Bankruptcy

September 2014 News

On September 23, 2014 the United States Bankruptcy Court for the Middle District of North Carolina, Greensboro Division confirmed the Chapter 11 Plan of Reorganization for a small company that operates a lawn care and snow removal business in Stoneville, NC. Getting the Chapter 11 Plan of Reorganization Confirmed is the goal of every company or individual in…

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August 2014 News

On August 14, 2014 Partner Samantha K. Brumbaugh and IMGT assisted Penguin Drive-in, LLC in filing for relief under Chapter 11 of the Bankruptcy Code. The Penguin Drive-In is a landmark restuarant in the heart of Charlotte’s Plaza-Midwood Neighborhood. The Penguin Drive-In has been family owned and operated, and a local iconic meeting center for Charlotte, since its creation in…

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10 Signs You Need to File for Personal Bankruptcy

If you’re losing sleep at night because you’re worried about paying bills and have wondered if personal bankruptcy may be the solution, you’ve come to the right place. Bad things happen to good people so whether you or your spouse is out of work, have experienced a health issue or a personal matter such as divorce that…

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July 2014 News

On July 28, 2014 Partner Darren McDonough and IMGT successfully defended a foreclosure action where IMGT’s client had made an agreement with the Bank to satisfy the mortgage. The client paid the agreed upon amount and the Bank still filed the foreclosure action. IMGT and Partner Darren McDonough were able to get the bank to dismiss the foreclosure action. Making…

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Differences Between Personal Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

Chapter 7 and chapter 13 bankruptcies each have their own advantages and disadvantages. However the main difference between chapter 7 bankruptcy and chapter 13 bankruptcy for an individual or a couple is usually about the retention of property. The most common question asked is, “Will I get to keep my house” although some wish to…

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June 2014 News

On June 25, 2014, the United States Bankruptcy Court for the Middle District of North Carolina, Winston-Salem Division confirmed the Chapter 11 Plan of Reorganization for a small company that operates a mobile home park based out of Lexington, North Carolina. At the Confirmation hearing, the Court congratulated the Debtor and IMGT for their speedy and efficient…

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The History of Bankruptcy

In ancient times, relief from debt was unknown. The exception was within the Old Testament nation of Israel in which, every seventh year, debts were absolved regardless of the amount (Deut. 15). Until the last century, in most every culture, an indebted individual faced enslavement, often for life, or imprisonment until the debt was paid.…

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Bankruptcy Glossary

Assets All tangible and intangible property that provides benefit, either real or potential, to its owner or potential owner. Bankruptcy A petition to place the financial affairs of an individual or a business that is having difficulties paying debts or is facing the inability to repay certain debts under the control of a bankruptcy court.…

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April 2014 News

On April 15, 2014, ES2 Sports & Leisure, LLC, doing business as Proehlific Club at Forest Oaks filed for relief under Chapter 7 of the United States Bankruptcy Code. Shortly thereafter, Partner Charles M Ivey III was appointed as the active Chapter 7 Trustee in the case. ES2 Sports & Leisure, LLC was operating the facility known as…

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February 2014 News

On February 19, 2014, partner Dirk W Siegmund was successful in getting the Plan of Reorganization Confirmed in the Chapter 12 Case of In Re Garner. Chapter 12 Bankruptcies are an often unused form of relief available to individuals who are family farmers or family fishermen. Chapter 12 Reorganizations are often confusing and difficult to complete by attorneys who…

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