On October 28, 2010, Banning Lewis Ranch Co. LLC and Banning Lewis Ranch Development I & II, LLC (collectively, “Banning”), filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. A copy of one of the Banning bankruptcy petition is available here for review. Banning owns over 21,000 acres of land situated on the east side of Colorado Springs, Colorado. According to Banning’s List of Unsecured Creditors, the company’s three largest debts are for loans in excess of $170 million (combined).
According to reports by the Colorado Springs Gazette, there are currently 200 families living in the Banning community. In Banning’s Resolutions authorizing the company to file for bankruptcy, Banning states that its bankruptcy was the result of “uncertain economic and financial conditions generally.”
The Banning bankruptcy is before the Honorable Kevin J. Carey, Chief Judge of the Delaware Bankruptcy Court. Banning’s bankruptcy counsel in this proceeding is Cross and Simon LLC.
Bankruptcy, Lewis Ranch, Lewis Ranch Development, Ranch Development
Bankruptcy knows no boundaries so just because your heading for, or already in, retirement, it doesn’t mean you’re free from its clutches. In fact, statistics are showing that there are far more senior citizens going through the bankruptcy process than at any time in our history. Sure, we are growing older, but not at the same rate.
Credit card debt is the major debt problem for our seniors although it is generally not the root cause. Seniors are facing problems on three fronts today – the demands of their children, the cost of health in general and the falling rate of retirement income (measured in real terms). Health is the biggest issue with most seniors well under-insured yet being at a stage in life where their demands on health are at their highest.
Adult children are a real concern. Parents often find it difficult to say no to their children yet, when the need arises, are often too coy to ask for help in return. The end result is burgeoning debt and a reduced real disposable income. Is bankruptcy a viable option? It’s hard to say without a close examination of their finances. General
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Bankruptcy
In a recent USA Today article by Christine Dugas, many points are made when filing for bankruptcy. While bankruptcy itself is not an inherently bad decision, it is not always the best one. This article gives some takeaway tips you can discuss with your family if you want to avoid bankruptcy. It can also help you decide if bankruptcy is right for you.
In the article, Dugas quotes Gerri Detweiler, a personal financier, on how you may not be able to afford bankruptcy. This is a common problem. While the filing fee of $299 for Chapter 7 and $274 for Chapter 13 may seem minor to some, to many that is money which might take months to collect.
The point addressed in the article is that if you lack the funds in such a way, you likely have little to no assets a creditor can take. Since bankruptcy lawyers are not free, you can use what’s been called the “do nothing” approach. Though it rarely works, for some who have no assets to lose, it’s an option. You have nothing they can take. You write the creditor a letter explaining you cannot repay the debt. And you
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Bankruptcy
Introduction
American Safety Razor Company (“ASR”), one of the largest manufacturers of shaving razors and blades, filed for bankruptcy protection in Delaware on July 28, 2010. According to the Declaration of ASR’s Chief Financial Officer, Andrew Bolt (the “Bolt Declaration”), the company’s net sales for 2009 totaled $330 million, down from the $351 million in sales achieved in 2008. See Bolt Declaration, pgh. 11.
Events Leading to Bankruptcy
Over 90% of ASR’s earnings come from the sale of wet shave razors. ASR markets its razors to retailers as a “value-priced alternative to more heavily advertised premium priced brands.” Bolt Dec., pgh. 13. The compa
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American Safety, American Safety Razor, Bankruptcy, Safety Razor
Bankruptcy can stay in your records for as long as 7 years. However, that does not limit your from trying to apply for home mortgages again. The very first step you need to make is fixing your credit. This may take quite a long time but it is all worth it giving you another chance to fulfill your dreams.
You might be thinking, what is the essence of fixing your credit after getting bankrupt. Well, one thing is for sure, you can not deny the fact that you will still need financial assistance in the future and one of the main requirements is your credit score. This is the basis of all lending companies if you deserve to get the loan or not. Your credit standing says about your payment histories, the kind of credit that you got in the past years, the time duration that you have paid off all your dues and the credit limit that you are allowed to have. Since bankruptcy stays in your record for quite some time, thus this can greatly affect your credit rating. Apart from that, you can expect that some of your credits will be affected. Read more…
Bankruptcy