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Petition in Bankruptcy
More than 10.000 documents for Petition in Bankruptcy
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The proceeds from a couple's post-petition sale of their homestead must be included in their bankruptcy estate, the 9th Circuit has ruled. In an earlier Chapter 7 bankruptcy filing, the debtors' principal creditor objected to their discharge, alleging that they fraudulently concealed assets, and won a judgment that increased to $1.3 million with interest. The creditor applied for a judicial sale of the debtors' home in state court.
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A natural gas well operator from Sewickley could be forced into bankruptcy protection by three investors who say they're owed a total of $3 million. Allegheny Natural Resources Inc., which operates 66 gas wells in Pennsylvania and has more than 1,200 acres under lease in Jefferson County, was named in an involuntary Chapter 11 bankruptcy petition filed Tuesday in Bankruptcy Court in Pittsburgh.
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... Stone promptly filed for Chapter 11 bankruptcy. MarbleLife then moved to dismiss the bankruptcy ppetition or, in the alternative, for relief from the automa...
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A group of noteholders has filed an involuntary Chapter 7 bankruptcy petition against the Dallas-based owner of a biodiesel production plant in Durant. Earth Biofuels has not been paying its debts as they become due, according to the petition filed in the U.S. Bankruptcy Court in Wilmington, Del.
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A net operating loss occurs when a taxable entity's expenses exceed its income. A net operating loss can be extremely valuable to a financially distressed entity because it can be carried forward and used to offset future taxable income or it can be carried back to a period when the entity was profitable and paid taxes. The term net operating loss is defined in section 172 of the Internal Revenue Code as "the excess of deductions allowed by this chapter over gross income." A company must elect to waive its right to carry back a net operating loss. It is accepted practice to treat net operating losses as property of the bankruptcy estate. The bankruptcy code provides for the creation of an estate upon the filing of a petition in bankruptcy court.
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In June, Oklahomans continued to file more bankruptcy petitions than they did last year, showing no slowdown in the steady rise in filings since November 2005. A new, more restrictive federal bankruptcy law went into effect that October. Filings peaked nationally that month, as people rushed to get their cases into court under the old law. In Oklahoma, 13,630 bankruptcies were filed in October 2005. In November, only 123 new cases were filed. With few exceptions, new petitions have increased each month since then. They have yet to recover to four-digit territory even in the Oklahoma City-based Western District, which usually sees the most filings each month.
