Not every asset that a person has can be touched during bankruptcy proceedings. For example, public assistance benefits like disability or unemployment benefits are not subject to seizure. In a recent decision, the New York State Court of Appeals, the state’s top court, ruled that rent-stabilized apartments also fall into this category.
The Kodak brand may bring us back to our childhood, but we are quickly snapped back to reality with the announcement of their bankruptcy filing. It’s been going for nearly two years now, but the company hopes to have the case closed soon. Earlier this month, they filed what is believed to be their final total of costs for the Chapter 11 bankruptcy: $245.2 million. That’s $2.1 million more than the previous amount presented in late 2013.
We have spoken a great deal about Chapter 7 and Chapter 13 bankruptcy in this blog. But we have not mentioned Chapter 11 bankruptcy much, which we will rectify today.