City of Detroit Will Demolish Arena, Hand Over Land to Creditor in Bankruptcy Settlement

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chapter 11 bankruptcy attorneyAs its history-making Chapter 11 bankruptcy timeline nears its end, the city of Detroit has made a deal with one of its largest creditors in a move intended to push the city toward post-bankruptcy revival. On Thursday, Oct. 16, Detroit, along with the city’s Chapter 11 bankruptcy attorneys, agreed to demolish the Joe Louis Arena, which had been home to the Detroit Red Wings hockey team up until this point, and its parking garage. The land will be handed over to Financial Guarantee Insurance Co. (FGIC), to which the city owes approximately $1 billion, and will be re-purposed into a new development featuring a hotel, riverfront condominiums and retail shops, the Wall Street Journal reports. The deal will help Detroit and its Chapter 11 bankruptcy attorneys ensure that the city’s debt-cutting plan is manageable for both the city and its creditors. In a typical settlement, surrendering property such as land during a Chapter 11 bankruptcy helps repay creditors and is fairly commonplace. In return for the land, as well as $152 million in city notes and $19.7 million in credits it can use to buy city parking assets or real estate, FGIC will drop its objections to Detroit’s Chapter 11 bankruptcy and taxes readjustment plan, Reuters reports. According to the Wall Street Journal, FGIC considers the location of the Joe Louis Arena to be a prime spot for its planned development, as it is close in proximity to Detroit’s Cobo convention center that hosts the North American auto show each year. With FGIC’s settlement with Detroit and the city’s Chapter 11 bankruptcy attorneys made, experts predict the city’s debt readjustment plan is coming close to an end. “A settlement with FGIC, as the last major holdout creditor, certainly provides substantial assistance to the city in obtaining approval of its monumental bankruptcy plan,” John Hutton, an attorney at Greenberg Traurig who is not involved in the bankruptcy, told Reuters. “The court must still independently determine that the plan is feasible, and must still find that the city has a reasonable likelihood of achieving its financial projections and performing its obligations.”

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How to Make Sure You Avoid a Medical Bankruptcy

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chapter 13 bankruptcy attorneyThis year, as many as one in five Americans will be contacted by a debt collection agency regarding unpaid medical bills. Will you be one of them? Despite more Americans having access to health insurance than ever before under the Affordable Care Act, many people are still unable to afford new, higher deductibles that come as a result of existing medical debts — and the result for these people is mountains of debt that often convinces them to contact a Chapter 7 bankruptcy attorney or Chapter 13 bankruptcy attorney for bankruptcy help.

Why Legal Marijuana-Related Companies Aren’t Permitted to File for Bankruptcy

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chapter 7 bankruptcyColorado’s legal pot industry may be booming, but the companies struggling to stay afloat in the industry are getting a major buzz kill: under federal law, which still considers marijuana production and distribution illegal, it is impossible to file a Chapter 11 or Chapter 7 bankruptcy. According to the Denver Post, U.S. Bankruptcy Court Judge Howard Tallman ruled in late September that entrepreneur Frank Anthony Arenas’ Chapter 7 bankruptcy filing was null because his business’ activities violate the Controlled Substances Act, even though they are legal within the state of Colorado.

Supreme Court Expected to Rule on Bankruptcy Fees — What it Means for Bankruptcy Law

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chapter 11 bankruptcy attorneyOn Thursday, Oct. 2, the U.S. Supreme Court agreed to rule on a case involving a debate over how much Chapter 7 bankruptcy attorneys, Chapter 11 bankruptcy attorneys and Chapter 13 bankruptcy attorneys should be paid by the clients they represent. According to Texas Lawyer, the Supreme Court’s ruling will determine the fate of some $5 million — and could also set an important precedent regarding how bankruptcy attorneys are paid for providing bankruptcy help.

How a Bill That Would Forgive Student Debt Would Impact Bankruptcy Law

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chapter 7 bankruptcyA Rhode Island senator recently introduced a bill that would let individuals with exceptional medical bills to cast off their student debt, in addition to their medical debts, in a Chapter 13 or Chapter 7 bankruptcy. If approved, the proposed bill would go against the 2005 Bankruptcy Bill, which states that student loans, both private and federal, are one of the few types of debt that cannot be discharged by an individual with a Chapter 7 bankruptcy attorney. According to an August 1 Wall Street Journal report, Sen. Sheldon Whitehouse (D., R.I.) proposed the Medical Bankruptcy Fairness Act in order to allow people who have accrued more than $10,000 in medical-related debts in the three years preceding their bankruptcy to eschew their student debt as well. One study has already found that “more than half of the people who’ve filed for bankruptcy in recent years would qualify,” the Wall Street Journal reports.