Foreclosure bill could cut taxable home values

by Sundeep Kothari

Atlanta Georgia Bankruptcy Lawyer

Foreclosure bill could cut homes’ taxable value

Every month in metro Atlanta, lenders foreclose on many homes, which traditionally, have been ignored by local assessors as they set yearly tax values. Instead, they’ve relied on sales at retail prices or “fair market” value.

During a housing market downturn, this can leave wide gaps between sales values and tax values — meaning some homeowners would be overtaxed.

Some state legislators want to change that with Senate Bill 55, which directs assessors to count foreclosure sales when setting tax values. The bill passed the Senate Finance Committee with no opposition Thursday.

This could lead to some homeowners having their taxes reduced significantly.

Large counties, such as DeKalb and Fulton, oppose this bill, as they would lose billions of dollars in revenue.

Twinkies/Wonder Bread Maker, Interstate Bakeries, emerges from Chapter 11 Bankruptcy protection

by Sundeep Kothari

Atlanta Georgia Bankruptcy Lawyer

Twinkies maker is out of Chapter 11

Twinkies maker, Interstate Bakeries, emerges from Chapter 11 bankruptcy after 4 years. Under the reorganization plan, private equity firm Ripplewood Holdings will invest $130 million in the company and take it private. Ripplewood will own a 50 percent stake in the company.
Silver Point Finance is also providing $339 million to fund the company’s bankruptcy exit, while a credit agreement with GE Capital will provide about $125 million.

Charter Communications considers bankruptcy filing

by Sundeep Kothari

Atlanta, GA Bankruptcy Attorney

Charter considers bankruptcy

Cable television giant Charter Communications has retained counsel to consider bankruptcy filing. Charter, owned by Microsoft founder Paul Allen, has lost money for the last 10 years.