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A federal judge on Friday rejected a bid by a group of cancer victims to block Johnson & Johnson from pursuing a proposed bankruptcy settlement of tens of thousands of lawsuits alleging the ...
J&J said it is confident that the deal will reach a 75% support threshold needed for a bankruptcy settlement that would end the litigation entirely, shutting off future lawsuits and preventing ...
Purdue estimates that its bankruptcy settlement, approved by a U.S. bankruptcy judge in 2021, would provide $10 billion in value to its creditors, including state and local governments, individual ...
Debt settlement is the process of negotiating with creditors to reduce overall debts in exchange for a lump sum payment. A successful settlement occurs when the creditor agrees to forgive a percentage of the total account balance. Normally, only unsecured debts, not secured by real assets like homes or autos, can be settled.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
In re Garlock Sealing Technologies, LLC is a court case heard in the United States District Court for the Western District of North Carolina which involves the entry into bankruptcy proceedings by Garlock Sealing Technologies, once a manufacturer of coated asbestos gaskets, as a result of potential liability from current and future settlements. [1]
As noted, the IRS considers any forgiven or written-off debt (outside of bankruptcy court) as taxable income. Lenders or other creditors must submit Form 1099-C to the IRS when they forgive or ...
A federal bankruptcy judge has approved the terms of a $20 million settlement that will benefit former Bitwise Industries employees who abruptly lost their jobs when the Fresno-based technology ...