Welcome to Bankruptcy Guide
Delta Bankruptcy Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Seeing Daylight Through the Eyes of Bankruptcy Laws
from:Bankruptcy laws are very clear about when you can and cannot file bankruptcy. Because of so much misuse of the bankruptcy proceedings in the past, the laws were revised in 2007. In effect the new law made it more difficult to file a chapter 7 than in the past, but once qualified, you no longer have to lose absolutely everything. The law recognizes that people in a severe debt situation need to start with a clean and manageable slate. Losing your home and the car you use to drive to work can only make the situation worse.
As a result the bankruptcy laws now allow people to keep their home and primary cars in many situations. The personal bankruptcy laws are defined under chapter 7 or chapter 13 while businesses can file a chapter 11. The laws vary, of course, depending on which type of bankruptcy applies to your situation.
When you file a bankruptcy it is almost as if a magician performed magic. The credit calls will stop and any financial collection activities are suspended by law. The mortgage company stops threatening foreclosure on your house and the credit card collection companies stop contacting you almost immediately. Even if you do get something in the mail or a phone call, all you have to do is notify your attorney who will make sure the law is followed. You will experience almost immediate relief because now your bank account or other benefits you may be receiving are not under threat of unannounced seizure.
The new bankruptcy laws require that you go through credit counseling which can be done online if you prefer. For a small fee you go through a process which analyzes your current financial status and works through a budget plan that you can follow in order to recover from the bankruptcy as quickly as possible. You also want to learn all you can to avoid having this situation ever happen again.
Bankruptcy laws provide clear rules about which assets you must list and how to value those assets. The value in some cases is replacement value which is normally retail value. You must past a “Means Test” before you are allowed to file for bankruptcy. The “Means Test” determines your true financial status and whether you can pay any of your debt. It then indicates which chapter you qualify under for filing purposes if you meet the Means Test minimum standards.
Bankruptcy laws cover a number of situations. The laws define exempt property, eligible debts that can be included in the bankruptcy filings, payment of creditors, liquidation of assets and a number of other topics. Because of the many bankruptcy law interpretations that must be made throughout the process, it is recommended that you use an attorney if at all possible. The attorney will insure you meet the requirements of the law and that you also get the greatest relief permissible.
Filing bankruptcy is a serious business that should only be undertaken when there seems to be no other options. Though the new laws are tougher than the older laws, the fact is that they do not hinder legitimate consumers and businesses from getting the relief they need.
Delta Bankruptcy News
Houghton Mifflin files for bankruptcy - San Francisco Chronicle
Houghton Mifflin files for bankruptcy San Francisco Chronicle Borders Group Inc., the second-largest US bookstore chain, filed for bankruptcy in February 2011. airline travel Delta, US Airways raise fares for summer Delta Air Lines Inc. and US Airways Group Inc. are among carriers raising fares and reaping ... |
Delta Joins US Airways With Higher Fares on US Routes - Bloomberg
 The Star-Ledger - NJ.com | Delta Joins US Airways With Higher Fares on US Routes Bloomberg Delta Air Lines Inc. (DAL) and US Airways Group Inc. (LCC) are among carriers raising fares and reaping domestic bookings for summer travel as a recovering economy spurs more Americans to take vacations. Tickets for use in June through August rose 4.3 ... Monday Midday Must-Reads |
Pinnacle Airlines Can Take Delta's $74 Million Loan - Bloomberg
Pinnacle Airlines Can Take Delta's $74 Million Loan Bloomberg (PNCLQ), the bankrupt airline won approval to borrow as much as $74.3 million from Delta Airlines Inc. after a judge overruled objections from a group of shareholders. US Bankruptcy Judge Robert Gerber in Manhattan court today approved the company's ... |
AMR debt holders hire advisers to study airline's plan, merger - Fort Worth Star Telegram
 Aviation Week | AMR debt holders hire advisers to study airline's plan, merger Fort Worth Star Telegram Forming the ad hoc groups gives more leverage to investors who aren't on the creditors panel set up by the US Bankruptcy Court. Those blocs could deliver support to either US Airways or American. In 2007, an ad hoc group of Delta Air Lines bondholders ... AMR Bondholders Said to Organize in Bid to Recoup Bigger Returns Analysts See US Airways Merger As American's Next Step |
Bankruptcy court approves Delta DIP loan to Pinnacle - ATWOnline
Bankruptcy court approves Delta DIP loan to Pinnacle ATWOnline By Aaron Karp | May 21, 2012 A US bankruptcy court approved Delta Air Lines' (DL) $74.3 million in debtor-in-possession (DIP) financing for Pinnacle Airlines Corp., a significant provider of regional service for DL. The Memphis, Tenn. |
Pinnacle Bankruptcy Bargaining Deadlines Extended, USW Advises Court of ... - MarketWatch (press release)
Pinnacle Bankruptcy Bargaining Deadlines Extended, USW Advises Court of ... MarketWatch (press release) PITTSBURGH, May 16, 2012 /PRNewswire via COMTEX/ -- The United Steelworkers (USW) today said that through the successful work of Pinnacle Airlines' Official Committee of Unsecured Creditors, Pinnacle and Delta Air Lines have agreed to extend to July 13 ... Bankruptcy court OKs $74.3M in financing for Pinnacle Airlines Pinnacle Airlines Debtor-In-Possession Financing Approved Pinnacle Judge Approves $74M DIP Loan From Delta |
US Airways Angles for a Merger With American - BusinessWeek
 KLEW | US Airways Angles for a Merger With American BusinessWeek He also made a hostile takeover bid for then-bankrupt Delta Air Lines (DAL) in 2006, only to withdraw it the following year. A combination of US Airways, the fifth-biggest US carrier, and American would fly past current No. American Airlines, eyed by US Airways, agrees to study merger while still in ... American Airlines to explore merger options American Airlines agrees to study merger idea |
BANKRUPTCY WEEK AHEAD: AMR Unions Get Their Day In Court - Wall Street Journal
 Bloomberg | BANKRUPTCY WEEK AHEAD: AMR Unions Get Their Day In Court Wall Street Journal (PNCLQ) on Wednesday will seek a Manhattan court's approval of a $74.3 million bankruptcy loan from major customer Delta Air Lines Inc. (DAL). Pinnacle says the loan is essential to its continued operations while it restructures and will allow it to ... American Airlines touts its performance during bankruptcy American Airlines agrees to study merger idea AMR Pilots Back US Airways Deal to Compete With Rivals |