Bankruptcy
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…
Read MoreThe 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.…
Read MoreBankruptcy 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.…
Read MoreApril 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…
Read MoreFebruary 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…
Read MoreDecember 2013 News
On December 3rd, 2013, Judge William L. Stocks, United States Bankruptcy Judge for the Middle District of North Carolina entered an Order finding in favor of Partner Darren McDonough and associate Justin Kay of Ivey, McClellan, Gatton & Talcott, LLP, and the Debtor’s claim against a bank. The Chapter 11 Debtor, an individual who owned over 50 rental properties,…
Read More36th Annual Bankruptcy Institute Statewide CLE Meeting
On November 22nd and 23rd, 2013, Partners James “Jim” Talcott, Dirk Siegmund, Samantha Brumbaugh, and Darren McDonough, along with associates Charles “Chuck” Ivey IV and Justin Kay attended the 36th Annual Bankruptcy Institute’s Statewide CLE Meeting, located at the Hilton Wilmington Riverside in Wilmington, North Carolina. Several interesting topics were discussed, including topics on the application…
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