Fontainebleau Files Chapter 11 Bankruptcy

The Fontainebleau Las Vegas has filed for Chapter 11 bankruptcy in the Florida courts. Thousands of people are laid off and its fate is uncertain.




Fontainebleau Files Chapter 11 Bankruptcy

Another Las Vegas construction project bites the dust. On June 9, the Las Vegas Fontainebleau filed for bankruptcy. The Fontainebleau is located on Las Vegas Boulevard which is prime real estate. It was going to be a multi use resort with a hotel casino, condos, posh shopping and fancy restaurants. Although it was widely known to be in financial trouble, no one on the outside of the company was entirely sure what course of action the developers would take. Fontainebleau and two of it's entities, Fontainebleau Las Vegas Holding and Fontainebleau Las Vegas Capital Corp., all individually filed paperwork on Tuesday night. Fontainebleau, the Las Vegas condominiums project is affiliated with the Fontainebleau Miami Beach Development, but it is a separate legal entity and is not affected at all by this bankruptcy.

The developer of Fontainebleau has claimed in separate legal paperwork that various lenders have hampered the success of Fontainebleau and contributed to its demise. Reviewed journal, said Howard Karawan that, "It is this stage of our lending force us unhappy. By reneging on the revolving credit facility, they effectively shut down the project and put thousands of people out of work." April 23 of this year, Fontainebleau lawyers filed suit against a group of banks which include Bank of America and JP Morgan Chase. They make a claim that the lenders were supposed to lend over $770 million which was necessary to continue building.

The banks in turn counter that Fontainebleau defaulted on a loan. Since bankruptcy has been filed, the billion dollar suit has been dropped and refiled in bankruptcy court. The Fontainebleau alleges a conflict of interest involving the Deutsche Bank because it is the owner of the Cosmopolitan which is a rival company. Also included in the lawsuit against the banks are secured and unsecured creditors. The lawsuit lists 20 creditors whose debt is secured but the unsecured creditors paperwork hasn't been received by the courts yet.

If lenders had honored their financial obligations, then the Fontainebleau wouldn't be in this trouble is the claim the developer is making. Both construction workers and corporate staff were laid off in April, jobs lost were over 3,000. This is just in April alone. The Fontainebleau was going to provide Las Vegas with several thousand new jobs. Now, not only are those future jobs in jeopardy, but thousands of construction workers have already been laid off. This is a huge set back for Las Vegas' already foundering economy, we are 7th in the country for unemployment with a reported 10.6% unemployment rate for April. Regardless of whether the lending banks are found to be responsible or not, on the streets it just equals another round of layoffs.

For condominium builders this is another sign of trouble in the Las Vegas housing market. Fortunately this translates into good news for buyers. It is definitely a buyers market right now. The business section of the Review Journal reports a 53.4% drop in Las Vegas condo prices from last year with the average cost being $65 thousand. Personally, I think real estate will go a bit lower over the next year but even considering that, it's still a good time to buy.

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bankruptcy chapter 7

Filing For Chapter 7 Bankruptcy

Thinking about filing bankruptcy? If so, it's important to know that there is more than one kind. Chapter 7 bankruptcy is one of them.




Filing For Chapter 7 Bankruptcy

Filing Chapter 7 Bankruptcy is a process through which the debtor's debts are liquidated. It is simpler and quicker than Chapter 13 Bankruptcy, which is a process by which the debtor repays a portion of his or her debts over time. It is a process through which all of the debtor's non-exempt property is turned over to the bankruptcy trustee, who then sells it or liquidates it to re-pay money to the creditors. In most cases, all of the assets of the debtor are "exempt", meaning they cannot be touched by creditors or the bankruptcy trustee. This is sometimes referred to as a "no-asset" Chapter 7. Most people do not lose property in a Chapter 7 Bankruptcy.

In order to file for Chapter 7, you must first qualify under the new "means test". The means test determines whether or not you make too much money to file for Chapter 7. The calculation under the means test is based on household size and family income. If you are over the means test, you may not be able to file for Chapter 7 bankruptcy. You may instead have to file your case under Chapter 13, which is a repayment plan. The figures for the means test are updated from time to time. You should check the website for your local bankruptcy court and search for the current numbers.

Before filing Chapter 7 Bankruptcy, you must also complete an approved credit counseling course. This course generally costs between $30-$60, but can be waived if your income is low enough. You must also complete a pre-discharge course after your case has been filed. You will not receive your bankruptcy discharge until you complete this course.

