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Bullas

Bankruptcy

BUYING A HOUSE 

Buying a House After Bankruptcy? How Long to Wait and What to Do

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Securing a home loan and buying a house after bankruptcy may sound like an impossible feat. Blame it on all those Monopoly games, but bankruptcy has a very bad rap, painting the filer as someone who should never be loaned money.

The reality is that of the 800,000 Americans who file for bankruptcy every year, most are well-intentioned, responsible people. Life has thrown them a curveball, however, that has left them struggling to pay off their past debts.

Sometimes, filing for bankruptcy is the only way out of a crushing financial situation, and taking this step can really help cash-strapped individuals get back on their feet.

And yes, many go on to buy a home eventually, despite the challenging credit score that results from bankruptcy. But how? Being aware of what a lender expects after a bankruptcy will help you navigate the mortgage application process efficiently and effectively.

Here are

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HOME FOR SALE 

JCPenney Bankruptcy Heads For Sale At Last

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A new twist in the bankruptcy proceedings before Judge Jones took place on Wednesday just as he scheduled certain actions of the Simon Property Group and Brookfield Property Partners bid that could bring JCPenney out bankruptcy in December 2020.

A December resolution of all of this would be 7 months after JCPenney went into bankruptcy on May 15, 2020. The company has a $900 Million ‘debtor in possession’ financing facility and a first-lien debt of about $1.6 Billion. This DIP debt is held 94% by H/2 Capital Partners; they also hold 75% of the first lien debt.

However, Aurelius Capital, who holds

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FOR SALE 

163 Pizza Hut restaurants up for sale after franchisee files for bankruptcy

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Pizza Hut President Kevin Hochman on expanding safety measures in restaurants amid the coronavirus.

Anybody need a pizza restaurant?

Over 150 Pizza Hut branches in 26 states are up for sale after the chain’s largest franchisee filed for Chapter 11 bankruptcy.

NPC International, Inc., is selling 163 recently closed restaurants as part of its bankruptcy restructuring, and interested shoppers should act fast. Bids are due Oct. 23, said A&G Real Estate Partners, the firm marketing the leases.

A file photo of a Pizza Hut restaurant in Munfordville, Kentucky. (Luke Sharrett/Bloomberg via Getty Images )

PIZZA HUT EMPLOYEE FILMED CHASING ROBBERY SUSPECTS AWAY WHILE BRANDISHING PIZZA CUTTER

According to A&G, the Pizza Huts on the market are an average size of 2,621 square feet, ranging in size from 1,000-square-foot properties exclusive to takeout and delivery, as well as full service restaurants as large as 5,916 square feet.

“With attractive rents and

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FOR SALE BY OWNER 

New York Sports Clubs owner files for bankruptcy on coronavirus hit, eyes sale

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(Reuters) – Town Sports International Inc, the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy on Monday and plans to sell itself, after the coronavirus pandemic forced its gyms to close and caused revenue to dry up.

Saying the pandemic “wreaked havoc” on its operations, Town Sports and 161 affiliates filed for protection with the U.S. Bankruptcy Court in Wilmington, Delaware.

As of March 31, Town Sports operated 185 fitness centers, including 99 New York Sports Clubs, with about 580,000 members.

The company’s brands also include gyms in Boston, Philadelphia and Washington, D.C. named for those cities, as well as Lucille Roberts and Total Woman Gym and Spa. Assets and liabilities totaled between $500 million and $1 billion.

Gym operators have suffered as the pandemic deprived them of the monthly membership and personal training fees that generate much of their revenue.

Gold’s Gym International Inc filed for

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FOR SALE 

Healthcare Bankruptcy: Section 363 Sale Process

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Bill is a nationally recognized bankruptcy attorney with extensive experience in corporate and municipal reorganizations and debt restructurings both in and out of court. He represents creditors and debtors across a wide range of industries throughout the country in all phases of distressed debt negotiations, bankruptcy litigation, and distressed asset acquisitions. Bill is also recognized as one of the leading attorneys in the nation for his work representing bond trustees and bondholders in Chapter 9 bankruptcies and other governmental and municipal insolvencies.

Bill is the chair of the firm’s Bankruptcy & Restructuring Practice. His practice focuses primarily on commercial law and litigation, workouts, and corporate and municipal restructurings. Bill has represented various institutional lenders, indenture trustees, bondholders, and other creditors, debtors, and trustees in all manner of insolvency proceedings in courts throughout the United States.

His industry experience encompasses municipalities, airlines, hospitals and other health care facilities, retail, telecom, energy

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