Recent Posts in Bankruptcy in the News Category

This Wednesday, it is reported that Visteon Corp. asked a federal bankruptcy court for approval of a $700 million bankruptcy exit financing plan.  If the plan is approved by the US bankruptcy court in Delaware, Visteon Corp. has plans to exit bankruptcy around the end of September or early October.

In court filings, it has been shown that Visteon Corp. is working with Morgan Stanley as the lead arranger for the deal which involves a $500 million senior secured loan term as well as a $200 million senior secured asset base revolving account.

This week, a confirmation hearing will be held to approve or deny the plan.  Visteon Corp. said that shareholders and creditors approve the plan, which would allow the company to exit bankruptcy after a period of 16 months.  Visteon Corp. is the former parts unit of Ford and spun away from the automaker in 2000 and filed for Chapter 11 bankruptcy just last year.

If you are planning to file for bankruptcy and will likely go representation you can, contact the Stone Law Firm and set up a consultation with a Salt Lake City bankruptcy lawyer.

This Monday, court documents revealed that days after filing for Chapter 7 bankruptcy last year, star of The Real Housewives of New Jersey Teresa Giudice spent $60,000 on high-end furniture.

At this time, Giudice and her husband Joe are in debt of $10.8 million.  Recently, they appeared in U.S. Bankruptcy Court to discuss the August 22nd auction of their personal belongings. However, the auction was delayed until October so every item's value could be re-evaluated.

Many people are shocked to learn that shortly after filing for bankruptcy, Giudice went on a huge shopping spree. She bought $45,000 worth of blogging, Mears, tables and chairs from high-end stores.

After court proceedings, Teresa refused to comment. 

While appearing on The View this month, Giudice she never lived beyond her means and only spent money that she thought she had.  She said that her husband never told her about their massive debt because he didn't want to worry her.

Planning to file for bankruptcy in Utah? Contact us to set up a consultation with the Salt Lake City bankruptcy lawyer.

This week news sources reported that bankruptcy filings throughout the nation have reached their highest level in five years between the months of April and June. At this time period, bankruptcy filings increased by 11% compared to the same time frame in 2009. Government data was released this Wednesday showing the elevation in bankruptcy filings.

This year, there were 422,061 bankruptcy filings between January and March. Last year, there were 388,148 bankruptcy filings.

Government data showed that filings exceeded 400,000 for the first time since a record of 667,431 filings reported in the fourth quarter of 2005.

The fiscal year ended June 30^th and it was reported bankruptcy is jumped by 21% from 2009.

If you need assistance with filing for bankruptcy in Utah, contact the Stone Law Firm and discuss your situation with a Salt Lake City bankruptcy attorney.

One week after filing for Chapter 11 bankruptcy, Mexicana Airlines said that it would cut some of its flights, primarily international flights from Mexico City.  The airline is trying to cut costs as much as possible, which explains the reduction in services.

Mexicana, Mexico is the biggest airline by passenger count.  This week, it cut or suspended 20 flights.  Last week, the airline suspended its daily flights from Los Angeles International Airport (LAX) and several flights from Oakland, San Francisco and Sacramento.

Reports indicate that Mexicana has been the busiest foreign-based airline at LAX for numerous years.  On August 2^nd, Mexicana's parent company, Nuevo Grupo Aeronautico, filed for bankruptcy.  It said the filing stemmed from high labor costs and large amounts of debt.

If you are filing for Chapter 11 bankruptcy in Utah, get the legal help you need by contacting the Stone Law Firm and consulting with a Salt Lake City bankruptcy lawyer.

In Utah, it is reported that former House Majority Leader Kevin Garn was listed as a creditor in an individual's bankruptcy petition.  The woman filing for chapter 7 asserts that she was paid by Garn to keep silent about a nude hot-tubbing incident that occurred twenty years ago.  At the time of the incident, the woman was 15 years old.

In court documents filed last week Friday, Cheryl Ann Maher stated that she owed Garn $153,300 because she defaulted on a contract that was established in 2002.   She had listed Garn as a creditor as a precaution to prevent the former Utah House Majority Leader from demanding the repayment of "hush money" that stemmed from the hot tub incident in 1985.

In a phone interview, Maher said, "I filed ... because I don't have the money to repay him."  Even though Garn has not asked for repayment, she said that she is covering herself.  According to Maher, Garn agreed to pay her a lump sum o $150,000 in 2002 and $3,300 between the years of 1986 and 2002.   At first, Maher said Garn offered her $20,000, but her sister and ex husband persuaded the politician to pay her more.

When asked about the "hush money" incident and if he would challenge the $153,000 as a debt, Garn allegedly launched a profanity laced tirade. 

If you are planning to file for bankruptcy in Salt Lake City, know that the Stone Law Firm is here to help you.  Contact us to speak with a Salt Lake City bankruptcy attorney today!