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Lake County bankruptcy and foreclosure lawyerAt Newland & Newland, LLP, we regularly publish blogs that provide people with helpful information about financial issues that may affect them. Whether we are looking at how individuals or businesses can file for bankruptcy, the process of buying or selling residential real estate property, or the options for homeowners who are facing foreclosure, we want to let people know how they can address their legal concerns. We wanted to highlight some of the blogs that were most popular with our readers in 2020:

  1. What is Chapter 22 Bankruptcy? - While “Chapter 22” is not an official part of the bankruptcy code, it is an informal term that may be used to describe a situation where a company has filed for Chapter 11 bankruptcy for a second time.

  2. How Do I Get Information About an Illinois Bankruptcy Case? - We offer information about how to access public bankruptcy records.

Sears Granted Another Chance by Bankruptcy Judge

A judge has granted a $5.2 billion plan to Sears chairman and shareholder Eddie Lampert in an effort to keep the business going. Lampert's plan managed to overcome opposition from creditors, including suppliers and mall owners, who pushed to block the sale and liquidate. Even with this reprieve, the long-term survival of the decades-old company remains in question.

Lampert has yet to offer any specific plans, although Sears faces stiff competition from Amazon, Walmart, and Target. The company filed for Chapter 11 bankruptcy protection last fall. Any time a Chapter 11 bankruptcy is filed, it often makes the news because this bankruptcy is used by large corporations when they fall into financial trouble. Other corporations, such as United Airlines and General Motors, have also filed Chapter 11 Bankruptcy in recent years.

Who can be a Debtor in a Chapter 11 Bankruptcy and How Does a Case Start?


Business Bankruptcy: A Giant Falls

The new millennia has not been kind to major retail outlets. One by one, giants like Toys “R” Us, Subway, Teavana, and Rite Aid closed hundreds of stores across the United States in 2018. Online megastores like Amazon and EBay have faced off with their competitors, titanic stores locked in mortal combat like King Kong and Godzilla, and basically obliterated them.

This is not the first time we have seen Goliath fall in recent years. In 2011 Blockbuster Inc., folded its company as Netflix brought down their final, lethal stroke. For decades Blockbuster had a monopoly on the movie rental market, but they could not keep up with the changing technology. In 2000, Netflix's CEO Reed Hastings approached Blockbuster's CEO, John Antico and offered the then-reigning entertainment monarch the chance to buy the new company for just $50 million dollars (which was then only a DVD mailing service as streaming had not taken off yet). Antico was not convinced that Netflix's business would survive, and so he passed on the deal. The rest, as some say, is history.

Can Chapter 11 Bankruptcy Help My Struggling Business?

Bankruptcy itself is not an enemy to your finances, and you should not see it that way—unless you never want to get out of debt. Contrary to the widespread opinion that filing for bankruptcy will hurt you, Chapter 11 is not the end of the world, nor does it make you forever ineligible to receive credit. Bankruptcy status is a way to find financial relief to overwhelming debt, so that you can build a brighter financial future. At some point in time, many people experience financial woes. If you find that there is no end to your financial struggles that you can manage, filing for bankruptcy should be considered as finally taking charge of your finances.

What is Unique About Chapter 11?

Unfortunately, Chapter 13 and Chapter 7 bankruptcy laws do not always provide businesses with the financial relief they need. Commonly referred to as “the reorganization chapter” of the bankruptcy code, Chapter 11 allows you to reorganize your debt and keep most of your assets. Through the sale of certain assets (mostly of your choosing), you are allowed to use the profits to pay down your debt and refinance current debt. Filing for Chapter 11 bankruptcy is typically more beneficial for businesses; however, individuals can also file for Chapter 11 bankruptcy.

New York City Taxi Medallions Up for Auction Following Drivers' Bankruptcies

In June 2018, 139 taxi medallions will be made available to the public at a New York City bankruptcy auction. According to auctioneers, at least 20 of the medallions will be sold.

A valid medallion is required to operate a taxi in New York City. Currently, there are 13,587 taxi medallions in use in cabs throughout the city. Although the iconic yellow taxi cabs are still a popular way for New Yorkers and tourists to get around, many drivers are being pushed out of the market by Uber and other rideshare companies. These taxi drivers are often filing for bankruptcy as a way to recover financially.

How a Bankruptcy Auction Works

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