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November 2013 Archives

Fisker Automotive files for bankruptcy before selling out

Florida business owners may be interested to learn about the recent actions of Fisker Automotive, the previous manufacturer of the Karma, a pricey, hybrid-electric car. Even after the United States government awarded Fisker Automotive with a $529 million loan several years ago, the Karma hybrid sports car manufacturer finally filed for chapter 11 bankruptcy. Fisker Automotive had hopes of selling the sporty Karma electric sedans at the cost of $103,000 each, but the car had quality issues that hurt the company's name and financial standing.

Aaron Carter files for bankruptcy

He was once a teen sensation, but part-time Florida resident and singer Aaron Carter is now filing for bankruptcy protection. His publicist announced it's a move to get rid of over $2 million in debt. The publicist also said bankruptcy was a positive move for Carter and would allow him to move forward in his life and career.

Bankruptcy court protects debtor interest in annuity

A decision by the Eight Circuit Bankruptcy Appellate Court may have ramifications for debtors from Orlando and throughout the country. The Court recently upheld a decision that Chapter 7 and Chapter 13 debtors could protect their annuities from creditors, even if those annuities resulted from rollovers from other IRAs and had more liberal distribution policies.

Cargo airline eyes new bankruptcy

For the second time in two years, Global Aviation Holdings has filed a petition for protection from its creditors. The provider of passenger, cargo and military charter services in Florida and around the world announced its intention to once again declare Chapter 11 bankruptcy due to the U.S. military cutting back on shipping that is a large part of the company's revenues. Global Aviation is the biggest single provider of chartered air services to the Pentagon. In addition to the reduction in military contracts, a downturn in commercial freight shipping was also cited as a reason for the bankruptcy.

Which post-bankruptcy home payments matter?

Florida residents who are considering bankruptcy may have some questions, particularly if they own their own homes. Some may ask if they would still be liable for mortgage payments if their homes were discharged in bankruptcy, especially if they had been living in the home and making payments after the discharge. A financial planner offers the following advice, which might be helpful; however, the information is general and may not pertain to everyone.

Sun Capital Partners files for Chapter 11 bankruptcy

On Nov. 4, Florida-based Sun Capital Partners filed in the U.S. Bankruptcy court for Chapter 11 bankruptcy protection. Sun Capital Partners is a private equity firm based in Fort Walton that purchased Edwin Watts Golf Shops in 2007. It is hoped that the shops will continue to operate until the Chapter 11 proceeding is concluded. To that end, the company secured a loan from PNC Bank in the amount of $38 million.

Man fights foreclosure, keeps home thanks to NMS initiative

Florida homeowners may be interested in a story about one man who was able to avoid foreclosure. After receiving threatening letters from Bank of America for three years, the 52-year-old man finally got them to stop by taking advantage of the National Mortgage Settlement initiative. An agreement with five major banks, the 2012 government initiative was set up to help American families keep their homes in the wake of the 2008 economic crisis.

How bankruptcy might benefit you

Florida residents with significant debt may wonder about ways to get relief. Many people believe that there is a social stigma associated with filing for bankruptcy. However, financial expert Suze Orman says bankruptcy is often a better choice than the alternative options.