Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 7 Bankruptcy?”
Erin Andrews was recently in the news for her successful lawsuit against her stalker and a Nashville hotel where a video of her undressing was secretly recorded through her room’s peep hole. Andrews, the famous sports personality, launched her legal claim in an attempt to hold those responsible for causing her harm financially accountable for their actions. When the judgment was handed down for a whopping $55 million, it was clear she had accomplished what she set out to do.
Charlotte Bankruptcy Lawyer Bryan W. Stone of Arnold & Smith, PLLC answers the question “What are my alternatives to bankruptcy ?”
When General Motors ended its “swift” 2009 bankruptcy, it emerged a new company shielded from claims arising from bad, pre-bankruptcy debts and bad assets, according to Fox Business.
Last week, however, a group of attorneys representing plaintiffs who allege their General Motors-made cars dropped in value as a result of defects in ignition switches argued before a New York bankruptcy judge that the company is not entitled to bankruptcy protection because it “engaged in fraud before and after” its 2009 bankruptcy sale.
The plaintiffs in the General Motors cases want the company to pay for “the lost resale value of the plaintiffs’ cars and for loaner vehicles and repairs,” according to Fox Business.
General Motors, on the other hand, argued to Judge Robert Gerber that the company is entitled to the bankruptcy shield, and that a bankruptcy court cannot “make changes and exceptions” to the protections afforded by the bankruptcy shield. The hearing was held before Judge Gerber in United States Bankruptcy Court for the Southern District of New York.