Chapter 7

Scarinci Hollenbeck’s Chapter 7 Bankruptcy practice group regularly provides content on entities, including financial institutions, corporations, insurance companies, leasing and finance companies, and businesses impacted by chapter 7. Our content provides insight on dealing with complex and sophisticated chapter 7 bankruptcy matters.

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Karmaloop files for Chapter 7 bankruptcy protection

Karmaloop Inc. files Chapter 7 Karmaloop Inc., the major web-based streetwear retailer headquartered in Boston, recently announced that it had received approval from the Bankruptcy Court to convert its Chapter 11 bankruptcy case to a Chapter 7 liquidation proceeding. According to a Law 360 report, the company will now face the liquidation of all its remaining […]

Author: Joel R. Glucksman

December 11, 2015

Star Group Communications & Chapter 7 Bankruptcy Protection

Choppy waters for Star Group Communications Star Group Communications, the largest female-owned marketing agency in the U.S., announced recently that its creditors are seeking to force the company into Chapter 7 bankruptcy protection. According to the Philadelphia Business Journal, the New Jersey-based company had closed down after 30 years of operation. Star Group’s creditors pushed […]

Author: Joel R. Glucksman

November 10, 2015

Interphase Corporation files for Chapter 7 Bankruptcy Protection

On Sept. 30, Interphase Corporation, a major information and communications technology company, announced that it had voluntarily filed for Chapter 7 bankruptcy protection. On Sept. 30, Interphase Corporation, a major information and communications technology company, announced that it had voluntarily filed for Chapter 7 bankruptcy protection. According to a Street Insider report, the company has […]

Author: Joel R. Glucksman

November 3, 2015

Endeavour International Corp Attempts to Dismiss Bankruptcy Case

On Sept. 14, Endeavour International Corp., an oil and gas exploration company, announced that it had submitted a bid to have its Chapter 11 bankruptcy case thrown out. According to Law 360, the move came as part of a “structured dismissal” under which Endeavour will transfer the bulk of its business assets to a group […]

Author: Joel R. Glucksman

October 27, 2015

Univita Health Files for Chapter 7 Bankruptcy Protection

On Aug. 30, Univita Homecare Solutions LLC, a major provider of home-based care management in the U.S., announced that it had filed for Chapter 7 bankruptcy protection, according to the Orlando Sun Sentinel. In court papers, the company stated that its decision was based on the fact that its HMO contracts were terminated in Florida […]

Author: Joel R. Glucksman

October 15, 2015

Former Top Lender, Wingspan Portolfio Advisors, Files Chapter 7 Bankruptcy

Wingspan Portfolio Advisors, formerly an Inc. 500 fastest-growing company, recently announced plans to file for Chapter 7 bankruptcy protection. In the Chapter 7 filing document, the company listed $12.07 million in liabilities and $1.24 million in assets. Wingspan falls into debt Upon opening in 2008, Wingspan experienced a meteoric rise as a high touch special […]

Author: Joel R. Glucksman

August 14, 2015

Salus Capital Partners Pushes For RadioShack To Switch to Chapter 7 Bankruptcy

Last week Radioshack’s prepetition lender Salus Capital Partners pushed for the electronics chain to convert its Chapter 11 bankruptcy case to Chapter 7. The Wall Street Journal reported that the move would threaten the chances for Radioshack to emerge as a standalone business after bankruptcy proceedings. Chapter 11 fees mounting As it calculates the likely results […]

Author: Joel R. Glucksman

July 22, 2015

Fun & Games with Mortgage Bankruptcy

Dewsnup v. Timm In 1992, the United States Supreme Court decided a mortgage bankruptcy case entitled, Dewsnup v. Timm, 502 U.S. 410 (1992). This held that a debtor in a bankruptcy could not use a Chapter 7 liquidation proceeding to “strip down” a mortgage lien to the value of the collateral. In Dewsnup, the mortgage was […]

Author: Joel R. Glucksman

June 11, 2015

Major Setback for Underwater Homeowners

Underwater Homeowners Experience Setback Owners of homes with underwater second mortgages recently suffered a large setback after the U.S. Supreme Court ruled that they cannot free themselves of their obligation to pay these debts by filing for Chapter 7 bankruptcy protection. The court’s decision on the case – Bank of America, N.A. v. Caulkett – […]

Author: Joel R. Glucksman

June 10, 2015

Scarinci Hollenbeck

Options in Bankruptcy Protection: Chapter 7 & 13

Bankruptcy Protection Options Individuals who need to seek bankruptcy protection generally have two alternatives: “wage earner” bankruptcy under Chapter 13 or liquidation under Chapter 7. There are important differences between the two. Most notably, in a Chapter 7 liquidation the debtor essentially piles their assets into a heap, turns them over to the appointed trustee and […]

Author: Joel R. Glucksman

June 3, 2015

American Laser Skincare Attracts Consumer Iire

American Laser Skincare has gone out of business, leaving many customers who had already paid for or received service in a difficult situation. The Farmington Hills-based company filed for protection under Chapter 7 of the bankruptcy law recently, listing assets of less than $50,000 and debts in excess of $100 million, according to documents filed […]

Author: Joel R. Glucksman

December 23, 2014

Banks using credit scores to recoup bankruptcy-discharged debt

Going through bankruptcy as an individual is designed to be unpleasant. A personal bankruptcy generally has a dramatic negative impact on a credit report and can put some loans out of grasp for up to a decade. The financial tool is designed this way to ensure that it is only used as a last-ditch resort […]

Author: Joel R. Glucksman

December 9, 2014

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