After your case is filed, you will have a meeting with your bankruptcy trustee. This meeting is referred to as the Meeting of Creditors, or 341 Meeting. But this is an opportunity for your creditors to appear and ask you questions in almost every case, creditors are not present.. Usually you, the trustee and your attorney are present. The trustee will swear you in, tape record you and ask a series of questions. For the most part, the hearing lasts only 5 to 10 minutes. Remember that during this hearing you are under oath and subject to a charge of perjury if you intentionally lie. The trustee may conclude the hearing or may request additional information from you. This is normally the only hearing you ever have.

After the hearing, your creditors have 60 days to object to your discharge. Normally, there are no objections. If there are no objections, you have completed your pre-discharge education course, and the trustee is in agreement, you will receive your discharge approximately 60 days after that hearing. After receiving your discharge, you are not eligible to file another Chapter 7 and get a discharge for 8 years from the date of filing of your first case.

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File Bankruptcy (Chapter 13)

Bankruptcy is a long and sometimes confusing process. Be informed on how to file, what the qualifictions are, and who is eligible. Do not file bankruptcy without reading this first.




File Bankruptcy (Chapter 13)

While bankruptcy seems like an easy way out for some people there are a lot of things to consider before you file bankruptcy. The process is not always the same and it depends on who is actually filing. If a person or individual files bankruptcy process is completely different than if a business files for bankruptcy. For example, a business cannot even file for Chapter 13 bankruptcy. Instead the business must file a Chapter 11 bankruptcy.

A sole proprietorship must file Chapter 11 also. However, if an individual who owns a sole proprietorship files bankruptcy, they may file under Chapter 13. They would then take on the business related debts which they are personally (and legally) responsible for.

In order to file bankruptcy under Chapter 13, the individual must have a steady earnings or else they will not qualify. A steady income is income that will always occur at regular intervals (daily, weekly, monthly, quarterly, semi-annually, or annually). Your normal salary or hourly wage can fund a Chapter 13 bankruptcy. To get a good idea of what type of steady income qualifies, here are some examples: commissions from sales, disability, unemployment, worker's compensation, self employment, child support, and real estate.

The individual who will file bankruptcy needs to be able to support themselves on this steady income. This has to cover your daily needs and anything that is necessary to survive. The individual must also have some money left over each month. This money is used to pay off the remaining debts they have. This is a lengthy process that can go on for a few years. The amount that must be paid each month is different for each bankruptcy case. The total amount of debt the individual is in will play a large role.

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bankruptcy chapter 7

What Chapter 7 Bankruptcy Law Entails

The old bankruptcy rules allowed people to choose the chapter that was best for them. In this case most people chose chapter 7 which was more convenient. This allowed people to file for failure to pay their dues before going through credit counseling. However under the new law, this may not be applicable.




What Chapter 7 Bankruptcy Law Entails

The old bankruptcy rules allowed people to choose the chapter that was best for them. In this case most people chose chapter 7 which was more convenient. This allowed people to file for failure to pay their dues before going through credit counseling. However under the new law, this may not be applicable. The new law requires for one to first go through counseling on how to handle credit.

Chapter 7 bankruptcy is also known as liquidation. It allows for the debtor's property to be sold and the proceeds to be divided amongst the creditors. However under the new rule issued to courts, this may be difficult in that the law has been changed. For one to file a petition, one must go through what has been named as the mean test. The person's/ organization's income has to be looked into. If it passes the median, then the law does not apply. It will only apply in case the debtor's disposable income after some amounts of expenses have been reduced is below the state median.

Debtors should understand that there is an alternative to chapter 7 bankruptcy. The 11th and 13th ones have an option of having the debtor's debt adjusted. This is through a code that allows debts to be reduced to a certain amount. In this case, the debtor will be better able to repay its debt, according to the disposable income is available.

For this law to be effective, a petition by the debtors should be filed after the creditor(s) has/have filed theirs. They are also required to have a trustee appointed by the bank. The role of the trustee is to act on behalf of the debtor as far as settling the debts is concerned.

Peter Gitundu Researches and Reports on Bankruptcy. For More Information On How To Deal With Bankruptcy, Read More Of His Articles Here DEALING WITH BANKRUPTCY You Can Also Add Your Views About How To Deal With Bankruptcy On His Blog Here DEALING WITH BANKRUPTCY

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bankruptcy chapter 7

Chapter 7 Bankruptcy - What You Need to Know

In wake of the economic slowdown in the United States of America, it is not rare to hear about bankruptcies - both personal and corporate. Bankruptcy, in simple terms, refers to a legal process which deals with the financial and debt related problems of an individual or an organization.




