Large American Company Files Bankruptcy
The cupcake chain, Crumbs Bake Shop, was forced to shut down its operations this past July after several years of dwindling sales, and rising debt. Crumbs filed for Chapter 11 bankruptcy protection and was recently looking to hold an auction to see if anyone was willing to make a bid to buy the company. This past week a bid was made by television personality Marcus Lemonis and Dippin’ Dots owner Fischer Enterprises. Lemonis and Fischer Enterprises’ bid of $6.5 million dollars was unmatched and eventually accepted. The auction was deemed unnecessary because no other investors came forward with a bid of their own. Suppliers for Crumbs Bake Shop and landlords of closed locations are looking to receive around $870,000 dollars to settle debts, according to court documents.
Filing Bankruptcy to Stop the IRS
If you have past due federal taxes and the IRS has begun the collection process, filing for bankruptcy may be a viable option. If you decide to pursue bankruptcy to settle your tax debt, several steps must first be taken.
- You you should file all required tax returns for tax periods ending within four years of your bankruptcy filing.
- While your bankruptcy is underway:
- You must continue to file all necessary returns.
- You need to pay all current taxes as they are due.
Not all tax debts are dischargeable through bankruptcy. Older income tax obligations with a return due within the past three years are more likely to be discharged. A Chapter 7 bankruptcy wipes out your dischargeable tax debts, with the exception of priority taxes. If you owe priority taxes Chapter 7 bankruptcy will only provide you with temporary relief from IRS collectors while the automatic stay is in effect.
A bankruptcy adjustment plan has been voted on by creditors, to determine if the newly constructed proposal satisfies all parties involved in the 18 billion dollar city debt. U.S. Bankruptcy Judge Steven Rhodes was told the tabulation of the adjustment plan votes would be filed on the 24th of July this coming week.
The Detroit bankruptcy case has been increasingly difficult to follow, because of the large variety of entities that must be taken into consideration. While the city of Detroit is hoping to save around 7 billion through their bankruptcy, the longer the trial goes on the more expensive it becomes. A recent expert witness had her services valued at over 400,000 dollars, which Judge Steven Rhodes ordered the city to pay.
Bankruptcy Filing Fees Increased June 1st, 2014
Filing for bankruptcy is an important step many people take to protect themselves from creditors, while also giving them the opportunity to retake control of their financial state. As of June 1st, 2014 many bankruptcy filing fees have changed and increased. The list below was compiled to help keep those curious about filing for bankruptcy up to date.
|Petition Fees Increased
||New Costs Effective 6/01/2014
|Chapter 7 Bankruptcy Filing Fees
|Chapter 9 Bankruptcy Filing Fees
|Chapter 11 Bankruptcy Filing Fees
|Chapter 11, Railroad Filing Fees
|Chapter 12 Bankruptcy Filing Fees
|Chapter 13 Bankruptcy Filing Fees
|Chapter 15 Bankruptcy Filing Fees
As petition fees have increased, so have the conversion fees. These conversion fees are applied when an individual or corporation has decided to convert from one type of bankruptcy to another. To note, not all conversion fees have increased.
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