In what his attorneys say is an effort to stop the financial bleeding, former pro football quarterback Michael Vick filed for Chapter 11 protection yesterday in Newport News. Bloomberg has an account of the filing, and we have the petition and a motion to extend the time to file a statement of financial affairs.
His attorneys, [...]
Entries Tagged as 'bankruptcy'
Vick files for bankrutpcy
July 8th, 2008 · Comments Off · bankruptcy
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Car debt survives ‘hanging paragraph’
June 26th, 2008 · Comments Off · bankruptcy, bankruptcy court
Debtors’ lawyers left hanging by the “hanging paragraph” controversy for car buyers don’t have to hang around any more. And creditors don’t have to hang back.
Yesterday, the 4th U.S. Circuit Court of Appeals said that when a Chapter 13 debtor owes money for a car and surrenders the vehicle, but its sale nets less than [...]
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Bankrupt husband owes wife attorney’s fees
April 23rd, 2008 · Comments Off · Divorce, bankruptcy
The nexus between debt and divorce has occupied the Virginia Court of Appeals this week.
In a published opinion out of Hanover County, the appellate court said in Marvin v. Marvin that a husband’s debt of attorney’s fees to wife in her proceeding charging violations of a court visitation order could not be discharged [...]
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Former attorney sentenced
August 31st, 2007 · Comments Off · Criminal Law, bankruptcy
A former bankruptcy attorney was sentenced yesterday to a year and a day in prison for conspiracy to commit bank fraud.
Leslie W. Lickstein, 54, of Fairfax, was accused of preparing a false settlement statement in the sale of a property in Great Falls in July 2002.
As a result, Lehman Brothers Bank made a multimillion [...]
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So you want fries with that?
June 7th, 2007 · Comments Off · Civility, bankruptcy
There is a legal story that’s been floating around the Internet that is worth pulling to ground and blogging about.
Last month a lawyer from a big firm in Chicago was handling a case in federal bankruptcy court in Miami. Lawyer is head of the bankruptcy section of said big firm.
The judge holds an [...]
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Judge rejects ‘deepening insolvency’ theory
May 3rd, 2007 · Comments Off · Corporate Law, bankruptcy
In case you’ve been waiting for a Virginia court to weigh in on the theory of “deepening insolvency,” that time has come.
The theory is a way of holding corporate directors liable for operating a financially strapped company in a way that only digs a deeper hole – penalizing them for not knowing when to quit.
“Deepening [...]
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