports said that Aéropostale will retain their five outlets in the Triangle that have been included in the partial list of the stores they are considering to cease after filing for Chapter 11 Bankruptcy last May. The company reportedly initially have decided to retain 504 outlets nationwide under new ownership. The big portion of Aéropostale share is currently owned by Simon Property Group Inc. and General Group Properties. According to CEO and chairman of Simon Property Group, David Simon, they are planning to give another opportunity for some of the Aéropostale stores.

Bankruptcy, fortunately, is worth considering if you have yet to figure out how to further improve your business. If you are considering filing for bankruptcy in Raleigh, the legal team of the Bradford Law Offices, PLLC may work on your behalf. Call our office today at (919) 758-8879 for your legal representation.

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