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Sexual Abuse Survivor Group Rejects Archdiocese's Chapter 11 Bankruptcy Plan

The Archdiocese of Saint Paul and Minneapolis has filed for Chapter 11 bankruptcy and submitted a reorganization plan after facing multiple sexual abuse allegations. In a reorganization plan, the filing party's creditors can make comments about the proposed plan and either accept or reject the plan's terms. Whether these are incorporated into the final approved plan or not is at the discretion of the bankruptcy court overseeing the case.

In the case of the Archdiocese's bankruptcy, a group of survivors of the alleged acts of abuse have rejected the current plan and its proposed way to compensate them. The current proposed plan is for the Archdiocese to pay $13 million to the victims. The victim group proposed a new plan that involves the Archdiocese paying them $80 million out of its own pocket. They claim that the Archdiocese negotiated its claim exposure value with its insurers without them and that the true value of its claim exposure is higher than its stated $114 million.

Nonprofit Organizations can File for Bankruptcy

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Sears, Macy's, and Kmart Announce 2017 Store Closures

Following a holiday season of slow sales, major retailers Macy's and Sears Holdings announced that they will be closing more than 200 stores combined during 2017. Sears Holdings, which operates both Sears and Kmart stores, will close 108 Kmart stores and 42 Sears stores during the coming months. Macy's announced that it will shutter 68 of its stores during 2017 as part of its larger plan to close 100 stores.

Neither company has filed for bankruptcy. These closures are attempts to cut losses and avoid accruing debt that could push them into bankruptcy.

Steps Large Companies Take Before Filing for Bankruptcy

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Your credit score is the three-digit number between 300 and 850 that provides a quick guide to your likelihood of repaying money that you borrow. There are three credit reporting agencies in the United States, which record your borrowing and payment actions to each calculate a score for you. These agencies are Experian, Equifax, and TransUnion. You are entitled to a free credit report from each of these agencies once every 12 months.

When you apply for a loan, the creditor uses your credit score to determine whether you are qualified for the loan and if so, the interest rate you are qualified to receive. Making your payments on time, utilizing less than a quarter of your total available credit, and a payment history free of wage garnishments, foreclosures, and liens all raise your score. Filing for bankruptcy, closing credit cards that have balances, and applying for multiple cards at once can all lower your score. Below are a few other important events that can impact your credit score.

Defaulting on a Loan

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Should I Wait Until My Divorce is Final to File for Bankruptcy?

Bankruptcy is a complicated process. As with many other things in life, like parenting your children and putting money away for your retirement, getting divorced complicates the bankruptcy process. If you are not sure about the future of your marriage or if you know that you will file for divorce in the near future, you might opt to put your bankruptcy plan on hold until the divorce is finalized. But sometimes, this is not feasible. In other cases, it actually makes more sense for a couple to file for bankruptcy together before they begin the divorce process. Whether you should wait until your divorce is finalized or not to file for bankruptcy depends entirely on your individual circumstances.

Is Qualifying for Chapter 7 Bankruptcy a Goal?

If so, you might want to wait until after your divorce is finalized because after the divorce, your household income will likely be lower. If you earn less each month than the median monthly income for other Illinois households your size, you automatically qualify for Chapter 7 bankruptcy.

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Gawker Develops Plan for Bankruptcy to Help Creditors Collect Debts

In 2016, online media group Gawker filed for Chapter 11 bankruptcy. It is now in the process of developing its bankruptcy plan, which will allow for its payment to individuals and groups involved in litigation against the group. Over the years, multiple parties, including former professional wrestler Hulk Hogan, have filed claims against the group alleging misconduct. Under its current proposal, Gawker will allocate $40 million for the repayment of its outstanding debts, which include its payment to Hogan and other parties, including a freelance contributor to the site who filed a lawsuit regarding a piece she wrote about the dating app Tinder. Under the deal, another $40 million is set aside for parties with stakes in Gawker

According to a lawyer for the company, the current bankruptcy plan will allow for Gawker to repay its debts to its creditors. This is the purpose of any bankruptcy case – to allow an indebted party to get out of debt by repaying its creditors. This is true regardless of the size of the company, whether it is a multi-million dollar media group or a small retail store. Chapter 11 involves the reorganization of a company in an effort to make it profitable once again. In August 2016, it was announced that television network Univision purchased Gawker Media and renamed the set of assets Gizmodo Media Group. Univision is the largest Spanish-language broadcaster in the United States.

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