Recent Posts in Chapter 11 Bankruptcy 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.

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.

Many people wonder what happens during credit counseling and have questions about the credit counseling process.  In this post, we aim to provide people with the information they need to understand credit counseling before they file for Utah bankruptcy.

As mentioned in our prior post, "Credit Counseling Pre-requisite to Bankruptcy", people must fulfill the credit counseling requirement 180 days prior to filing for consumer bankruptcy.  When people go through credit counseling, they will meet one-on-one with a specialist or professional that is approved of by the U.S. Trustee Office.  Usually, the meeting will last for 60 to 90 minutes and will cost around $50.

People who go through credit counseling will have their personal finances evaluated and receive additional information related to the bankruptcy process.  After people have completed credit counseling, they will receive a certificate of completion which is automatically generated by the U.S. Trustee Office. 

If you have questions about credit counseling or bankruptcy, now is the time to contact the Stone Law Firm and speak with a Salt Lake City bankruptcy lawyer.

In the United States, people who are planning to file for consumer bankruptcy need to complete credit counseling.  This holds true whether they are filing for chapter 7 or chapter 13 bankruptcy. 

In 2005, the laws surrounding bankruptcy in the United States changed a great deal.   At that time, credit counseling became a mandatory pre-requisite.  According to the laws that were introduced, people who planned to file for bankruptcy must complete credit counseling 180 days before submitting their bankruptcy petitions.   Additionally, after bankruptcy paperwork is completed and submitted to the U.S. Bankruptcy Court, individuals must go through a debtor education program. 

Unfortunately, if people do not meet these requirements, they will not be eligible for consumer bankruptcy.  Therefore, it is extremely important that people fulfill these requirements so they can expedite the bankruptcy process. 

At the Stone Law Firm, we know that people can become confused by the steps they must take when filing for chapter 7 or chapter 13.  For this reason, we encourage people to contact our law office and meet with a Salt Lake City bankruptcy attorney from our firm.

Be sure to read our post "Credit Counseling Explained" to learn more.

In Salt Lake City, Utah, it has been announced that a mining company has shut down and will be filing for bankruptcy protection.  The company, Copper King Mining Corp., operates in Utah's west desert and has let go of many of its employees.

According to the company, it hopes to emerge from its Chapter 11 bankruptcy much stronger.  The company plans to reorganize, pay off its debts and raise profits. Copper King Mining Corp. encountered problems when it could not honor its contracts to supply customers, which led to the company considering bankruptcy.

In its bankruptcy filing, which was filed on Tuesday at the U.S. Bankruptcy Court for Nevada, the company said it could no longer pay for mining leases, workers, operations or even its legal team.  The company said that due to its lacking finances, it even had its power shut off.

Are you thinking about filing for bankruptcy in Salt Lake City?  If so, contact the Stone Law Firm to consult with a Salt Lake City bankruptcy lawyer today!