Richard Banks & Associates, P.C.
free consultations
local: 423-244-0009
toll free: 866-596-8527
Practice Areas

Business & Commercial Bankruptcy Archives

Cabinet maker files for business bankruptcy

For many companies, facing a business bankruptcy is one of their biggest fears. Not only is bankruptcy distressing and emotionally exhausting for the company and its employees, but it is also sometimes a murky process with no clear end in sight. When an Tennessee company faces a business bankruptcy, an experienced attorney may be able to help navigate the intimidating and confusing maze of the federal Bankruptcy Code.

Rumors of business bankruptcy send Kodak stock tumbling

Kodak stock took a major tumble last week, dropping more than 50 percent as rumors concerning the company's solvency swirled. Kodak, which is still hoping to avoid a business bankruptcy, has hired an international law firm for restructuring advice. Their biggest hope of avoiding bankruptcy may well involve selling their extensive patent portfolio, which has tech giants like Google circling the struggling maker of imaging equipment.

Bordering on business bankruptcy

There are many established Tennessee companies that seek bankruptcy protection, for a variety of reasons. The decision to file may have nothing to do with poor business decisions or poor financial management. Instead, it may simply be a case of rising costs and diminished sales. In those situations, business bankruptcy offers debt relief and an opportunity to get a fresh start. Recently, Borders Book Store filed for bankruptcy relief after failing to find any buyers for the business.

Vandercar CEO filing Chapter 11 bankruptcy

It seems that the downturn in the economy is not only affecting the little guy, but also multi-millionaires as well. Recently, the head of Vandercar Holdings made the decision to file for Chapter 11 personal bankruptcy. Under Chapter 11 bankruptcy, the CEO will be able to partake in asset liquidation in order to repay any personal and business debts. However, the principal of Vandercar is still intending to build a movie theater and shopping center.

Commercial bankruptcy: The best laid plans often go awry

It doesn't matter how well something is planned out, things may still go wrong. Such is the case for one man, best known for developing the Levis Commons retail, housing and entertainment complex. Originally, the forward thinking developer had plans to retire at age 53 -- but he's now 55 and on the verge of commercial bankruptcy.