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October 2016 Archives

Tennessee-based restaurant chain bankruptcy continues

Commercial bankruptcy options may provide beneficial resources and tools to struggling companies seeking to perform well once again. The commercial bankruptcy process for the Tennessee-based restaurant chain, Logan's Roadhouse, currently continues. The restaurant chain filed for bankruptcy earlier this summer, listing $347.2 million in assets and liabilities of $546.1 million. The restaurant chain expects to emerge from bankruptcy later this year after is has renegotiated leases and shed $300 million in debt.

Understanding the role of creditors in a business bankruptcy

A previous post here discussed business and commercial bankruptcy filings. One important aspect of the Chapter 11 business and commercial bankruptcy process is working with creditors and the meeting of the creditors. Once a petition for bankruptcy has been filed, a temporary stay goes into effect which prevents creditors from pursuing any collection actions. This period of time allows for the reorganization plan to be developed and contracts and leases with creditors can be renegotiated.

Commercial bankruptcy filings increase

It was recently reported that commercial bankruptcy filings have increased year-over-year, however, total bankruptcy filings declined for the first 9 months of the year and during September alone. The number of commercial bankruptcy filings for the first 9 months of this year increased 28 percent over filings for the first 9 months of 2015. In total, there were 28,789 commercial bankruptcy filings for the first 9 months of this year and 22,444 for the first 9 months of 2015.

What are bankruptcy exemptions?

Filing for bankruptcy can be a fearful time, but it does not necessarily have to be. Individuals filing for bankruptcy relief may have concerns about their home, cars and personal property but it is important to understand that the bankruptcy process provides important protections for filers seeking debt relief. Chapter 7 bankruptcy is considered an asset liquidation bankruptcy that allows the filing party to liquidate assets to repay their debts. However, some assets are exempt from the process.

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