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Red Lobster considers filing for Chapter 11 bankruptcy As reported earlier, Red Lobster was considering filing for Chapter 11 bankruptcy after a failed promotion cost it millions of dollars ...
On the advice of law firm King & Spalding, filing for Chapter 11 bankruptcy would allow the restaurant chain to stay open while dealing with its debt and help reevaluate long-term contracts and ...
The Supreme Court is weighing new boundaries for corporate America as its term ends in the coming weeks. ... by passing bankruptcy laws, meant to deprive personal injury victims of their right to ...
Under the new law, the homestead exemption, which allows bankruptcy filers in some states to exempt the value of their homes from creditors, is limited in various ways. If a filer acquired their home less than 1,215 days (40 months) before filing, or if they have been convicted of security law violations or been found guilty of certain crimes ...
United States bankruptcy courts are courts created under Article I of the United States Constitution. [1] The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. [2] United States bankruptcy courts function as units of the district courts and have subject-matter jurisdiction over ...
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]
Court documents show the bankruptcy was primarily due to significant debt, a carousel of CEOs, an all-you-can-eat shrimp fiasco and a 30% drop in guests since 2019.
In United States bankruptcy law, an automatic stay is an automatic injunction that halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code , [ 1 ] the stay begins at the moment the bankruptcy petition is filed.