Welcome to Our Resource Library

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Chicago-area chain HomeMade Pizza filed for protection under Chapter 7 of the bankruptcy law last month. The fresh foods chain filed its Chapter 7 petition Dec. 3, listing assets between $10,000 and $50,000 and liabilities of about $11.2 million, according to Crain’s Chicago Business. Through this Ch. 7 liquidation bankruptcy, HomeMade Pizza will formally liquidate […]

The Supreme Court heard oral arguments in a case in which a Wisconsin woman and a bankruptcy trustee are battling over the rights to the $293,000 IRA that the woman inherited from her mother, according to The Wall Street Journal. Heidi Heffron-Clark, 35, and her husband feel that the IRA that Heffron-Clark’s mother passed down to […]

In a last-minute announcement, Chicago-based Calumet Photographic announced that it was filing for protection under Chapter 7 of the bankruptcy law on March 12, according to The Wall Street Journal. The chain announced its plan to liquidate “with a heavy heart” on Facebook, saying that it would be closing all of its U.S. locations, though it […]