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February 2018 Archives

Iconic guitar manufacturer, Gibson faces bankruptcy

One of the most widely recognized names in the music industry is Gibson -- the maker of both acoustic and electric guitars. The parent company, Gibson Brands, Inc., has been based in Nashville since 1974, when it moved to begin manufacturing its most famous product, the Les Paul electric guitar. Now, the famous company is facing the possibility of seeking relief from mounting debt in Chapter 11 bankruptcy.

Mortgage modification firm settles charges of lending abuse

Many residents of Tennessee suffer from financial difficulties have attempted to modify their home mortgages to forestall both foreclosure and Chapter 7 bankruptcy. Unfortunately, some firms offering mortgage modification services attempted to take advantage of persons who see mortgage modification as a pathway to financial health. A recent settlement between Massachusetts and a large non-bank lender shows some of the abuses that borrowers may face.

What is an executory contracts in a business bankruptcy?

Many Tennessee businesses that are considering bankruptcy have a number of continuing contracts, such as a supply contract, a real estate lease or any contract in which both parties have unperformed obligations. The bankruptcy code accords such contracts, known as executory contracts, a special status: the debtor in a business or commercial bankruptcy may either affirm or reject any such contract. The central question faced by debtors and their contracting partners is whether a given agreement is, in fact, an executory contract.

What happens to one's house if they file a bankruptcy petition?

One of the first questions asked by Tennesseans contemplating filing a bankruptcy petition is, "What happens to my house?" The answer depends on which chapter the Bankruptcy Code is used to seek relief and on the debtor's personal financial situation.

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