Hooters Casino, Seaarland, Central Falls, Awal: Bankruptcy BusinessWeek
(This report contains items about companies both in bankruptcy and not in bankruptcy. Adds Hooters Casino Hotel as first item, Hudson Healthcare and Old Corkscrew Plantation in New Filings and Dodgers, Quigley and Omega Navigation in Updates.)
Aug. 2 (Bloomberg) -- The Hooters Casino Hotel filed for Chapter 11 protection late yesterday to stop a scheduled Aug. 8 foreclosure of the second-lien debt. The 696-room hotel and casino adjacent to MGM Grand on the Las Vegas Strip is owned by 155 East Tropicana LLC.
The two secured credit facilities were accelerated early this year. Canpartners Realty Holding Co. IV LLC acquired 98.4 percent of the $130 million in 8.75 percent second-lien senior secured notes. Canpartners bought the debt at a “substantial discount,” the casino said in a statement.
An additional $32.2 million of interest is owing on the second-lien debt. US Bank NA is indenture trustee.
Debt Relief & Management Tips : How to Recover From Debt
Recovering from debt is best done by planning a household budget for monthly expenses. Recover from debt with tips from a consumer credit ...
Did u file bankruptcy & your lawyer forget to include some of your debts?
and you had to pay for them after you came out of bankruptcy?
No. I don't think so. I found we had one that didn't get filed, and I searched for it on the internet. If I understood it correctly, the courts have ruled that debts that existed before a bankruptcy are considered to be forgiven in the bankruptcy even if they accidentally weren't included in the bankruptcy. (link below)
If somebody is trying to collect, then check back with the lawyer that you used.
Debts are not wiped now as they used to be unless you qualify under a very narrow set of standards. So you must repay some or all of your debts.
What happens is that no one can wage garnish you after it is filed as long as they are listed on your BK papers. It stops all late fees and interest on accounts. You can add or change what was filed for an additional fee (at least in CA, I'm not sure what state you are in.)
I hope this helps!
Should I file Bankruptcy or Not?
I have a total of $10,000-$13,000 unpaid, charged off, bad debt in total. This amount is for Bally's fitness, Phone bills, small credit cards, small medical bills, unpaid rent, department store credit, a lot of little things that added up to this amount. Should I continue to establish the few good credit accounts that I have, even still with these excessive bad debts or just flat out file bankruptcy and forget everything. I hear when you file bankruptcy your credit life is TOTALLY over. No one will never give you anything ever. I have a couple of good accounts but 90% bad accounts. Bankruptcy????
I AM 27 YEARS OLD, IF THIS WILL HELP YOUR SUGGESTIONS?
7 most important things about bankruptcy will help you get an answer.
1. Bankruptcy is process adopted by federal court process catering to individuals and businesses repay their debts or clear their debts under the protection of bankruptcy court. Also known as "reorganizations " or "liquidations", bankruptcy is often the last recourse to get out of any debt.
2. When the property of the debtor is sold to recover and pay off the debt it is called Chapter 7 bankruptcy. Contrary to popular belief, all the property owned by a debtor is not sold, some part of it is left with him to allow him to start afresh.
3. When there is no sale of property but the debt are reorganized so as the debtors, are able to repay them over a long period it is called Chapter 13 bankruptcy.
4. Both these types of bankruptcy have a large number of rules, and exceptions, suited to different kind of debts, individuals and other concerns.
5. The "ticket in" is counseling session that everyone who wishes to file a bankruptcy must attend. This session must be attended at least six months prior to filing for bankruptcy. This term was adopted in the new bankruptcy law. Read more about it at: http://www.credit-card-gallery.com/article/226,7_most_important_things_about_bankruptcy
Maybe consider credit counseling first before filing bankruptcy. They might be able to reduce or eliminate interest and stop collection calls...
Only problem with both of these is that you can't pick and choose what accounts are negotiated. it's all or nothing.
As a loan originator I have seen people who have filed bankruptcy with scores over 650 two years after filing. The reason that happens is because they have started to rebuild their credit by getting new credit or paying off the credit they kept prior to filing. I've even seen people buy houses 2 years after filing. You won't get credit as easily for at least 3-4 years after filing and you may have to prove yourself, but you can still get credit.
Filing might even help your credit if you already have bad credit or a horrible score anyway.
Your balance is low.
You should contact the "Collection" companies and settle for 50 cents on the Dollar. This is if you can pay for at least half of your balance.
Ask for a Deletion letter before you pay and make sure you get the letter first so you can send it to Credit Bureaus.
If you still decide to file for BK, after a couple of years, you should not have any problems, if maintain a good record.
Make sure you leave at least a couple of accounts open so you can keep building your credit back up.
Speak to an attorney.
Good luck.
do you own a home?
At 27, BK is a very drastic step to take over only $13k in debt, especially if you make more than about $20k a year.
It can completely change your life - you will find it difficult to rent a place to live, so you will be stuck in your current rental for several years; you may be declined for jobs; if you own a car, your insurance rates may increase; etc.
If you want to declare BK, you are now required to go through credit counseling first. To find a credit counselor, go to www.nfcc.org It is the website for the National Foundation for Credit Counselors, an agency that accredits credit counseling agencies. This way you can find an agency that has been certified that they do not rip off customers.
The credit counseling agency can give you advice based on your specific income and debts.
Do you own a home/car?
Do you currently have a job/income?
If you read my past answers, you will notice I do not shy away from recommending bankruptcy to people. But I also hate to see people with a small amount of debt do it.
If you have a job or income, you will not qualify for a Chapter 7. If you own a car/home it will also make it harder. But if you rent and have low income this may be a good option. But remember, Chapter 7 costs you more, and with the required credit counseling can cost you well over $1000. I'm working with someone how trying to scrape up $2000 for their BK.
The best test as to whether you should file BK is this. If you were to sit down and right out a VERY strict budget....cancel your cable TV, no more dining out or entertainment, etc....how much "disposable income" will you have left to pay toward your debts? With $13,000 in debt, to pay this off in 3 years you will need $360 a month.
Next, you need to contact every creditor and make a proposal. If all of these creditors will agree to work with your 3 year budget, PLUS agree to delete any negative credit items on your report, then this would be your best way to go.
Another thought...since most of these debts are not very big, it's not likely they will be suing you for them. Few creditors sue for debts of $500 or less. Only when they approach $2000 do you need to begin worrying. So if your credit score is not that big an issue, there are other courses of action you can take.
If you need more advice feel free to drop me a line. Sometimes just having an outsider look your situation over, you can come up with a solution. I just don't like seeing people file BK for under $20k in debt.
You're entitled to a free credit report every 12 months from each of the 3 agencies per federal law. Just go to this site...
after bankruptcy debt filing forgot - News
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Scary year - Arkansas Times Scary year He'd just forgot, he said. Just an “oversight,” authorities said of her ordeal. In May, Wally Hall named Kane Webb, his colleague at the Arkansas |
