The Orantes Law Firm was recently engaged to take over the languishing reorganization of a luxury hotel in Toledo, Ohio. The Firm is currently writing and negotiating the terms of a plan of reorganization that will ideally allow the hotel to exit Chapter 11 within about three months, which is the minimum time the law would allow.
When someone is facing foreclosure, anything that promises to help them save their home can seem like a good option. Unfortunately, that is exactly what some criminals want debtors to think.
One Canadian criminal was recently indicted in a foreclosure scam that affected nearly 800 people in Southern California. The man convinced victims that his plan would postpone their homes’ foreclosure sales as long as they could pay him a $700 fee.
Working with the members and trustees of the Church and with the cooperation of its mortgage holder, which initially resisted the process, the Orantes Law Firm succeeding in obtaining an order from the Hon. Bankruptcy Judge Peter Carroll confirming the Church’s plan of reorganization. Among other things, the Plan discharges approximately 97% of the Church’s unsecured debt and saved the Church building.
In a surprising study, two university professors have found that giving incentive bonus plans to managers during a Chapter 11 bankruptcy can actually improve the outcome of the bankruptcy, including the amount of money creditors receive in a bankruptcy.
Many people who are in long-term relationships are putting off marriage because at least one of the parties has significant debt. This is especially true in today’s economy, where school loans and few job offers have led to overwhelming debt for a large number of young people.