Parliament House, an iconic gay destination entertainment complex and resort in Orlando, Florida, has filed for bankruptcy. The parent company is currently $15.5 million in debt.
Set on 4.5-acres along Orange Blossom Trail, just about one and a half miles out of downtown Orlando, the complex defaulted on several loans during the 2009 recession and has been fighting foreclosure ever since.
The Parliament House property is comprised of a 112-room hotel, several bars, an entertainment complex of approximately 10,000-square-feet, an outdoor stage, and a pool.
On July 30, 2014, a court-appointed mediator representing Argentina told the press that the country would be defaulting on debts for a second time. “Imminently…in default” on nearly $20 billion of obligations. This happened after Argentina failed to make a $539 million payment on interest.
Argentina also defaulted on over $80 billion in sovereign debt in 2001.
To make matters worse, the country is also currently experiencing a recession. In fact, it is experiencing its second recession in just two years. The last one happened in 2012 and was just slightly worse than the current one. The global economy is said to be partly to blame since Argentina relies greatly on exports.
Dallas-based Energy Future Holdings, a Dallas-Based company, has filed for Chapter 11 bankruptcy after coming to a deal with its creditors. The petition was filed in Delaware.
The deal calls for the company to dissolve its retail arms and power generation divisions. In exchange, they will receive a reduction in debt.
Energy Future Holdings in the largest power company in the state of Texas.
The terms of the restructuring agreement call for ownership of Texas Competitive Electric Holdings to be transferred to the company’s first lien lenders. The deal would eliminate an estimated $23 billion in debt.
Mt. Gox, a well-known bitcoin exchange based in Tokyo, filed for Chapter 15 bankruptcy protection in the US on June 17. The filing comes more than one week after the company filed bankruptcy in Japan.
Mt. Gox’s trustee for the Japanese bankruptcy case, Nobuaki Kobayashi, stated previously that securing the approval to file bankruptcy in the US was necessary for adding more influence to the case and vetting any plans for revival.
There aren’t many things that can turn your life upside down like filing for bankruptcy. Over a million Americans last year had to make the gut-wrenching decision to file and start all over again. Bankruptcy, if at all possible, should be avoided to prevent long-term damage to your credit. However, every situation is different, and sometimes getting a new start is the only way to stay above water, even if that means long-term consequences.
“I could really go for a lukewarm piece of food court pizza right now,” said no one ever. Unfortunately, Sbarro pizza does not rank high in the foods people flock to the malls to eat, and it shows in the statement made by the pizza chain on Monday that they were filing for bankruptcy. This will be the second time Sbarro has filed for bankruptcy in the last three years, the first time being in 2011. Rising prices and a drop in food court traffic caused the chain to file the first time. The company came back strong offering a custom pasta station, new recipes, and their famous open-flame ovens, but unfortunately it was not enough and Sbarro has found itself in the same position again.
It is a common misconception among potential bankruptcy filers that if you file bankruptcy they will not be allowed to own anything for a certain period of time. It is an error that keeps many from getting the assistance they need, when they need it.
If you are among those who believe that a bankruptcy filing will preclude you from owning things, be assured that this is probably not the case. You are, for example, allowed to keep any property that is considered exempt. You are also entitled to keep anything that you obtain after the bankruptcy filing.
Bankruptcy is an often complex system of laws that exists for the purpose of providing individuals suffering from serious financial difficulties to obtain a “fresh start” and potentially eliminate a workable portion of their debt. While the subject is often one of uncertainty and fear, it is also a system that is vital to the healthy functioning of today’s complex economy.
The simple answer to the question of whether or not bankruptcy will wipe out all your debts is, “no.” There are, however, a number of ways in which the filing chapter for your bankruptcy can cover the vast majority of debts and either wipe them out or establish a plan to get them paid.
In a Chapter 7 bankruptcy, you are asking a court to discharge all your unsecured debt. This wipes out most types of debt like credit cards, lines of credit and other debts that are not secured by collateral. This is called “liquidation” of debt.
If you have been thinking about filing for bankruptcy but don’t know whether or not it really is the best option for you, we have a list of the most common reasons. If any of these sound like something you’ve contemplated, considered, or feel you need to understand better, then you might be well served into at least looking into the possibility.