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Asset Auctions Set for Balmoral and Maywood Parks

In a previous post, we discussed the bankruptcies of two of Chicago's beloved horse racing tracks, Maywood Park and Balmoral Park. Both parks experienced financial difficulties following a legal battle with riverboat casinos in the state. As part of Maywood Park's bankruptcy plan, its owners wanted to close the park earlier in the season than they normally would, but this would mean evicting the horses and riders who call the park home during the racing season. Both parks went up for sale in mid-2015 as part of their Chapter 11 bankruptcy plans.

Because neither park was purchased, they were placed in a private auction. The auction took place on December 14, 2015 at the tracks' owners' attorney's office. Everything at the tracks was up for auction: the ticket booths, an off-track betting parlor in Crestwood, fixtures within the tracks, and the tracks themselves. Bankruptcy can be a long, complex process as we have seen with the case of Balmoral and Maywood Parks. Chapter 11 is only one of the many types of bankruptcy that exists, each of which existing to relieve indebted individuals and companies in specific situations.

What Will Happen to the Parks?

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When a Business Declares Bankruptcy, What Happens to its Customers with Unused Credit?

In early 2015, long-suffering retailer RadioShack filed for Chapter 11 bankruptcy. As part of the bankruptcy protection deal, it agreed to sell a significant portion of its stores to Standard General, a major shareholder that plans to continue to operate them as RadioShack-branded stores with Sprint shops within them. The remaining stores will be sold. This is coming after 11 consecutive quarters of posting losses. Along with the auction and purchase of the company by Standard General and closure of thousands of RadioShack stores, many consumers who have unused gift cards found themselves shortchanged.

These customers will be taken care of. Individuals who have unused RadioShack gift cards can redeem them for money at www.oldradioshackgiftcard.com. Customers who have unused credit at the store were given first priority in the company's bankruptcy proceedings, as ordered by the bankruptcy court. If you have an unused RadioShack gift card or other questions or concerns about unused credit with this or another bankrupt retailer, speak with an experienced bankruptcy attorney to have your questions answered.

What Will Happen to RadioShack?

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What Happens When a Bankruptcy Case is Dismissed?

Bankruptcy cases are not always straightforward. In fact, they often require a nuanced look at all the elements present in the case to determine that all parties are able to receive their fair share of the money they are owed.

The court is not required to grant all bankruptcy petitions. When it finds that a bankruptcy case does not comply with the applicable laws or would not be an economically viable choice for the indebted party or his or her creditors, it may dismiss the case. One recent example of a high profile bankruptcy case dismissal is the case of BlackAMG's Chapter 11 bankruptcy claim. In November 2015, Illinois judge Elaine E. Bucklo ruled that the court was within its right to dismiss the company's Chapter 11 reorganization plan, despite BlackAMG's creditor, Northbrook Loans, LLC, arguing that it would be better economically to convert the case to a Chapter 7 bankruptcy. The difference between Chapter 7 and Chapter 11 bankruptcy is broad. With Chapter 7, the indebted party's nonexempt assets are sold off and the profits are used to satisfy his or her debts while Chapter 11 allows the indebted party, generally a corporation or a partnership, to continue to operate under a reorganization plan and repay its debts from its profits over a period of time.

What if My Case is Dismissed?

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Which Debts Can Not Be Discharged by Filing for Bankruptcy?

When an individual is facing insurmountable levels of personal debt, bankruptcy is often the only way to escape from this debt and regain his or her financial independence. Individuals can file for Chapter 7 or Chapter 13 bankruptcy, depending on the level of debt and their disposable income. Through bankruptcy, debts are reduced or even completely eliminated. Although filing for bankruptcy and discharging one's debts can be an attractive option, it is important that an individual considering bankruptcy understand that not every type of debt can be discharged.

Talk to your attorney about which types of debt can be discharged with each type of bankruptcy. Whether you file for Chapter 7 or Chapter 13 can determine which debts you can have discharged and which you are required to pay off.

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Posted on in Bankruptcy
How to Spot a Debt Counseling Scam

When you are struggling with a large amount of personal debt, you might find yourself considering options that were previously unthinkable to lower your debt amount. Having to file for bankruptcy is a last resort for many people, who first explore options like strict budgeting, taking loans from friends and family members, or selling their possessions. After exhausting these options, some individuals seek help through debt counseling or consolidation services, hoping to alleviate their debt this way instead of having to file for bankruptcy.

If you are facing an unmanageable amount of debt, do not take this latter route until you have spoken with an experienced bankruptcy attorney. In many cases, these kinds of offers are scams. Disreputable individuals see the struggle and desperation that those in debt are facing and capitalize on it, lining their own pockets while pushing indebted individuals further away from financial independence. Do not become a victim of one of these scams. Not all credit aid organizations are scams. There are legitimate groups offering help to those in need – you just need to be able to weed through the scams to find them.

Are the Counselors Certified?

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