Chapter 7 Bankruptcy - What You Need to Know

In wake of the economic slowdown in the United States of America, it is not rare to hear about bankruptcies - both personal and corporate. Bankruptcy, in simple terms, refers to a legal process which deals with the financial and debt related problems of an individual or an organization. In the United States, bankruptcy is broadly classified as under Chapter 7, 9, 11, 12, 13 and 15. Majority of the bankruptcy cases are filed under Chapter 7, 11 and 13. Section one of the bankruptcy laws in the country comprise Chapter 7, 11, 12 and 13 while the second section includes Chapter 7, 9, 11 and 12. In this article, you will learn about Chapter 7 which is undoubtedly one of the most important chapters of the bankruptcy laws.

Chapter 7 bankruptcy is more commonly used by individuals who may have fallen under debt. Chapter 7 is technically referred to as Liquidation under the Bankruptcy Code. According to this technical definition, the assets of the person filing under this chapter will be sold and auctioned to repay the debt amount. An individual may file for the Liquidation under the Bankruptcy Code as long as he has not denied appearing before the court. The debtor is also required to meet a credit counselor one hundred and eighty days (180 days) before filing his petition.

The biggest consequence of filing a Chapter 7 Bankruptcy is the loss of assets including property. The court charges a case filing fee which amounts to about $300. To file the petition itself, the debtor is obliged to keep records of all its creditors to reproduce, exposure amount, his annual income, assets, etc. Details. The debtor would also be required to present the proof of his monthly expenses, including telephone bills and taxes. However, there are a number of alternatives to this chapter. These include Chapter 11 and Chapter 13.

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Roland Poitevin is a dedicated writer with a passion for business and environmental issues.

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Municipal Bankruptcy Chapter 9

The main purpose of the municipal filing a petition with the court is to seek protection against certain actions that the creditors might choose to take against it. This law also protects the debtor, who in this case is the municipal from harassment from the creditors.




Municipal Bankruptcy Chapter 9

The main purpose of the municipal filing a petition with the court is to seek protection against certain actions that the creditors might choose to take against it. This law also protects the debtor, who in this case is the municipal from harassment from the creditors. Though there is no provision for liquidation under this chapter, filing this petition in court acts in the interest of protecting anyone under its jurisdiction. Liquidation or its dissolution would in no doubt go against the Tenth Amendment to the Constitution.

Filing of the petition is voluntarily done by the debtor. Once the application has been submitted, the Chief Justice to appoint a special judge often referred to as Bankruptcy Judge. This is done with the aim of removing politics that may negatively influence decisions made on the case.

Before the commencement of the case, the municipal faced with bankruptcy must first give notice to the court and the general public. It must therefore, through a court clerk, notify the court of its intentions. The court will thereafter recommend a newspaper in which the it must publish a notice at least once a week for three consecutive weeks.

Once the notices have been filed and have been published, the case may begin. However it is not always a guarantee that the court will commence the case. It may reject the petition in some cases which are granted by the bankruptcy code. The petition may be rejected in cases where the state has not allowed it to file a petition. It may also be denied in case negotiations have not been done in good faith. In such cases the court will therefore hold hearings of the dismissal of the petition.

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bankruptcy chapter 7

Chapter 13 Vs Chapter 7 - Discover the Benefits of Filing For Chapter 13 Bankruptcy

If you have a steady income but are overwhelmed with debt, filing for Chapter 13 bankruptcy might be the best course for you. Chapter 13 gives you five years to repay all of your debts, but under much more favorable terms than the original loan contract.




Chapter 13 Vs Chapter 7 - Discover the Benefits of Filing For Chapter 13 Bankruptcy

If you have a steady income but are overwhelmed with debt, filing for Chapter 13 bankruptcy might be the best course for you. Chapter 13 gives you five years to repay all of your debts, but under much more favorable terms than the original loan contract. 

Here are several advantages to filing for Chapter 13 bankruptcy:

1. Unlike Chapter 7, Chapter 13 does not require you to liquidate your property. If your home is being foreclosed, Chapter 13 will stop the foreclosure proceeding. You will be able to keep the home, as long as you make payments on time during the Chapter 13 bankruptcy plan.

2. Smaller secured debts, such as car payments, can also be rescheduled. Payments can be extended until the end of the Chapter 13 bankruptcy plan.

3. If you have a co-signer on any of your loans, Chapter 13 bankruptcy will protect them from action by your creditors. If you file for Chapter 7, any co-signers may be forced to file as well.

4. Throughout the life of the bankruptcy plan, you will not have to deal with creditors directly. In Chapter 13 bankruptcy, you make all payments to a trustee who distributes the money to each of your creditors. 

Chapter 13 bankruptcy can be an attractive alternative to Chapter 7 if you are employed or otherwise have steady income and just need a little relief from your debtors in order to get back on track. While it's more complex than Chapter 7, you can emerge from Chapter 13 bankruptcy with your debts satisfied and your property intact.

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