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Debt Relief – Insolvency – Bankruptcy Information » Questions & Answers » Questions About Company Bankruptcy Rules

Questions About Company Bankruptcy Rules

How much does a company get in a bankruptcy ruling?

Like if I claim bankruptcy what percentage would the company have to be paid?
I have no assets or income

Industry Expert answers:

That depends entirely on what assets you have and how much you owe and to whom and how the bankruptcy judge is feeling that day. The best thing you can do is get an attorney and ask. They’ll have a pretty good idea after looking at your situation.

How to I file a claim for reimbursement against a company that filed bankruptcy?

Today I called about my gift card for Bennigan’s and I received the following message.

“S&A Restaurant Corp. and certain affiliates have filed for bankruptcy under Chapter 7 of the bankruptcy code. The companies that filed bankruptcy cases are popularly known as Steak & Ale, Bennigan’s and Tavern restaurants. However, not all stores using these trade names have filed bankruptcy. For example, stores operated by franchisees are not named as debtors in these filings.

“It is our understanding the Michelle Chow will be appointed as Chapter 7 trustee for the entities that have filed. These are filed as liquidation cases. Future decisions regarding the affairs of the debtor companies will be determined and administered by the trustee.

“If you wish to file a claim, the form Proof of Claim can be found online at: http://www.uscourts.gov/rules/BK_Forms_1207/B_010_1207f.pdf.

“The filing does not include Ponderosa and Bonanza which operate under Metromedia Steakhouses Company, L.P.”

My question is…

How do I file a claim? (There are many terms and questions on the form that I am not familiar with and I would love to see an example of a completed form.)

Industry Expert answers:

Just a suggestion-you might be better off using the gift card at a franchisee owned Bennigan’s (they are still open and operating).

If you file a claim about your gift card there still is a strong chance you will not receive and money for it. Under Chapter 7 the debtors will get paid first (doesn’t include gift cards) and there may not be any money left after that. When a company files Chapter 7 usually they are in very serious debt.

I have read and heard that there are employees who will not see their last paycheck because there isn’t money to pay them. Very sad.

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