New Means Test Information Goes Into Effect on March 15th

by Sundeep Kothari

Atlanta Georgia Bankruptcy Attorney

New information for means test

The USDOJ has released new information regarding the means test for Chapter 7 and Chapter 13 bankruptcy filings. This new information goes into effect for cases filed on March 15, 2009.

For Georgia, the income test for automatic presumption of eligibility (income only test – other tests still apply) to file for Chapter 7 bankruptcy is:

One person household: $40,760
Two person household: $54,054
Three person household: $61,959
Four person household: $71,554

For households with additional members, the USDOJ instructs filers to add $6,900 for each individual in excess of 4.

In some situations, even if filers have income above these amounts, they might still be eligible for Chapter 7 bankruptcy filing, depending upon their expenses.

Robert DeNiro Looks To Obtain Father’s Paintings From Art Gallery in Chapter 11 Bankruptcy

by Sundeep Kothari

Atlanta Georgia Bankruptcy Lawyer

DeNiro seeks father’s paintings from art gallery

Robert DeNiro has asked the bankruptcy court that is handling the Chapter 11 filing of Salander-O’Reilly Galleries LLC to turn over paintings by his father to him.

In bankruptcy, once a case is filed an automatic stay goes into effect, meaning that creditors are prohibited from collecting on debts. The property that was in the possession of the debtor becomes part of the bankruptcy estate and can only be released through court order or via voluntary surrender by the debtor with notification to the trustee (who then must give no objection).

Six Flags, facing severe debt, considers bankruptcy

by Sundeep Kothari

Atlanta Georgia Bankruptcy Lawyer

Six Flags considers filing for bankruptcy

Six Flags is considering an August 2009 bankruptcy filing if it cannot reach deals with its lenders to re-structure outstanding debt.

From the article:

A spokeswoman for the company, Sandra Daniels, said yesterday that a bankruptcy filing would not disrupt park operations. “Whatever the end result is of our discussions . . . Six Flags is open for business,” she said.

Six Flags’ warning that it might turn to bankruptcy court came after its announcement that last year it lost $113 million, compared with $253 million in 2007, as attendance at its parks nudged up despite the economy. Its loss for the fourth quarter, however, widened to $201 million from $127 million in the fourth quarter of 2007.